BUS 100 Midterm Exam with Answers
All the following are factors of production used to make goods and services, EXCEPT: -
✔✔Customers
Which of the following is a force within an organization's control that has an impact on the
business's daily operations? - ✔✔employees
_____ indicates the income level of "average" Americans. It is useful in determining how much
"average" consumers spend and how much money Americans are earning. - ✔✔Per capita
income
Which of the following statements is true of a free-enterprise system? - ✔✔individuals have the
right to choose what career to pursue in a free-enterprise system.
In a capitalist economy: - ✔✔individuals are free to keep profits and use them as they wish
The _____ is the price at which the number of products that businesses are willing to supply
equals the number of products consumers are willing to purchase at a point in time. -
✔✔equilibrium price
When different businesses can promote similar products based on different features, and
consumers are willing to pay more for products containing the features they desire, the
competitive environment is most likely to be: - ✔✔monopolistic competition
The market for a product would be considered to be an oligopoly if: - ✔✔there are very few
businesses selling the product
The market for corn in Brazil has a large number of sellers, and there is no difference in the
products sold by each seller. As there are also a large number of buyers for the corn, the actions
All the following are factors of production used to make goods and services, EXCEPT: -
✔✔Customers
Which of the following is a force within an organization's control that has an impact on the
business's daily operations? - ✔✔employees
_____ indicates the income level of "average" Americans. It is useful in determining how much
"average" consumers spend and how much money Americans are earning. - ✔✔Per capita
income
Which of the following statements is true of a free-enterprise system? - ✔✔individuals have the
right to choose what career to pursue in a free-enterprise system.
In a capitalist economy: - ✔✔individuals are free to keep profits and use them as they wish
The _____ is the price at which the number of products that businesses are willing to supply
equals the number of products consumers are willing to purchase at a point in time. -
✔✔equilibrium price
When different businesses can promote similar products based on different features, and
consumers are willing to pay more for products containing the features they desire, the
competitive environment is most likely to be: - ✔✔monopolistic competition
The market for a product would be considered to be an oligopoly if: - ✔✔there are very few
businesses selling the product
The market for corn in Brazil has a large number of sellers, and there is no difference in the
products sold by each seller. As there are also a large number of buyers for the corn, the actions
