BUS 1201 EXAM |QUESTIONS & ANSWERS VERIFIED
SOLUTIONS 100%|GRADE A+|LATEST 2024/2025
Dave of Warby Parker says that most brands of eyeglasses are owned by the same
company. This illustrates which type of competition? - ✔✔Monopoly
Warby Parker offers customers a virtual try on feature which allows them to see
how they might look in a pair of glasses. This feature shows the effect of the
_______ environment on business. - ✔✔Technological
Dave and the other founders of Warby Parker can be best described as
__________, people who risk their time, effort, and money to start and operate a
business. - ✔✔entrepreneurs
Which of the following is not a way that Warby Parker differentiates itself from its
competition? - ✔✔Advertising on social media
When Exxon/Mobil, Shell, and a few other firms dominate the American oil
market, this is an example of - ✔✔oligopoly
As the price of jeans rises, Jordache is likely to - ✔✔increase production thus
increasing the supply of jeans
Which of the following countries is considered to have a communist economy? -
✔✔North Korea
, Business cycle is defined as - ✔✔fluctuations in a national economy.
Elizabeth lives in a country where individuals may own their own property. Some
of the very wealthy people own oil refineries and have stock in computer
companies but the government owns the railroads, airports, ports, and roads in
addition to the utility companies, communications companies, banking, and steel
production facilities. What kind of economy best characterizes this nation? - ✔✔
Socialist
A businessperson in the early 1980s would have been faced with which of the
following problems? - ✔✔High inflation with high interest rates
The United States placed a very high tax on cars imported from Japan to benefit
the U.S. auto industry. What type of tax has the U.S. Government imposed on
Japanese vehicles? - ✔✔protective tariff
________ is levied to protect a domestic industry from competition by keeping the
price of competing imports level with or higher than the price of similar domestic
products. - ✔✔protective tariff
In order for an importer to pay the exporter, the exporter's bank will issue a ___
ordering the importer's bank to pay for the merchandise. - ✔✔draft
All of the following are true about small business except - ✔✔small businesses
create cyclical unemployment
SOLUTIONS 100%|GRADE A+|LATEST 2024/2025
Dave of Warby Parker says that most brands of eyeglasses are owned by the same
company. This illustrates which type of competition? - ✔✔Monopoly
Warby Parker offers customers a virtual try on feature which allows them to see
how they might look in a pair of glasses. This feature shows the effect of the
_______ environment on business. - ✔✔Technological
Dave and the other founders of Warby Parker can be best described as
__________, people who risk their time, effort, and money to start and operate a
business. - ✔✔entrepreneurs
Which of the following is not a way that Warby Parker differentiates itself from its
competition? - ✔✔Advertising on social media
When Exxon/Mobil, Shell, and a few other firms dominate the American oil
market, this is an example of - ✔✔oligopoly
As the price of jeans rises, Jordache is likely to - ✔✔increase production thus
increasing the supply of jeans
Which of the following countries is considered to have a communist economy? -
✔✔North Korea
, Business cycle is defined as - ✔✔fluctuations in a national economy.
Elizabeth lives in a country where individuals may own their own property. Some
of the very wealthy people own oil refineries and have stock in computer
companies but the government owns the railroads, airports, ports, and roads in
addition to the utility companies, communications companies, banking, and steel
production facilities. What kind of economy best characterizes this nation? - ✔✔
Socialist
A businessperson in the early 1980s would have been faced with which of the
following problems? - ✔✔High inflation with high interest rates
The United States placed a very high tax on cars imported from Japan to benefit
the U.S. auto industry. What type of tax has the U.S. Government imposed on
Japanese vehicles? - ✔✔protective tariff
________ is levied to protect a domestic industry from competition by keeping the
price of competing imports level with or higher than the price of similar domestic
products. - ✔✔protective tariff
In order for an importer to pay the exporter, the exporter's bank will issue a ___
ordering the importer's bank to pay for the merchandise. - ✔✔draft
All of the following are true about small business except - ✔✔small businesses
create cyclical unemployment
