Bus 1100 Ch 1-10 questions n answers
rated A+ already passed 2025/2026
True - CORRECT ANSWER ✔✔The opposite of profit is loss. T/F
False - CORRECT ANSWER ✔✔The salaried are more likely to be rich than the self employed. T/F
Organization - CORRECT ANSWER ✔✔An ________ is a group of people who work together to
accomplish a specific purpose.
Capital - CORRECT ANSWER ✔✔Buildings, machines, tools, and technology used to produce
goods and services are called ________.
D) Risk - CORRECT ANSWER ✔✔The possibility that the owner/s of a business may invest time
and money in the enterprise and fail is described as
A) Factors of Production
B) Competition
C) Competitive Disadvantage
D) Risk
D) Human Resources - CORRECT ANSWER ✔✔Which of the following is not known as an
economic force in the business environment?
A) Taxation
B) Contract Enforcement
C) Corruption
D) Human Resources
,True - CORRECT ANSWER ✔✔E-commerce is the buying and selling of products and services
through computer networks. T/F
Importing - CORRECT ANSWER ✔✔When ________, a company buys goods outside the country
and resells them domestically.
B) Using suppliers outside the United States to provide labor, goods or services - CORRECT
ANSWER ✔✔Global outsourcing is
A) Selling products outside the United States
B) Using suppliers outside the United States to provide labor, goods or services
C) Using supplies inside the United States
True - CORRECT ANSWER ✔✔Infrastructure is the physical facilities that form the basis for its
level of economic development. T/F
developed countries, less developed countries - CORRECT ANSWER ✔✔With the end of the
Cold War, the world now seems to be divided between ________ and ________.
A) World Trade Organization (WTO) - CORRECT ANSWER ✔✔Consisting of 153 member
countries, ________ is designed to monitor and enforce trade agreements.
A) World Trade Organization (WTO)
B) General Agreement of Tariffs and trade (GATT)
C) World Bank
D) International Monetary Fund (IMF)
True - CORRECT ANSWER ✔✔Economics is concerned with the production, distribution and
consumption of scarce goods and services, which includes the forces of supply and demand. T/F
, Supply - CORRECT ANSWER ✔✔________ express's how willing and able sellers are to provide
goods and services at different prices.
D) Right to give away profits - CORRECT ANSWER ✔✔Which is not one of the four basic rights
under capitalism?
A) Right to own property
B) Right to compete
C) Right to free choice
D) Right to give away profits
False - CORRECT ANSWER ✔✔The four types of free markets are Perfect Competition,
Monopolistic Competition, Oligarchy, and Monopoly. T/F
Demand - CORRECT ANSWER ✔✔________ express's how willing and able buyers are to
purchase goods and services at different prices.
A) Gross Domestic Product (GDP) - CORRECT ANSWER ✔✔What is the total value of all goods
and services that a country produces within its borders in a single year?
A) Gross Domestic Product (GDP)
B) Consumer Price Index (CPI)
C) Producer Price Index (PPI)
D) Inflation
True - CORRECT ANSWER ✔✔Operation Management is responsible in what is need into
creating value in a good and/or service. T/F
rated A+ already passed 2025/2026
True - CORRECT ANSWER ✔✔The opposite of profit is loss. T/F
False - CORRECT ANSWER ✔✔The salaried are more likely to be rich than the self employed. T/F
Organization - CORRECT ANSWER ✔✔An ________ is a group of people who work together to
accomplish a specific purpose.
Capital - CORRECT ANSWER ✔✔Buildings, machines, tools, and technology used to produce
goods and services are called ________.
D) Risk - CORRECT ANSWER ✔✔The possibility that the owner/s of a business may invest time
and money in the enterprise and fail is described as
A) Factors of Production
B) Competition
C) Competitive Disadvantage
D) Risk
D) Human Resources - CORRECT ANSWER ✔✔Which of the following is not known as an
economic force in the business environment?
A) Taxation
B) Contract Enforcement
C) Corruption
D) Human Resources
,True - CORRECT ANSWER ✔✔E-commerce is the buying and selling of products and services
through computer networks. T/F
Importing - CORRECT ANSWER ✔✔When ________, a company buys goods outside the country
and resells them domestically.
B) Using suppliers outside the United States to provide labor, goods or services - CORRECT
ANSWER ✔✔Global outsourcing is
A) Selling products outside the United States
B) Using suppliers outside the United States to provide labor, goods or services
C) Using supplies inside the United States
True - CORRECT ANSWER ✔✔Infrastructure is the physical facilities that form the basis for its
level of economic development. T/F
developed countries, less developed countries - CORRECT ANSWER ✔✔With the end of the
Cold War, the world now seems to be divided between ________ and ________.
A) World Trade Organization (WTO) - CORRECT ANSWER ✔✔Consisting of 153 member
countries, ________ is designed to monitor and enforce trade agreements.
A) World Trade Organization (WTO)
B) General Agreement of Tariffs and trade (GATT)
C) World Bank
D) International Monetary Fund (IMF)
True - CORRECT ANSWER ✔✔Economics is concerned with the production, distribution and
consumption of scarce goods and services, which includes the forces of supply and demand. T/F
, Supply - CORRECT ANSWER ✔✔________ express's how willing and able sellers are to provide
goods and services at different prices.
D) Right to give away profits - CORRECT ANSWER ✔✔Which is not one of the four basic rights
under capitalism?
A) Right to own property
B) Right to compete
C) Right to free choice
D) Right to give away profits
False - CORRECT ANSWER ✔✔The four types of free markets are Perfect Competition,
Monopolistic Competition, Oligarchy, and Monopoly. T/F
Demand - CORRECT ANSWER ✔✔________ express's how willing and able buyers are to
purchase goods and services at different prices.
A) Gross Domestic Product (GDP) - CORRECT ANSWER ✔✔What is the total value of all goods
and services that a country produces within its borders in a single year?
A) Gross Domestic Product (GDP)
B) Consumer Price Index (CPI)
C) Producer Price Index (PPI)
D) Inflation
True - CORRECT ANSWER ✔✔Operation Management is responsible in what is need into
creating value in a good and/or service. T/F
