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Exam 1: The Foundations of Business

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Question 31

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

A) True
B) False

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Question 32

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Perfect competition exists when many consumers are buying standardized products from a few small businesses.

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B) False

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Question 33

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The economic system with the highest level of government control is communism.

Fast-food chains that have eliminated Styrofoam containers reflect the desire of owners to be good corporate citizens.

When we plot a supply curve and a demand curve for apples on one graph, the point at which the two points intersect is the _____.

External forces play a role in determining whether more people or fewer people eat at fast-food restaurants.

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

Generally speaking, economic systems can be divided into _____ and _____ systems.

The difference between the revenue that a company brings in from selling goods and services and the cost of generating this revenue is called _____.

The U.S. government uses _____ policy regulate the money supply and interest rates.

All the activities needed to operate a business can be divided into the three functional areas of accounting, operations, and marketing.

Indicators that predict economic decline over periods of three to twelve months are called lagging economic indicators.

When the overall price level of consumer goods goes up, we have _____; when they go down, we have _____.

Legal monopolies exist in industries requiring huge investments and in which it would be inefficient to duplicate the products that they provide.

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. -The Peñas hire a manager for each restaurant and assign specific goals and responsibilities. Each manager will perform each of the traditional management functions except _____.

Generally speaking, economic systems can be divided into planned and free market systems.

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.

Managerial accountants prepare financial statements to help users, both inside and outside of the organization, assess its financial strengths.

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

How does government use its powers of spending and taxation to implement fiscal policy?