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Home Page Social Science Business Introduction to Business (BUSN101) Chapter 1 Quiz. - Flashcards

Introduction to Business (BUSN101) Chapter 1 Quiz. – Flashcards

Sean Mitchell
8 July 2022
15 test answers

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question
?If, in the long? run, international trade improves the standards of living in participating? countries, why might some countries want to place trade? barriers, such as extra? taxes, on imported? products?
answer
Imported products compete with domestic products and thus put pressure on local business.
question
Which of the following BEST gives the meaning of the term business cycle??
answer
the pattern of? short-term ups and downs in an economy
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Which of the following BEST describes purchasing power parity??
answer
the principle that exchange rates are set so that prices of similar products in different countries are about the same
question
The CEOs of Company A and B are investigating expansion into new? markets, which will provide greater trade volume. Which scenario describes an economic environment that is most suitable for an? importing-exporting opportunity?
answer
Country X invests primarily in its textile? industry, while Country Y focuses on producing? high-yield crops.
question
TRUE / FALSE The United States government manages the collection and spending of its revenues through monetary policy.
answer
FALSE
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question
In the city of? Westminster, Christmas trees are being sold for? $25. At this? price, buyers are able to satisfy their? demand, though some trees remain unsold. What is the term used to describe this market? condition?
answer
Surplus
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question
Which of the following is NOT a likely reason why a small business in a free enterprise system should seek the ideal combination of price charged and quantity? supplied?
answer
to avoid government regulation
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question
TRUE / FALSE The? customs, values, and demographic characteristics of the society in which an organization functions are the principal elements of the? political-legal environment.
answer
FALSE
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question
TRUE / FALSE In typical modern? oligopolies, the large capital investment necessary to enter the market discourages new competitors.
answer
TRUE
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question
What term denotes a? nation's basis for allocating its resources among its? citizens?
answer
economic system
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question
What term do economists use for the pattern of? short-term expansions and contractions in the? economy?
answer
business cycle
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question
How does monopolistic competition differ from perfect competition?
answer
In a market characterized by monopolistic? competition, individual firms have some control over price.
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question
Many companies start as nichers to get a foothold against larger competitors and then grow into broader competitors. Enterprise? Rent-A-Car began by building a network of neighborhood offices rather than competing with Hertz and Avis in airport locations. Enterprise is now the? nation's largest car rental company. Which of the following is BEST supported by the statements? above?
answer
A? company's initial goals do not place limits on its? long-term success.
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question
The global business environment encompasses many international forces that influence the outcomes of companies doing business in foreign countries. Which of the following scenarios would BEST count as evidence of? globalization?
answer
A natural disaster disables factories in Country X that produce computer chips for Company Y. Company Y reduces the number of employee shifts and raises the price of its products.
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question
Which of the following does NOT represent a degree of competition in a private enterprise? system?
answer
Socialism
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What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.