Bus110 Final Exam With All Correct
Answers Rated A+.
1. The ability to produce a specific product at a lower cost per unit than the cost at which any
other entity produces that good is called comparative advantage. - Answer True
2.The balance of trade is the total value of a country's exports less the total value of its imports
over some period of time. - Answer True
3.A policy of considering only nonminority applicants for job openings is called reverse
discrimination. - Answer False
4.Free enterprise is a system of business in which individuals decide what to produce and how
to produce it. - Answer True
5. Profit is the payment that business owners receive for assuming the considerable risks of
ownership. - Answer True
6. In a command economy the consumer decides (commands) what products will be produced.
- Answer False
7. The ultimate objective of every firm is to satisfy the needs of all stakeholders. - Answer False
8. Stockholders are all of the people who are affected by the policies and decisions made by a
company. - Answer False
9. An individual's income rate is a measure of economic performance. - Answer False
10. The Sarbanes-Oxley Act is a government act created to assist minority employees. - Answer
False
11. Taking an online course gives you ownership utility - Answer False
, 14. Fixed costs are those that vary in total as the quantity of goods sold changes but stay
constant on a per unit basis. - Answer False
15. A product concept describes what the product looks like and how it might work. - Answer
True
16. To be protected from patent infringement in several countries outside of the U.S. you have
to apply for a U.S. patent as well as an international patent. - Answer False
17. Determining the quantity of products the company will produce is the first step in the
production process. - Answer True
18. Once you have forecasted the demand for a product you can calculate the capacity
requirements of your production facility. - Answer True
19. If a company is the only source of a particular product or it can make more of a product
using the same amount of or fewer resources than other counties we say that the country has a
comparative advantage in economic terms. - Answer False
20. With penetration pricing a company tries to cover its initial costs by setting the highest price
that interested customers will pay. - Answer False
21. The real beneficiary from an efficiently run supply chain is the customer. - Answer True
22. An integral part of TQM (total quality management) is marketing mix improvements which
can be characterized as the commitment to make constant improvements in design production
and delivery. - Answer False
23. A disadvantage of content marketing is that it is fairly expensive. - Answer False
24.Computer programs are used to analyze extremely large collections of data to reveal future
events. - Answer True
25. To control operations managers measure actual results and compare them with the results
Answers Rated A+.
1. The ability to produce a specific product at a lower cost per unit than the cost at which any
other entity produces that good is called comparative advantage. - Answer True
2.The balance of trade is the total value of a country's exports less the total value of its imports
over some period of time. - Answer True
3.A policy of considering only nonminority applicants for job openings is called reverse
discrimination. - Answer False
4.Free enterprise is a system of business in which individuals decide what to produce and how
to produce it. - Answer True
5. Profit is the payment that business owners receive for assuming the considerable risks of
ownership. - Answer True
6. In a command economy the consumer decides (commands) what products will be produced.
- Answer False
7. The ultimate objective of every firm is to satisfy the needs of all stakeholders. - Answer False
8. Stockholders are all of the people who are affected by the policies and decisions made by a
company. - Answer False
9. An individual's income rate is a measure of economic performance. - Answer False
10. The Sarbanes-Oxley Act is a government act created to assist minority employees. - Answer
False
11. Taking an online course gives you ownership utility - Answer False
, 14. Fixed costs are those that vary in total as the quantity of goods sold changes but stay
constant on a per unit basis. - Answer False
15. A product concept describes what the product looks like and how it might work. - Answer
True
16. To be protected from patent infringement in several countries outside of the U.S. you have
to apply for a U.S. patent as well as an international patent. - Answer False
17. Determining the quantity of products the company will produce is the first step in the
production process. - Answer True
18. Once you have forecasted the demand for a product you can calculate the capacity
requirements of your production facility. - Answer True
19. If a company is the only source of a particular product or it can make more of a product
using the same amount of or fewer resources than other counties we say that the country has a
comparative advantage in economic terms. - Answer False
20. With penetration pricing a company tries to cover its initial costs by setting the highest price
that interested customers will pay. - Answer False
21. The real beneficiary from an efficiently run supply chain is the customer. - Answer True
22. An integral part of TQM (total quality management) is marketing mix improvements which
can be characterized as the commitment to make constant improvements in design production
and delivery. - Answer False
23. A disadvantage of content marketing is that it is fairly expensive. - Answer False
24.Computer programs are used to analyze extremely large collections of data to reveal future
events. - Answer True
25. To control operations managers measure actual results and compare them with the results
