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Business 12th edition by william m.pride exam bank
Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 4-8
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 6
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 10
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
4. What is profit, and why is it important to a business?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 11
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
5. What three activities must a business perform in order to be successful? Briefly describe each of these
and why each is essential to business success.
ANS:
Answer not provided.
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
1
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PTS: 1 DIF: Difficulty: Moderate REF: p. 9
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Synthesis
6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 13
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Application
7. Explain how the basic economic questions are answered in capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 13-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Evaluation
8. Why do we say that the U.S. economy is a mixed economy?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 15
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Analysis
9. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 16-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Analysis
10. Why is productivity important? How can a nation’s productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 17
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2
, MEDSTUDY.COM
11. What is real gross domestic product, and how does it differ from gross domestic product?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 18
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
12. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 20-21
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Knowledge
13. What is the difference between monetary policies and fiscal policies? How does each affect the
nation’s economy?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 21
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Analysis
14. In perfect competition, who sets the price of a product?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Analysis
15. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Application
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3
,MEDSTUDY.COM
Business 12th edition by william m.pride exam bank
Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 4-8
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 6
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 10
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
4. What is profit, and why is it important to a business?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 11
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
5. What three activities must a business perform in order to be successful? Briefly describe each of these
and why each is essential to business success.
ANS:
Answer not provided.
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
1
,MEDSTUDY.COM
PTS: 1 DIF: Difficulty: Moderate REF: p. 9
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Synthesis
6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 13
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Application
7. Explain how the basic economic questions are answered in capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 13-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Evaluation
8. Why do we say that the U.S. economy is a mixed economy?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 15
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Analysis
9. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 16-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Analysis
10. Why is productivity important? How can a nation’s productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 17
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2
, MEDSTUDY.COM
11. What is real gross domestic product, and how does it differ from gross domestic product?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 18
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
12. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 20-21
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Knowledge
13. What is the difference between monetary policies and fiscal policies? How does each affect the
nation’s economy?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 21
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Analysis
14. In perfect competition, who sets the price of a product?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Analysis
15. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Application
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3
