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Exam I Sample Q

Exam I Sample Q - GBS 151 Exam I Sample Questions Ch 1...

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GBS 151 / Exam I – Sample Questions Ch. 1 – Understand the “Key Terms” on page 55 What Is a Business? 1. Museums, public schools and universities, symphonies, and libraries are examples of ______. a) profit-seeking organizations b) service businesses c) goods-producing businesses d) nonprofit organizations (page 27, Level 2, Moderate) 2. Which of the following is a capital-intensive business? a) a computer consulting service b) a furniture refinishing business c) a pet-grooming service d) an airline company (page 28, Level 3, Moderate) What Is Economics? 3. The study of economic behavior among consumers, businesses, and industries who collectively determine the quantity of goods and services demanded and supplied at different prices is commonly referred to as _____. 4. The planned system that allows individuals the least degree of economic freedom is _____. Microeconomics: Understanding the Forces of Demand and Supply 5. According to the theory of demand , which of the following should occur when gas prices rise? 6. Which of the following statements about the theory of supply is true ? a) Supply refers to the quantities of a good or service that producers will buy. b) Supply refers to the behavior of buyers. c) Supply refers to the behavior of sellers. (page 34, Level 3 , Moderate) d) Supply refers to a buyer’s willingness to purchase a given product. Macroeconomics: Understanding How an Economy Operates 7. _____ is the situation in which two or more suppliers of a product are rivals in the pursuit of the same customers. 1
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8. Competition between Boeing and Airbus Industries is an example of _____. How a Free-Market System Monitors Its Economic Performance
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