BUS 110-Exam 1 2026 Questions and
Answers
economics - Correct answer-the study of how resources are distributed for the
production of goods and services;
human resources - Correct answer-the physical and mental abilities that people use
to produce goods and services; also called labor
capital - Correct answer-money or assets
factors of production - Correct answer-natural, human, and financial resources,
used to produce goods and services
economic systems - Correct answer-communism, socialism, capitalism
supply - Correct answer-the number of products- goods and services- that
businesses are willing to sell at different prices at a specific time
equilibrium price - Correct answer-the price at which the number of products that
businesses are willing to supply equals the amount of products that consumers are
willing to buy at a specific point in time
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, demand - Correct answer-the number of goods and services that consumers are
willing to buy at different prices at a specific time
forms of competition - Correct answer-pure competition, monopolistic
competition, oligopoly, monopoly
inflation - Correct answer-a condition characterized by a continuing rise in prices
deflation - Correct answer-decrease in prices
barriers to international trade - Correct answer-tariffs, language, political cultural,
ethical, legal, social, technological
entrepreneur - Correct answer-an individual who risks his or her wealth, time, and
effort to develop for profit an innovative product or way of doing something
types of tariffs - Correct answer-import tariff, fixed tariff, valorem tariff
import tariff - Correct answer-a tax levied by a nation on goods imported into the
country
fixed tariff - Correct answer-a specific amount of money levied on each unit of
product brought into the country
valorem tariff - Correct answer-based on the value of the item
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Answers
economics - Correct answer-the study of how resources are distributed for the
production of goods and services;
human resources - Correct answer-the physical and mental abilities that people use
to produce goods and services; also called labor
capital - Correct answer-money or assets
factors of production - Correct answer-natural, human, and financial resources,
used to produce goods and services
economic systems - Correct answer-communism, socialism, capitalism
supply - Correct answer-the number of products- goods and services- that
businesses are willing to sell at different prices at a specific time
equilibrium price - Correct answer-the price at which the number of products that
businesses are willing to supply equals the amount of products that consumers are
willing to buy at a specific point in time
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, demand - Correct answer-the number of goods and services that consumers are
willing to buy at different prices at a specific time
forms of competition - Correct answer-pure competition, monopolistic
competition, oligopoly, monopoly
inflation - Correct answer-a condition characterized by a continuing rise in prices
deflation - Correct answer-decrease in prices
barriers to international trade - Correct answer-tariffs, language, political cultural,
ethical, legal, social, technological
entrepreneur - Correct answer-an individual who risks his or her wealth, time, and
effort to develop for profit an innovative product or way of doing something
types of tariffs - Correct answer-import tariff, fixed tariff, valorem tariff
import tariff - Correct answer-a tax levied by a nation on goods imported into the
country
fixed tariff - Correct answer-a specific amount of money levied on each unit of
product brought into the country
valorem tariff - Correct answer-based on the value of the item
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
