BUS-100 Final Exam ACTUAL
UPDATED QUESTIONS AND CORRECT
ANSWERS
A coal mining company has employed around 250 miners who work 8-hour shifts every day.
In the context of factors of production, the miners can be classified as _____. - CORRECT
ANSWERS✅✅human resources
A college has contracted a construction company to build a bookstore for its new campus.
The heavy machinery and equipment used by the contractor in the construction process are __
- CORRECT ANSWERS✅✅capital resources
Capital, one of the factors of production, includes machines, tools, buildings, information,
and technology. - CORRECT ANSWERS✅✅True
During the production era, managers focused mostly on customer satisfaction and not on
production efficiency. - CORRECT ANSWERS✅✅False
High taxation, excess regulation, and limited choices in a business environment are likely to
result in: - CORRECT ANSWERS✅✅a decrease in entrepreneurial activities
In the context of factors of production, the synthetic resources that a business needs to
produce goods or services are referred to as___ - CORRECT ANSWERS✅✅capital
In the context of a business environment, computers, telecommunications, and other digital
tools are considered to be part of the __ - CORRECT ANSWERS✅✅technological
environment
In the context of factors of production, which of the following is a natural resource? -
CORRECT ANSWERS✅✅Land
The value of all natural resources tends to rise with low demand, high supply, or both. -
CORRECT ANSWERS✅✅False
, Value is the relationship between the price of a good or a service and the benefits that it
offers its customers. - CORRECT ANSWERS✅✅true
When a business brings in less money than it needs to cover expenses, it incurs a___ -
CORRECT ANSWERS✅✅Loss
Which of the following can be considered a business? - CORRECT ANSWERS✅✅Davent,
an online shopping portal that offers discounted prices on clothes
Which of the following dimensions of a business environment embodies the values, attitudes,
customs, and beliefs shared by groups of people? - CORRECT ANSWERS✅✅The social
environment
Which of the following dimensions of a business environment is specifically highlighted
when stock markets lose a major portion of their value and when huge, venerable institutions
collapse financially? - CORRECT ANSWERS✅✅The economic environment
Which of the following is a characteristic of entrepreneurs? - CORRECT
ANSWERS✅✅They risk their time, money, and other resources to start and manage their
business
Natasha is very unhappy with conditions in her country. She has very little economic or
political freedom. Virtually all productive enterprises are owned by the government, and they
seem to be run very inefficiently. The result is frequent shortages and surpluses of goods and
services. These conditions suggest that Natasha's country relies on a _________________
economic system. - CORRECT ANSWERS✅✅communist
Microeconomic analysis would be best suited for: - CORRECT ANSWERS✅✅helping a
firm determine the best pricing strategy for its products.
Manufacturing jobs have migrated overseas due to increased productivity and low wages of
workers in other countries. This contributes to ______________ unemployment for American
workers in the manufacturing sector - CORRECT ANSWERS✅✅structural
UPDATED QUESTIONS AND CORRECT
ANSWERS
A coal mining company has employed around 250 miners who work 8-hour shifts every day.
In the context of factors of production, the miners can be classified as _____. - CORRECT
ANSWERS✅✅human resources
A college has contracted a construction company to build a bookstore for its new campus.
The heavy machinery and equipment used by the contractor in the construction process are __
- CORRECT ANSWERS✅✅capital resources
Capital, one of the factors of production, includes machines, tools, buildings, information,
and technology. - CORRECT ANSWERS✅✅True
During the production era, managers focused mostly on customer satisfaction and not on
production efficiency. - CORRECT ANSWERS✅✅False
High taxation, excess regulation, and limited choices in a business environment are likely to
result in: - CORRECT ANSWERS✅✅a decrease in entrepreneurial activities
In the context of factors of production, the synthetic resources that a business needs to
produce goods or services are referred to as___ - CORRECT ANSWERS✅✅capital
In the context of a business environment, computers, telecommunications, and other digital
tools are considered to be part of the __ - CORRECT ANSWERS✅✅technological
environment
In the context of factors of production, which of the following is a natural resource? -
CORRECT ANSWERS✅✅Land
The value of all natural resources tends to rise with low demand, high supply, or both. -
CORRECT ANSWERS✅✅False
, Value is the relationship between the price of a good or a service and the benefits that it
offers its customers. - CORRECT ANSWERS✅✅true
When a business brings in less money than it needs to cover expenses, it incurs a___ -
CORRECT ANSWERS✅✅Loss
Which of the following can be considered a business? - CORRECT ANSWERS✅✅Davent,
an online shopping portal that offers discounted prices on clothes
Which of the following dimensions of a business environment embodies the values, attitudes,
customs, and beliefs shared by groups of people? - CORRECT ANSWERS✅✅The social
environment
Which of the following dimensions of a business environment is specifically highlighted
when stock markets lose a major portion of their value and when huge, venerable institutions
collapse financially? - CORRECT ANSWERS✅✅The economic environment
Which of the following is a characteristic of entrepreneurs? - CORRECT
ANSWERS✅✅They risk their time, money, and other resources to start and manage their
business
Natasha is very unhappy with conditions in her country. She has very little economic or
political freedom. Virtually all productive enterprises are owned by the government, and they
seem to be run very inefficiently. The result is frequent shortages and surpluses of goods and
services. These conditions suggest that Natasha's country relies on a _________________
economic system. - CORRECT ANSWERS✅✅communist
Microeconomic analysis would be best suited for: - CORRECT ANSWERS✅✅helping a
firm determine the best pricing strategy for its products.
Manufacturing jobs have migrated overseas due to increased productivity and low wages of
workers in other countries. This contributes to ______________ unemployment for American
workers in the manufacturing sector - CORRECT ANSWERS✅✅structural
