BCOR 1015 CORE EXAM MANUAL 2025 QUESTIONS WITH
ANSWERS RATED A+
✔✔competition aspect: antitrust regulations - ✔✔limit what businesses can/can't do to
ensure competitors have an equal chance of succeeding.
✔✔gov. ensure economy is stabilized - ✔✔-stabilize economy during recession: natl,
income, employment, product all FALL for 6 months and the GDP declines.
-keep inflation low
-fiscal policy: raising/lowering taxes and or increasing/decreasing spending
-"monetary policy" refers to what the Federal Reserve, the nation's central bank, does to
influence the amount of money and credit in the U.S. economy.
✔✔stakeholders - ✔✔anyone who has a part of the business (owners, investors,
customers, employees, suppliers, surrounding communities, the environment)
-stakeholders can vote with their $
-no one stakeholder is more important than the other
-important in decision making, are a balancing act
✔✔govn. protect stakeholders - ✔✔protecting stakeholders' rights and welfare.
✔✔collusion: - ✔✔agreement not to hire each other's employees or charge below
minimum price. ex. google, intel, apple (polluted) agreed not to hire each other's
workers.
✔✔profits role in free market - ✔✔people are motivated by profits.
✔✔equilibrium price - ✔✔amount of product suppliers are willing to sell at given price=
amount consumers buy at price
✔✔pure competition - ✔✔extreme
so many buyers and sellers that no single buyer or seller can individually influence
prices.
✔✔oligopoly - ✔✔small # of suppliers provide good/service
✔✔monopolistic competition - ✔✔numerous sellers differentiate product in small way
✔✔monopoly - ✔✔1 company dominates. pure=natural
govn. regulated= regulated
*better for govn. to have single monopoly (i.e phone, water, utilities)
✔✔govn. role regulation - ✔✔relying more on rules than market forces
, ✔✔govn. role deregulation - ✔✔removing regulations to allow market to correct itself.
✔✔economic measure: inflation - ✔✔economic condition where price raises, and as
prices raise purchasing power decreases.
✔✔economic measure: deflation - ✔✔economic condition where price decreases
✔✔economic measure: CPI - ✔✔consumer price index. measures changes in prices of
representative collection of consumer goods/ services.
✔✔economic measure: PPI - ✔✔deals w/ producers/ wholesale
✔✔national economic output indicator: GDP - ✔✔broadest measure. value of all final
goods/services, excludes outputs from overseas operations.
✔✔national economic output indicator: unemployment - ✔✔also used to measure
economic output. unemployment rate: % of labor force w/o job.
✔✔national economic output indicator: recession - ✔✔use GDP to determine if in
recession, fall in GDP for 2 consecutive quarters.
✔✔other national economic output indicator: Baltic Dry Index - ✔✔shows world
economic growth. measure of the price of shipping bulk cargoes around the world
✔✔govn. regulates monopolies in the free market - ✔✔a single service is best fit for
society, (i.e subway, water, land-line, utilities)
✔✔govn. encourages innovation/economic development - ✔✔patents/trademarks:
protect assets and brand names
subsidies: govn. pays producers to allow them to lower their prices in order to compete
more effectively.
tax incentives: i.e (+) tax for birth, (-) tax or ticket for j-walking
licensing: agreement to produce/market another company's product in exchange for
royalty or fee.
✔✔the global economy - ✔✔increases integration and interdependence of natl.
economies around the world.
ex. U.S mostly imports from china, exports to canada
ANSWERS RATED A+
✔✔competition aspect: antitrust regulations - ✔✔limit what businesses can/can't do to
ensure competitors have an equal chance of succeeding.
✔✔gov. ensure economy is stabilized - ✔✔-stabilize economy during recession: natl,
income, employment, product all FALL for 6 months and the GDP declines.
-keep inflation low
-fiscal policy: raising/lowering taxes and or increasing/decreasing spending
-"monetary policy" refers to what the Federal Reserve, the nation's central bank, does to
influence the amount of money and credit in the U.S. economy.
✔✔stakeholders - ✔✔anyone who has a part of the business (owners, investors,
customers, employees, suppliers, surrounding communities, the environment)
-stakeholders can vote with their $
-no one stakeholder is more important than the other
-important in decision making, are a balancing act
✔✔govn. protect stakeholders - ✔✔protecting stakeholders' rights and welfare.
✔✔collusion: - ✔✔agreement not to hire each other's employees or charge below
minimum price. ex. google, intel, apple (polluted) agreed not to hire each other's
workers.
✔✔profits role in free market - ✔✔people are motivated by profits.
✔✔equilibrium price - ✔✔amount of product suppliers are willing to sell at given price=
amount consumers buy at price
✔✔pure competition - ✔✔extreme
so many buyers and sellers that no single buyer or seller can individually influence
prices.
✔✔oligopoly - ✔✔small # of suppliers provide good/service
✔✔monopolistic competition - ✔✔numerous sellers differentiate product in small way
✔✔monopoly - ✔✔1 company dominates. pure=natural
govn. regulated= regulated
*better for govn. to have single monopoly (i.e phone, water, utilities)
✔✔govn. role regulation - ✔✔relying more on rules than market forces
, ✔✔govn. role deregulation - ✔✔removing regulations to allow market to correct itself.
✔✔economic measure: inflation - ✔✔economic condition where price raises, and as
prices raise purchasing power decreases.
✔✔economic measure: deflation - ✔✔economic condition where price decreases
✔✔economic measure: CPI - ✔✔consumer price index. measures changes in prices of
representative collection of consumer goods/ services.
✔✔economic measure: PPI - ✔✔deals w/ producers/ wholesale
✔✔national economic output indicator: GDP - ✔✔broadest measure. value of all final
goods/services, excludes outputs from overseas operations.
✔✔national economic output indicator: unemployment - ✔✔also used to measure
economic output. unemployment rate: % of labor force w/o job.
✔✔national economic output indicator: recession - ✔✔use GDP to determine if in
recession, fall in GDP for 2 consecutive quarters.
✔✔other national economic output indicator: Baltic Dry Index - ✔✔shows world
economic growth. measure of the price of shipping bulk cargoes around the world
✔✔govn. regulates monopolies in the free market - ✔✔a single service is best fit for
society, (i.e subway, water, land-line, utilities)
✔✔govn. encourages innovation/economic development - ✔✔patents/trademarks:
protect assets and brand names
subsidies: govn. pays producers to allow them to lower their prices in order to compete
more effectively.
tax incentives: i.e (+) tax for birth, (-) tax or ticket for j-walking
licensing: agreement to produce/market another company's product in exchange for
royalty or fee.
✔✔the global economy - ✔✔increases integration and interdependence of natl.
economies around the world.
ex. U.S mostly imports from china, exports to canada
