Test Bank for Principles of Environmental Science 6th Edition by Cunningham

TEST BANK




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TEST BANK
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.

,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 REF: p. 5-7 OBJ: 1-1 NAT: AACSB: Communication
TOP: Your Future in the Changing World of Business

2. How can online networking improve your chances of success in the business world?

ANS:
Answer not provided.

PTS: 1 REF: p. 6 OBJ: 1-1 NAT: AACSB: Communication
TOP: Your Future in the Changing World of Business

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 REF: p. 10 OBJ: 1-2 NAT: AACSB: Communication
TOP: Business: A Definition

4. What is profit, and why is it important to a business?

ANS:
Answer not provided.

PTS: 1 REF: p. 11 OBJ: 1-2
NAT: AACSB: Reflective Thinking TOP: Business: A Definition

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.

PTS: 1 REF: p. 9 OBJ: 1-2 NAT: AACSB: Analytic
TOP: Business: A Definition

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© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.

, 6. Explain how the notion of scarcity is related to personal as well as business decision making.

ANS:
Answer not provided.

PTS: 1 REF: p. 12 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems

7. Explain how the basic economic questions are answered in capitalistic and command economies.

ANS:
Answer not provided.

PTS: 1 REF: p. 13-17 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems

8. Why do we say that the U.S. economy is a mixed economy?

ANS:
Answer not provided.

PTS: 1 REF: p. 15 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems

9. How does socialism differ from communism?

ANS:
Answer not provided.

PTS: 1 REF: p. 16-17 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems

10. Why is productivity important? How can a nation's productivity rate be improved?

ANS:
Answer not provided.

PTS: 1 REF: p. 17 OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance

11. What is real gross domestic product, and how does it differ from gross domestic product?

ANS:
Answer not provided.

PTS: 1 REF: p. 18 OBJ: 1-4 NAT: AACSB: Communication
TOP: Measuring Economic Performance

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© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.

, 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 REF: p. 20-21 OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance

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 REF: p. 21 OBJ: 1-4 NAT: AACSB: Analytic
TOP: Measuring Economic Performance

14. In perfect competition, who sets the price of a product?

ANS:
Answer not provided.

PTS: 1 REF: p. 22 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition

15. Describe how supply and demand affect the price of a product.

ANS:
Answer not provided.

PTS: 1 REF: p. 22 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition

16. In a monopolistic competition setting, how can a manufacturer differentiate a product?

ANS:
Answer not provided.

PTS: 1 REF: p. 23 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition




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© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.