BUS100 Sample Exam 1
1. Which of the following organizations is an example of the goods-producing sector of the economy?
A. Ford Motor Company
B. Florida State University
C. Children's Hospital
D. H & R Block Tax Consulting
2. Which of the statements about demography is most accurate? Demographic studies:
A. focus on factors that have great political relevance, but little relevance to business firms.
B. suggest that the number of two-income families will decline in the future.
C. provide business and individuals with insights into business and career opportunities of the future.
D. ...view middle of the document...
C. developing policies to reduce corruption between individuals.
D. allowing public ownership of businesses.
7. When businesses sell to other businesses over the Internet, these transactions are known as:
A. B2C transactions.
B. e-wholesale transactions.
C. B2B transactions.
D. intermediate e-commerce transactions.
8. Which of the following is an advantage of utilizing technology?
A. Technology increases the cost of production.
B. Technology reduces the need for a marketing plan.
C. Productivity increases.
D. Management becomes isolated from the demands of stakeholders.
9. All around the world, countries are trying to create more wealth by:
A. raising taxes.
B. selling government-owned businesses to private individuals.
C. restricting trade with other countries in order to protect local businesses.
D. attempting to attain more gold through foreign trade.
10. ___________ means producing items with the least amount of resources.
11. In the nation of Equalia, many businesses are privately owned, but the government owns some of the basic businesses and has developed many social programs designed to promote social equality. The economy of Equalia would be considered an example of:
A. pure capitalism.
12. __________ unemployment refers to those people who have quite work because they didn't like the job, the boss, or the working conditions and who haven't yet found a new job.
13. One benefit of the rights and freedoms of capitalism is that:
A. people feel safe and don't take any risks in business.
B. people are willing to take more risks than they would otherwise.
C. people don't have to choose where they will work.
D. the prices of needed products are always very low.
14. __________ unemployment refers to unemployment caused by the restructuring of firms or by a mismatch between the skills of job seekers and the requirements of available jobs.
15. Which of the following statements provides the most accurate comparison of socialism and communism?
A. Under socialism the government owns most businesses, while under communism the church owns most businesses.
B. Both socialism and communism want to achieve a more equal distribution of income and wealth, but under communism the government takes more control over people's lives.
C. Socialism strives for an equal distribution of income but communism wants income to go primarily to those who own and operate private businesses.
D. Communism believes that the government should always strive to balance its budget, while socialism accepts deficit spending as the price of achieving true equality.
16. A collapse in the national banking system of Lasia has resulted in a condition where prices are...