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Exam 1: The Foundations of Business

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Question 51

True/False

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Economists study the interactions between households and businesses and look at the ways in which the factors of production are combined to produce the goods and services that people need.

A) True
B) False

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Question 52

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_____ not only provide factors of production (or resources) but also consume goods and services.

A) Households
B) Suppliers
C) Nonprofits
D) Entrepreneurs

E) All of the above
F) C) and D)

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Question 53

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Because it's set up to make profits while meeting people's needs, New Age stands to make larger profits when prices fluctuate.

As a functional area of business, _____ measures, summarizes, and communicates financial and managerial information and advises other managers on financial matters.

Under monopolistic (differentiated) competition, large companies exercise control over prices.

A recession is generally followed by a _____ in which the economy starts growing again.

As a producer and seller of athletic shoes, apparel, and equipment, Nike sells _____.

Mataya is good at summarizing and communicating financial and other information to Jesse and the other restaurant managers.Which functional area is her specialty?

The three goals shared by all of the world's economies are growth, high employment, and high wages.

Scenario-Based Soup, Salad, & Sandwich is a regional chain of restaurants in the northeast that provides dine-in, carry-out, and catering services.Owners Jesse and Mataya Peña currently operate six locations and are in the process of opening a new restaurant in another state.Their operation is quite successful and appeals to health-conscious consumers, busy moms, and executives in a hurry.Staying open longer hours, enlarging the menu, and expanding the scope of the business are among the many goals set by the Peñas.They want to follow a traditional business model in reaching their goals. -Soup, Salad, & Sandwich features all of the traditional business participants _____.

Every business must have one ____, whose primary role is to infuse money into the business.

One way that economists measure the performance of an economy is by looking at a widely used measure of total output called gross price stability.

The unemployment rate measures the number of unemployed people who _____ seeking work.

Scenario-Based New Age Pharmaceuticals Inc.produces two limited lines of drugs-one for common maladies and one for rarer conditions and diseases.The majority of its business comes from the tried-and-true drugs that most Americans have been using for many years, but the new growth area in the pharmaceutical industry is in high-priced new drugs.New Age management believes that the company's research-and-development operations are sufficiently effective and efficient enough to develop six new prescription drugs that will start showing a profit within 12 months of their roll-outs.Currently more than 4 million people use New Age products. -New Age will be more willing to develop new products when prices are on the rise and less willing when they're coming down.

A classic example of a company with a patent-based legal monopoly is Polaroid, which for years held exclusive ownership of instant-film technology.

The U.S.leading index combines all economic indicators.

We call it "full employment" when _____ percent of those who want to work are employed.

The economic system of a country is the means by which a society makes decisions about allocating resources to produce and distribute products.

Differentiated products are those that serve several different purposes for different consumers.

In calculating gross domestic product (GDP) , the U.S.government does include the following: (select one)