1st business test
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1st business test

Course Number: BUSN 101, Spring 2007

College/University: Atlantic Cape Community...

Word Count: 2764

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Results Chapter 1 Test Name: Robert Brown Started: June 30, 2007 12:56pm Attempt: 1 / 1 Finished: June 30, 2007 2:40pm Out of: 100 Time spent: 1 hr, 44 min., 13 sec. Student finished 15 min. 47 sec. ahead of the 120 min. time limit. Question 1 (2 points) As computers and word processors gained popularity, the __________ typewriters decreased along with the price. Student response: Percent Correct Student...

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1 Results Chapter Test Name: Robert Brown Started: June 30, 2007 12:56pm Attempt: 1 / 1 Finished: June 30, 2007 2:40pm Out of: 100 Time spent: 1 hr, 44 min., 13 sec. Student finished 15 min. 47 sec. ahead of the 120 min. time limit. Question 1 (2 points) As computers and word processors gained popularity, the __________ typewriters decreased along with the price. Student response: Percent Correct Student Answer Choices Value Response Response 100.0% 0.0% 0.0% 0.0% 0.0% a. demand for b. productivity of c. monopoly associated with d. equilibrium of e. supply of Score: 2/2 Question 2 (2 points) In order for the U.S. government to provide services, it collects revenue from Student response: Percent Correct Student Answer Choices Value Response Response 0.0% 0.0% 0.0% 100.0% a. selling bonds to foreign governments. b. corporations only in the form of income taxes. c. selling manufactured goods overseas. d. both households and businesses in various forms of taxes. e. individuals only in the form of income taxes. 0.0% Score: 2/2 Question 3 (2 points) A business provides goods and services in exchange for sales revenues. Student response: Percent Value 100.0% 0.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 4 (2 points) The government uses taxes to purchase resources and products required to provide services. Student response: Percent Value 100.0% 0.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 5 (2 points) Monetary policies exert the government's influence on the amount of savings and expenditures by altering the tax structure and changing the levels of government spending. Student response: Percent Value 0.0% 100.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 6 (2 points) Tim Garner owns and operates his own small automobile repair shop. However, the prices he can charge are fixed, and he rents his land and building from the government. Most of his friends work for industries owned by the government. Tim's country is most likely a(n) __________ economy. Student response: Percent Value 0.0% 0.0% 100.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. capitalist communist socialist industrialized market Score: 0/2 Question 7 (2 points) Researchers just released the results of a study that shows that eating fish at least four times a week dramatically decreases adults' risk of heart disease. What will likely result from this new information? Student response: Percent Correct Student Answer Choices Value Response Response 0.0% 0.0% 0.0% a. The demand for fish will decrease. b. The demand for fish will decrease at every price. c. The supply of fish will decrease causing a decrease in the price. d. The demand for fish will likely remain the same, but the market price will adjust. e. The demand for fish will increase at every price. 0.0% 100.0% Score: 2/2 Question 8 (2 points) In the mid-1970s, American auto manufacturers produced big gas-guzzling cars and tried to sell them to consumers who needed fuel-efficient transportation. This happened because manufacturers Student response: Percent Correct Student Answer Choices Value Response Response 0.0% 100.0% 0.0% 0.0% 0.0% a. followed consumers' wants too closely. b. lost sight of consumers' needs. c. attempted to satisfy consumers' needs. d. did not expect a profit. e. knew the economy would rise again. Score: 2/2 Question 9 (2 points) The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need. Student response: Percent Correct Student Answer Choices Value 100.0% 0.0% Response Response a. b. T F Score: 2/2 Question 10 (2 points) The United States business system is commonly referred to as a mixed economy. Student response: Percent Value 100.0% 0.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 11 (2 points) In a capitalist economy, the question of what to produce is answered by _________, and the question of how to produce is answered by _________. Student response: Percent Value 0.0% 100.0% 0.0% 0.0% 0.0% Correct Student Answer Choices Response Response a. producers; producers b. consumers; producers c. consumers; consumers d. producers; government e. consumers; government Score: 2/2 Question 12 (2 points) The day after General Motors offered 2.9 percent financing on three-year loans for all GM cars, Ford and Chrysler began making their own financing offers. These businesses Student response: Percent Correct Student Answer Choices Value Response Response 0.0% a. are engaging in monopolistic competition in which there are many buyers as well as a relatively large number of sellers that differentiate their products from those of competitors. b. are engaging in 0.0% monopolistic competition, in which the products are very similar. 0.0% c. are engaging in pure competition, in which no single seller is powerful enough to affect prices. d. represent a monopoly in which only one firm supplies a product or products. e. represent an oligopoly in which there are few sellers, and each seller has considerable control over price. 0.0% 100.0% Score: 2/2 Question 13 (2 points) Which of the following is uncharacteristic of a socialist economy? Student response: Percent Correct Student Answer Choices Value Response Response 0.0% a. Distribution of goods and services is controlled by the state. b. All capital and capital goods are privately owned. c. The government owns and controls key industries. d. What to produce and how to produce it are based on national goals. e. Land and raw materials may be property of the state. 100.0% 0.0% 0.0% 0.0% Score: 2/2 Question 14 (2 points) Because e-businesses use the Internet, there is no need to meet the needs of their customers. Student response: Percent Value 0.0% 100.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 15 (2 points) An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices is called a _________ economy. Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. b. c. d. e. command planned product producer's market Score: 2/2 Question 16 (2 points) When a firm's sales revenues are greater than its expenses, the firm has a Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. factor of production. b. positive cash flow. c. financial resource. d. loss. e. profit. Score: 2/2 Question 17 (2 points) A person who risks his or her time, effort, and money to start and operate a business is called a(n) Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. competitor. b. profit taker. c. intrapreneur. d. free-market specialist. e. entrepreneur. Score: 2/2 Question 18 (2 points) The total dollar value of all goods and services produced by all people within the boundaries of a country is called Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Student Answer Choices Response Response a. productivity. b. standard of living. c. gross national product. d. inflation factor. e. gross domestic product. Score: 2/2 Question 19 (2 points) As the price of jeans rises, Levi Strauss is likely to Student response: Percent Correct Student Answer Choices Value Response Response 100.0% a. increase production in order to increase the supply. b. do nothing to influence the available supply of jeans. c. increase production to influence the demand for jeans. d. discontinue producing jeans in favor of a different product. e. decrease production in order to decrease supply. 0.0% 0.0% 0.0% 0.0% Score: 2/2 Question 20 (2 points) IBM is most correctly classified as a marketing intermediary type of business. Student response: Percent Value 0.0% 100.0% Correct Response Student Response Answer Choices a. b. T F Score: 0/2 Question 21 (2 points) As Rachel Smith and her friends prepare to graduate from college, they are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago. Which state of the business cycle would the economy be in? Student response: Percent Value 0.0% 0.0% 0.0% 100.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. Recession Recovery Depression Peak Trough Score: 2/2 Question 22 (2 points) Steve Wilson, a chef at a major restaurant in San Francisco, wants to start his own restaurant. He surveys the market, finds a suitable location, and calculates how much money he will need to lease the building and purchase the necessary equipment and supplies. Steve visits his banker and requests a loan. The money Steve will receive from the loan and the resources he will purchase with it are known as Student response: Percent Value 0.0% 100.0% 0.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. revenue. capital. profit. collateral. stock. Score: 2/2 Question 23 (2 points) People buy goods and services simply to own them. Student response: Percent Value 0.0% 100.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 24 (2 points) The work performed to produce goods and services is referred to as Student response: Percent Value 0.0% 0.0% 0.0% 100.0% 0.0% Correct Response Student Response Answer Choices a. capital goods. b. land. c. financial resources. d. labor. e. material resources. Score: 2/2 Question 25 (2 points) The four resources that a business must use to operate successfully include material resources, human resources, financial resources, and operational resources. Student response: Percent Value 0.0% 100.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 26 (2 of points) Which the following would not be included in the gross domestic product of the United States? Student response: Percent Correct Student Answer Choices Value Response Response 0.0% a. Total value of Procter & Gamble products produced in Michigan b. Value of BMW automobiles manufactured in Alabama c. Value of tax return services performed by H&R Block d. Value of medical care services rendered in the United States e. Value of McDonald's sales for their Tokyo locations 0.0% 0.0% 0.0% 100.0% Score: 2/2 Question 27 (2 points) Pure competition is characterized by Student response: Percent Correct Student Answer Choices Value Response Response 100.0% 0.0% 0.0% 0.0% 0.0% a. many buyers and many sellers. b. few buyers and many sellers. c. a few companies that control the market. d. few buyers and few sellers. e. many buyers and few sellers. Score: 2/2 Question 28 (2 points) __________ resources are the individuals who provide labor for an organization in exchange for wages. Student response: Percent Value 100.0% 0.0% 0.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. Human Material Informational Labor Financial Score: 2/2 Question 29 (2 points) Households provide all of the following resources to businesses except Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. b. c. d. e. land. buildings. capital. labor. dividends. Score: 2/2 Question 30 (2 points) The Federal Reserve uses __________ when it lowers the interest rate charged to banks on shortterm loans. Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. national debt b. fiscal policy c. inflation d. competition e. monetary policy Score: 0/2 Question 31 (2 points) The maker of Hanes pantyhose attempts to set its product apart from the competition. As a result, the company obtained limited control over the price of its product. Achieving price control in this manner is known as Student response: Percent Value 100.0% 0.0% 0.0% 0.0% 0.0% Correct Student Answer Choices Response Response a. product differentiation. b. niche marketing. c. low-cost production. d. advertising. e. distributional efficiency. Score: 2/2 Question 32 (2 points) An oligopoly is a market situation in which there is one producer and a few large buyers. Student response: Percent Value 0.0% 100.0% Correct Response Student Response Answer Choices a. b. T F Score: 2/2 Question 33 (2 points) When Microsoft copyrighted its Windows software, it established a(n) _________ monopoly. Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. b. c. d. e. natural domestic unnatural legal limited Score: 2/2 Question 34 (2 points) Some economists believe sound fiscal and monetary policy can eliminate the __________ stage of the business cycle. Student response: Percent Value 100.0% 0.0% 0.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. depression recovery repression prosperity trough Score: 0/2 Question 35 (2 points) Diane enjoys scrapbooking and decides to open her own scrapbooking store. She invests her money, time, and effort into making the store a success. Diane can be best described as a(n) Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. corporate owner. b. laborer. c. competitor. d. capitalist. e. entrepreneur. Score: 2/2 Question 36 (2 points) The nationalization of key industries in countries such as Britain, Sweden, and India is indicative of a(n) _________ economy. Student response: Percent Value 0.0% 0.0% 100.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. communist industrialized socialist nationalist capitalist Score: 0/2 Question 37 (2 points) Matt Newell, a former Air Force pilot, decides to operate his own helicopter tour company to provide customers with breathtaking views of the Rocky Mountains. He obtains a loan and purchases the necessary land, facilities, advertising, and five helicopters for his business. What important factor of production has he overlooked in creating his business? Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. Natural resources b. Entrepreneurship c. Equipment d. Capital e. Labor Score: 2/2 Question 38 (2 points) During which phase of the business cycle would a company like General Electric introduce new products? Student response: Percent Value 100.0% 0.0% 0.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. Peak Recovery Repression Depression Recession Score: 2/2 Question 39 (2 points) Which of the following is not a characteristic of an oligopoly? Student response: Percent Correct Student Answer Choices Value Response Response 0.0% a. Sizable investments are required to enter the market. b. The seller has considerable control over price. c. There are few sellers. d. The market actions of each seller can strongly affect other sellers. e. Any duplication of facilities is wasteful. 0.0% 0.0% 0.0% 100.0% Score: 2/2 Question 40 (2 points) When General Mills and a few other firms dominate the American cereal market, this is an example of Student response: Percent Correct Student Answer Choices Value Response Response 100.0% 0.0% 0.0% 0.0% 0.0% a. oligopoly. b. monopoly. c. pure competition. d. natural monopoly. e. monopolistic competition. Score: 0/2 Question 41 (2 points) Bowflex, Inc., which manufactures total strength training systems for home use, obtained a patent on its power rods. Bowflex has a(n) __________ for this product. Student response: Percent Value 0.0% 0.0% 0.0% 100.0% 0.0% Correct Response Student Response Answer Choices a. illegal monopoly b. monopoly c. natural monopoly d. limited monopoly e. oligopoly Score: 2/2 Question 42 (2 points) In a communist country such as Cuba, emphasis is placed on producing what type of goods? Student response: Percent Correct Student Answer Choices Value Response Response 0.0% 0.0% 0.0% 100.0% 0.0% a. Consumer goods b. Durable goods such as machinery c. Goods for export d. Goods needed by the government e. Perishable goods such as food Score: 2/2 Question 43 (2 points) As a farmer, Gary Forsythe is familiar with the economics of pure competition. How is the price at which he sells his corn determined? Student response: Percent Correct Student Answer Choices Value Response Response 0.0% a. It is determined by Gary because he has the product that many people want. b. The government sets the price of the wheat in order to level the playing field for everyone. c. The price will be approximately 25 percent higher than what other farmers are selling the same corn for because Gary is an astute businessman. d. The price he will receive is primarily determined by the buyer at the local grain bin. e. The price is determined by combining the actions of all buyers and all sellers together. 0.0% 0.0% 0.0% 100.0% Score: 2/2 Question 44 (2 points) At the end of the year, the Walt Disney Company has a profit of $920 million. This profit belongs to which of the following groups? Student response: Percent Correct Student Answer Choices Value Response Response 0.0% 0.0% 0.0% 100.0% 0.0% a. The banks from which Disney borrowed money b. All employees including management c. The company's CEO and top managers d. The owners of Disney e. The consumers of Disney's goods and services Score: 2/2 Question 45 (2 points) According to economists, inflation is Student response: Percent Correct Student Answer Choices Value Response Response 0.0% 0.0% a. eliminated by the government. b. a general problem for countries with command economies. c. a general rise in the level of prices. d. a general decrease in the level of prices. e. unavoidable, and therefore something beyond the control of government. 100.0% 0.0% 0.0% Score: 2/2 Question 46 (2 points) When consumers spend their money to purchase Dell computers or Sony portable CD players, or when they discontinue buying such items as compact discs, they are telling resource owners Student response: Percent Correct Student Answer Choices Value Response Response 0.0% a. how to produce. 100.0% 0.0% 0.0% 0.0% b. what to produce. c. for whom to produce. d. when to produce. e. to avoid faddish products. Score: 2/2 Question 47 (2 points) The monetary contributions that the owners of IBM pay for shares of the company's stock are __________ resources for IBM. Student response: Percent Value 0.0% 0.0% 100.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. manufacturing informational financial human material Score: 2/2 Question 48 (2 points) Although the long-term trend for Brazil may show economic growth, this growth fluctuates from year to year as part of the Student response: Percent Value 0.0% 0.0% 0.0% 0.0% 100.0% Correct Response Student Response Answer Choices a. depression. b. economic pattern. c. inflation trend. d. growth cycle. e. business cycle. Score: 2/2 Question 49 (2 points) Which of the following represents the biggest customer of American business? Student response: Percent Value 0.0% 100.0% Correct Response Student Response Answer Choices a. Government b. Individual consumers 0.0% 0.0% 0.0% c. The military d. Other businesses e. Foreign governments Score: 2/2 Question 50 (2 points) Susan Montgomery works at an institutional bakery and is paid a wage dictated by the government. She does not like her job but is not allowed other options. Susan must purchase necessities for her family at fixed prices. The country Susan lives in can be described as a __________ economy. Student response: Percent Value 100.0% 0.0% 0.0% 0.0% 0.0% Correct Response Student Response Answer Choices a. b. c. d. e. command demand capitalist market free-enterprise Score: 2/2 Total score: 88 / 100 = 88.0%

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