Buisness Test Answers
Unlock all answers in this set
Unlock answersquestion
Which of the following fields is concerned with understanding the choices people make in using scarce resources?
answer
Economics
question
The study of macroeconomics is
answer
concerned with studying the overall economy
question
The willingness and ability of sellers to provide goods and services for sale in a market is referred to as
answer
Supply
question
refers to the willingness and ability of buyers to purchase goods and services.
answer
demand
question
Most industrialized nations operate economies based on
answer
private enterprise systems
question
Entrepreneurs have the most economic freedom in which type of economy?
answer
Capitalism
question
Which of the following is considered to be the BEST example of pure competition in today's business environment?
answer
Agriculture
question
A particular industry has many competitors, each of whom has little control over price. In addition, it is fairly easy to enter the industry. This industry is an example of ________.
answer
pure competition
question
The four different types of market structure in a private enterprise system are ________.
answer
pure competition, monopolistic competition, oligopoly, and monopoly
question
Control over price by individual firms is highest in a(n) ________.
answer
pure monopoly
question
Unless it is regulated or only temporary, the market situation called ________ is prohibited in the U.S. through antitrust legislation.
answer
Monopoly
question
_____ is an economic system in which private property is eliminated.
answer
Communism
question
has a blend of both planned and free enterprise system.
answer
A mixed market economy
question
Many developing countries have had __________ rates of GDP growth compared with the United States and other developed countries
answer
higher
question
Over the past decade, which of the following countries had the highest annual rate of GDP growth?
answer
China
question
An absolute advantage occurs when a country can maintain
answer
a monopoly by being the lowest-cost producer
question
A comparative advantage in a good or service means that __________.
answer
compared to another good or service, a nation will produce the one that it produces most efficiently
question
A trade deficit occurs when __________.
answer
imports exceed exports
question
A balance of payments surplus means
answer
an overall inflow of money from abroad
question
A country's exchange rate is based on __________.
answer
the rate at which its currency can be exchanged for other currencies
question
A country has a good chance of selling more of its goods abroad if it __________.
answer
devalues its currency
question
Management styles and ways of managing workers may need to be modified in other parts of the world in order to overcome __________ barriers.
answer
cultural
question
All of the following are social and cultural barriers EXCEPT __________.
answer
currency shifts
question
All of the following constitute a country's infrastructure EXCEPT __________.
answer
housing
question
A country raises the tariff on imported cheese in order to increase its price above the price of domestically produced cheese. This is an example of __________.
answer
a protective tariff
question
The objective of an import quota is to __________.
answer
protect domestic industries
question
The North American Free Trade Agreement (NAFTA) can be expected to __________.
answer
vastly increase trade among the member nations
question
Raw facts and figures are ________.
answer
data
question
Hannah is a television executive whose team conducted demographic research for new programs. Hannah will be expected to write a detailed ________ report about the impact of this study and the effect of the network's marketing strategy.
answer
information
question
The person who directs a firm's management information systems and related computer operations is often called the ________.
answer
chief information officer
question
A database can best be described as ________.
answer
a centralized integrated collection of the organization's data resources
question
An information system that provides relevant data to help businesspeople choose the appropriate course of action is called a(n) ________.
answer
decision support system
question
A computer program that imitates human thinking is a(n) ________.
answer
expert system
question
Which of the following is a storage device?
answer
Flash memory card
question
Which of the following is an application program?
answer
Microsoft Excel
question
Word processing programs can do all of the following EXCEPT ________.
answer
compute calculations
question
Diego purchased a company and discovered that his employees were using different operating systems. Instead of spending considerable time and expense getting everyone on the same system, Diego established a(n) ________ to create company bulletin boards, manage documents, and conduct online conferencing.
answer
intranet
question
Software that encodes data, making it difficult for unauthorized users to view, is called ________.
answer
encryption software
question
Jennifer belongs to several online card clubs. When she downloaded a recommended bridge game, she unknowingly received a ________, which ultimately damaged the hard drive on her computer.
answer
Trojan horse
question
Mario downloaded some company information into a spreadsheet so that he could work on it at home. When he returned to work, he inserted his memory card into his company computer. Within minutes, all of his hard drive files were corrupted. The most likely cause was a(n) ________.
answer
computer virus
