Test Bank for Better Business 6th Edition by Michael R Solomon Mary Anne Poatsy Kendall Martin All Chapters Complete Guide A+

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BettergBusiness,g6eg(Solomon/Poatsy/Martin)
gChapterg2 Economics


1) Marcogisgconsideringgagmajorgingeconomics.gIfghegpursuesgthatgmajor,gwhatgisgheglikelygt
ogstudy?
A) Thegexchangegofgresources,gproducts,gandgservicesgbetweengbusinesses
B) Thegexchangegofgculturalginformationgingagdiversegsociety
C) Thegstockgexchange
D) Thegexchangegofgdiplomaticgrelationsgbetweengnations
E) Thegexchangegofgideasgaboutgmotivationgandgbehaviorgingthegworkplac
egAnswer:g A
Explanation:g Economicsgisgthegstudygofghowgindividualsgandgbusinessesgmakegdecisionsgtogbestg
satisfygwants,gneeds,gandgdesiresgwithglimitedgresources.gItgisgaboutgbusinessesgmakingggoodsgor
gsupplyinggservicesgthatgwegwantgorgneedgtogbuy.
Diff:g1
AACSB:g g ReflectivegThinking
LO:g 2.1:gDefinegeconomics,gdescribegthegdifferentgtypesgofgeconomicgsystems,gandgexplaingwhygbusin
essgmanagersgneedgtogbegawaregofgeconomicgpoliciesgandgevents.
Classification:g g Concept

2) Celestegisginterestedgingstudyinggthegeffectsgthatgnaturalgdisastersghavegongthegvaluegofggoo
dsgandgservicesgingthegaffectedgareas.gHergareagofgstudygshouldgbeg .
A) capitalism
B) microeconomics
C) macroeconomics
D) sociology
E) sustainability
gAnswer:g B
Explanation:g Microeconomicsgisgthegstudygofghowgindividuals,gbusinesses,ghouseholds,gandgcon
sumersgallocategtheirgresourcesgingexchangegforggoodsgandgservices.gCapitalismgisgagtypegofgecon
omicgsystemgwheregagcentralizedggroupgdeterminegwhatgwillgbegproduced.gMacroeconomicsgisgt
hegstudygofgthegbehaviorgofgthegeconomygasgagwhole.gSociologygisgthegstudygofgsocialgrelationsga
ndgchange.gSustainabilitygisgthegusegofgresourcesgwithoutgpermanentlygdepletinggorgdamaginggthe
gresource.
Diff:g2
AACSB:g g ReflectivegThinking
LO:g 2.1:gDefinegeconomics,gdescribegthegdifferentgtypesgofgeconomicgsystems,gandgexplaingwhygbusin
essgmanagersgneedgtogbegawaregofgeconomicgpoliciesgandgevents.
Classification:g g Application




1
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3) Josegisgdevelopinggangoutlinegforgagresearchgpapergongmacroeconomics.gWhichgareasgshouldgh
egpaygclosegattentiongto?
A) Individualgbusinesses
B) Peoplegwithglimitedgresources
C) Thegrategofginflation
D) Corporategexecutives
E) Amountgofgproductgalreadygforgsal
egAnswer:g C
Explanation:g Macroeconomicsgisgthegstudygofgthegbehaviorgofgthegoverallgeconomy.gEconomy-
gwidegoccurrences,gsuchgasgchangesgingunemployment,ginterestgrates,ginflation,gandgpriceglevels,g
aregallgpartgofgthegstudygofgmacroeconomics.gThegstudygofgbehaviorgofgindividualgbusinesses,gpe
oplegwithglimitedgresources,gcorporategexecutives,gandgFortuneg500gcompaniesgwouldgfallgundergt
hegareagofgmicroeconomics.
Diff:g1
AACSB:g g ReflectivegThinking
LO:g 2.1:gDefinegeconomics,gdescribegthegdifferentgtypesgofgeconomicgsystems,gandgexplaingwhygbusin
essgmanagersgneedgtogbegawaregofgeconomicgpoliciesgandgevents.
Classification:g g Concept

4) Agmarketgeconomygisgonegingwhichg .
A) theggovernmentgorgothergcentralizedggroupgdeterminesgwhatgandghowgmuchgtogproduce
B) theggovernmentgdictatesgwhatgwillgbegproducedgandgthegproducergdeterminesgthegprice
C) theggovernmentgcontrolsghealthcaregwhilegprivatelygownedgbusinessesgoperategingothergmarke
tgsectors
D) individualsgandgprivategfirmsgmakegdecisionsgbasedgongconsumergneedsgandgwants
E) privatelygowned,gprofit-seekinggenterprisesgaregconvertedgtoggovernment-
ownedgproductiongandgservices
Answer:g g D
Explanation:g Agmarketgeconomygisgrungentirelygbygindividualsgandgbusinessesgwithglittlegtognog
governmentginvolvement.gPlannedgandgmixedgeconomiesghavegmoreggovernmentgcontrolgingterm
sgofgproductiongandgpricing.
Diff:g1
AACSB:g g ReflectivegThinking
LO:g 2.1:gDefinegeconomics,gdescribegthegdifferentgtypesgofgeconomicgsystems,gandgexplaingwhygbusin
essgmanagersgneedgtogbegawaregofgeconomicgpoliciesgandgevents.
Classification:g g Concept
LearninggOutcome:g g Comparegandgcontrastgdifferentgeconomicgsystems




2
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5) Agmixedgeconomygisgonegingwhichg .
A) bothgresourcesgandgmeansgofgproductiongaregextremelyglimitedgandggenerallygconfinedgt
ogagriculturalgoutput
B) theggovernmentgorgothergcentralizedggroupgdeterminesgandgcontrolsgallgresourcesgandgmeansg
ofgproduction
C) bothgindividualsgandggovernmentgcontrolgresourcesgandgdeterminegproductiongmethods
D) eithergindividualsgorgprivategfirms,gbutgnotgboth,gcontrolgresourcesgandgdeterminegproductio
ngmethods
E) theregisgnoggovernmentginterventiongingindustr
ygAnswer:g C
Explanation:g Agmixedgeconomygisgonegingwhichgindividuals,gbusinesses,gandggovernmentgshareg
responsibilitygforgdetermininggallocationgofgresourcesgandgmethodsgofgproduction.gPlannedgecon
omiesgorgmarketgeconomies.
Diff:g1
AACSB:g g ReflectivegThinking
LO:g 2.1:gDefinegeconomics,gdescribegthegdifferentgtypesgofgeconomicgsystems,gandgexplaingwhygbusin
essgmanagersgneedgtogbegawaregofgeconomicgpoliciesgandgevents.
Classification:g g Concept
LearninggOutcome:g g Comparegandgcontrastgdifferentgeconomicgsystems

6) Agplannedgeconomygisgonegingwhichg .
A) theggovernmentgorgothergcentralizedggroupgdeterminesgwages,gsetsgprices,gandgdistribute
sgresourcesgandgproductsgtogthegcommonggroup
B) individualsgandgbusinessesgdeterminegthegproductiongmethods,gwithgagfocusgongefficiencygan
dgproductivity
C) individualgincomegultimatelygcontrolsgpurchasinggdecisions
D) theggovernmentgdistributesgsomeggoodsgandgservicesgthroughgselectedgsocialgprograms,gan
dgindividualgincomegdeterminesgpurchasinggdecisionsgforgotherggoodsgandgservices
E) thegproductiongandgpricinggofggoodsgandgservicesgisgdeterminedgthroughgthegoperationgofg
agmarket
Answer:g g A
Explanation:g Ingagplannedgeconomy,gtheggovernmentgorgothergcentralizedggroupgcompletelygo
rgpartiallygdeterminesgwagesgandgsetsgprices.gResourcesgandgproductsgaregdistributedgtogthegco
mmonggroup.
Diff:g1
AACSB:g g ReflectivegThinking
LO:g 2.1:gDefinegeconomics,gdescribegthegdifferentgtypesgofgeconomicgsystems,gandgexplaingwhygbusin
essgmanagersgneedgtogbegawaregofgeconomicgpoliciesgandgevents.
Classification:g g Concept
LearninggOutcome:g g Comparegandgcontrastgdifferentgeconomicgsystems




3
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.
mynursytest.store