BUSI 1301 UNIT 1 EXAM REVIEW TEXAS A&M
UNIVERSITY.
The equilibrium/market price is established when the quantity ______________.
Correct Answer -is equal
What does the government hope will result from devaluation of the U.S. dollar?
Correct Answer -Imports decrease and exports increase
According to economists, inflation is...
Correct Answer -a steady rise in the prices of goods and services throughout the
economy
When the United States levies a tax on coffee from Colombia, this type of tax is
a(n)...
Correct Answer -export duty
_____________ refers to the willingness and ability of buyers to purchase goods and
services.
Correct Answer -Demand
The United States largest trading partner in terms of both imports and exports is...
Correct Answer -Canada
Consumers can choose from hundreds of different kinds and producers of
cheese, each with a slightly different flavor and texture. This type of market
structure is known as _____________.
Correct Answer -Monopolistic Competition
, Tony is upset because his friend Jerry was offered an interest rate 3 percent less
than what Tony was offered by the same mortgage company. This mortgage
company's actions were...
Correct Answer -unethical
India has acquired a(n) ___________ in software development with its educated
workforce and low wage scale.
Correct Answer -comparative advantage
For a business, stakeholders represent...
Correct Answer -groups that are affected by a business's operations
During an economic recovery, consumer spending _________ and unemployment
__________.
Correct Answer -increased;decreased
There are 3 billion people in the world who lack basic access to internet
technologies and might never catch up to be a part of the new world economy.
This problem is called the...
Correct Answer -un-flat world
Apple iTunes is a good example of what type of E-Commerce?
Correct Answer -Business to Consumer (B2C)
Entrepreneurs and private-sector investors are entitled to profits, after taxes, and
even state-owned enterprises are expected to at least break even. What type of
economic system is this?
Correct Answer -Mixed economy
UNIVERSITY.
The equilibrium/market price is established when the quantity ______________.
Correct Answer -is equal
What does the government hope will result from devaluation of the U.S. dollar?
Correct Answer -Imports decrease and exports increase
According to economists, inflation is...
Correct Answer -a steady rise in the prices of goods and services throughout the
economy
When the United States levies a tax on coffee from Colombia, this type of tax is
a(n)...
Correct Answer -export duty
_____________ refers to the willingness and ability of buyers to purchase goods and
services.
Correct Answer -Demand
The United States largest trading partner in terms of both imports and exports is...
Correct Answer -Canada
Consumers can choose from hundreds of different kinds and producers of
cheese, each with a slightly different flavor and texture. This type of market
structure is known as _____________.
Correct Answer -Monopolistic Competition
, Tony is upset because his friend Jerry was offered an interest rate 3 percent less
than what Tony was offered by the same mortgage company. This mortgage
company's actions were...
Correct Answer -unethical
India has acquired a(n) ___________ in software development with its educated
workforce and low wage scale.
Correct Answer -comparative advantage
For a business, stakeholders represent...
Correct Answer -groups that are affected by a business's operations
During an economic recovery, consumer spending _________ and unemployment
__________.
Correct Answer -increased;decreased
There are 3 billion people in the world who lack basic access to internet
technologies and might never catch up to be a part of the new world economy.
This problem is called the...
Correct Answer -un-flat world
Apple iTunes is a good example of what type of E-Commerce?
Correct Answer -Business to Consumer (B2C)
Entrepreneurs and private-sector investors are entitled to profits, after taxes, and
even state-owned enterprises are expected to at least break even. What type of
economic system is this?
Correct Answer -Mixed economy
