BUS 6600 FINAL | QUESTIONS AND ANSWERS | VERIFIED AND
WELL DETAILED ANSWERS | LATEST EXAM
For-profit businesses and nonprofit organizations are similar in that they both -
CORRECT ANSWER - contribute to the welfare of society
The total amount of money that businesses take in by selling goods and services
is called - CORRECT ANSWER - revenue
As a factor of production, the term capital includes - CORRECT ANSWER -
tools, machinery, and buildings.
A(n) __________ is a person who assumes the risk of starting a business. -
CORRECT ANSWER - entrepreneur
Health care, insurance, recreation, and other intangible products are provided by
the - CORRECT ANSWER - service industry
Often in business the greater the risk, the - CORRECT ANSWER - greater the
potential reward.
Which business policy would most likely help a single-parent family? -
CORRECT ANSWER - allowing family leave and flextime
As you consider the factors of production, what did management theorist Peter
Drucker believe to be one of the most important contributing factors to
increasing our nation's wealth? - CORRECT ANSWER - knowledge
,It is most accurate to say that globalization - CORRECT ANSWER - has
greatly improved living standards around the world.
__________ is a measure of the general well-being and satisfaction derived
from a variety of factors including political freedom, safety, education, and a
clean environment. - CORRECT ANSWER - quality of life
An electronic storage file where firms keep customer information is known as
a(n) - CORRECT ANSWER - Database
When we compare the factors of production in wealthy versus poor nations, we
find - CORRECT ANSWER - wealthy nations have knowledge and
entrepreneurial opportunities, while poor nations are often lacking in these
areas.
__________ studies the operation of a nation's economy as a whole. -
CORRECT ANSWER - macroeconomics
The freedom of people to decide where they want to work and live, and what
they want to buy or sell, are basic capitalist rights under - CORRECT
ANSWER - freedom of choice
When the market price of a good is above its equilibrium value, and all other
determinants are unchanged, - CORRECT ANSWER - a surplus will exist in
the market.
The __________ is a statistic used to measure the pace of inflation or deflation.
- CORRECT ANSWER - consumer price index
A key to economic growth and development is to - CORRECT ANSWER -
provide people with better education.
, __________ unemployment refers to unemployment caused by the restructuring
of firms or by a mismatch between the skills of job seekers and the requirements
of available jobs. - CORRECT ANSWER - structural
The foundation of the U.S. economic system is based on - CORRECT
ANSWER - capitalism
The freedom for people to buy, sell, and use land, buildings, machinery, and
inventions are basic capitalist rights under - CORRECT ANSWER - right to
own private property
When the supply curve and demand curve for a particular good are shown
together on a single graph, the point at which the two curves intersect identifies
the - CORRECT ANSWER - equilibrium price of the good
Today, the economic systems of most nations could most accurately be
classified as - CORRECT ANSWER - mixed economies
__________ looks at the behavior of individual people and organizations in
specific markets. - CORRECT ANSWER - microeconomics
__________ unemployment refers to persons who purposefully quit their jobs
and have not yet found a new job. - CORRECT ANSWER - frictional
Both socialism and communism are variations of - CORRECT ANSWER -
command economies
General and divisional managers, plant managers, and deans and department
heads at colleges are classified as - CORRECT ANSWER - middle
management
WELL DETAILED ANSWERS | LATEST EXAM
For-profit businesses and nonprofit organizations are similar in that they both -
CORRECT ANSWER - contribute to the welfare of society
The total amount of money that businesses take in by selling goods and services
is called - CORRECT ANSWER - revenue
As a factor of production, the term capital includes - CORRECT ANSWER -
tools, machinery, and buildings.
A(n) __________ is a person who assumes the risk of starting a business. -
CORRECT ANSWER - entrepreneur
Health care, insurance, recreation, and other intangible products are provided by
the - CORRECT ANSWER - service industry
Often in business the greater the risk, the - CORRECT ANSWER - greater the
potential reward.
Which business policy would most likely help a single-parent family? -
CORRECT ANSWER - allowing family leave and flextime
As you consider the factors of production, what did management theorist Peter
Drucker believe to be one of the most important contributing factors to
increasing our nation's wealth? - CORRECT ANSWER - knowledge
,It is most accurate to say that globalization - CORRECT ANSWER - has
greatly improved living standards around the world.
__________ is a measure of the general well-being and satisfaction derived
from a variety of factors including political freedom, safety, education, and a
clean environment. - CORRECT ANSWER - quality of life
An electronic storage file where firms keep customer information is known as
a(n) - CORRECT ANSWER - Database
When we compare the factors of production in wealthy versus poor nations, we
find - CORRECT ANSWER - wealthy nations have knowledge and
entrepreneurial opportunities, while poor nations are often lacking in these
areas.
__________ studies the operation of a nation's economy as a whole. -
CORRECT ANSWER - macroeconomics
The freedom of people to decide where they want to work and live, and what
they want to buy or sell, are basic capitalist rights under - CORRECT
ANSWER - freedom of choice
When the market price of a good is above its equilibrium value, and all other
determinants are unchanged, - CORRECT ANSWER - a surplus will exist in
the market.
The __________ is a statistic used to measure the pace of inflation or deflation.
- CORRECT ANSWER - consumer price index
A key to economic growth and development is to - CORRECT ANSWER -
provide people with better education.
, __________ unemployment refers to unemployment caused by the restructuring
of firms or by a mismatch between the skills of job seekers and the requirements
of available jobs. - CORRECT ANSWER - structural
The foundation of the U.S. economic system is based on - CORRECT
ANSWER - capitalism
The freedom for people to buy, sell, and use land, buildings, machinery, and
inventions are basic capitalist rights under - CORRECT ANSWER - right to
own private property
When the supply curve and demand curve for a particular good are shown
together on a single graph, the point at which the two curves intersect identifies
the - CORRECT ANSWER - equilibrium price of the good
Today, the economic systems of most nations could most accurately be
classified as - CORRECT ANSWER - mixed economies
__________ looks at the behavior of individual people and organizations in
specific markets. - CORRECT ANSWER - microeconomics
__________ unemployment refers to persons who purposefully quit their jobs
and have not yet found a new job. - CORRECT ANSWER - frictional
Both socialism and communism are variations of - CORRECT ANSWER -
command economies
General and divisional managers, plant managers, and deans and department
heads at colleges are classified as - CORRECT ANSWER - middle
management
