Business Quiz 1 – Flashcards
Unlock all answers in this set
Unlock answersquestion
monopoly
answer
Which of the following exists when an industry or market has only one producer?
question
the market price
answer
What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal?
question
the way they manage the factors of production
answer
What marks the key difference between economic systems?
question
equilibrium price
answer
What is the point at which the supply curve and the demand curve intersect on a graph?
question
stability
answer
What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?
question
the country's existing labor laws and the factory working conditions
answer
A new U.S. company plans to introduce an inexpensive, high-quality line of shoes to the American market. It has found a manufacturer in another country that can produce the shoes at a low enough cost that they will still be cheaper than other brands of the same quality. Which of the following represents a potential ethical implication that the company should consider before beginning production?
question
the corporate cultural environment
answer
Which environment is NOT an important dimension of a business organization's external environment?
question
how much a system produces with the resources needed to produce it
answer
What does productivity measure?
question
privatization
answer
What is the process for converting government enterprises into individually owned firms known as?
question
difference between revenues and expenses
answer
What are profits?
question
economic stability
answer
What is a chief goal of an economic system?
question
inflation
answer
What is the economic condition characterized by widespread increased prices without increased purchasing power?
question
allocate all or most factors of production
answer
What does a planned economy rely on a centralized government to do?
question
shortage
answer
What occurs when the quantity demanded exceeds the quantity supplied?
question
business cycle
answer
Which term refers to the pattern of short-term ups and downs in an economy?
question
economic system
answer
What term denotes a nation's basis for allocating its resources among its citizens?
question
The increase in supply will lead to a decrease in the equilibrium price.
answer
In a small town of 3,000 people, the number of car washes has grown from two to five in the last two months. Which result will likely occur?
question
socialism
answer
Which of the following does NOT represent a degree of competition in a private enterprise system?
question
standard of living
answer
Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?
question
Increase the supply of the smart phone.
answer
A new feature on the latest Acme smart phone has made it wildly popular. Which action should Acme take to maximize profits?
