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 _____. a) microeconomics (page 30, Level 1, Easy) b) macroeconomics c) business economics d) environmental economics 4. The planned system that allows individuals the least degree of economic freedom is _____. a) communism (page 32, Level 1, Easy) b) socialism c) mixed socialism d) free-market 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? a) Consumers will buy less gas. (page 34, Level 3, Moderate) b) Consumers will buy more gas. c) Oil-producing nations will stop production. d) Crude-oil prices will spike. 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. a) Competition (page 40, Level 1, Easy) b) Collusion 1
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c) Conspiracy d) Communism 8. Competition between Boeing and Airbus Industries is an example of _____. a) pure competition b) monopolistic competition c) oligopoly (page 40, Level 2, Moderate) d) monopoly How a Free-Market System Monitors Its Economic Performance 9. Statistics that signal a swing in the economy after the movement has begun are called ______. a) coincident indicators b) performance indicators c) lagging indicators (page 45, Level 1, Easy) d) cyclical indicators 10. _____ is a steady rise in the prices of goods and services throughout the economy, while _____ is the sustained fall in the general price level for goods and services. a) Disinflation; inflation
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This note was uploaded on 04/06/2008 for the course GBS 151 taught by Professor Staff during the Spring '08 term at ASU.

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

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