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25)Whi chenvi r
onmenti sNOTani mportantdi
mensionofabusi nessorganizat
ion'
s
externalenvi ronment ?
A)thepol i
tical-l
egalenvi ronment
B)thesoci ocultur alenvi ronment
C)thet echnol ogi calenvi ronment
D)thecor poratecul t
ur alenvi ronment
E)thegl obalbusi nessenvi ronment
Answer :D
Explanat i
on:D)Theext ernalenvironmentconsist
sofeverythi
ngout si
dean
organizat i
on'sboundar iest hatmightaf
fectit
.Thecor por
atecultur
alenvir
onmenti s
int
ernalt ot heor gani zation.PageRef :6-7
Diff
iculty:Easy
Objective:1. 2
LearningOut come:Compar eandcontr
astdiff
erenteconomic
systemsSki ll:Concept
26)Whatter
m denot esanat
ion'
sbasisforall
ocatingit
sresour
cesamongit
scit
izens?
A)capit
alst
ructur e
B)economicsyst em
C)ownershi
ppr ocesses
D)dist
ri
buti
onnet work
E)nati
onalregulations
Answer:B
Expl
anati
on:B)Aneconomi csystem i
sanat ion'
ssystem f
orall
ocat
ingi
tsr
esources
amongitsci
tizens,bot hi
ndi
vidual
sandor ganizat
ions.
PageRef:7
27)Whati
stheprocessf
orconver
ti
nggover
nmentent
erpr
isesi
ntoi
ndi
vidual
ly
ownedfi
rmsknownas?
A
)pr
oduct
ional
locat
ion
B)pr i
vat i
zati
on
C)ent repreneurshi
p
D)demandassessment E)profi
tmaxi mizat
ion
Answer :B
Explanat i
on:B)Pr i
vati
zati
oni stheprocessofconverti
nggovernmententer
pri
ses
int
opr ivatel
yownedcompani es,whichwi l
lthenhavetheri
ghttorunsucha
businessf orprofi
t.PageRef:10
Dif
ficulty:Easy
Objective:1.3
LearningOut come:Compar eandcont r
astdiffer
enteconomic
systemsSki l
l:Concept
28)Whati sthepointatwhichthesupplycur veandthedemandcur veint
ersecton
agraph?A)equi li
bri
um price
B)deci sionpoint
C)sur pluspr i
ce
D)per fectprice
E)par it
ypoi nt
Answer :A
Explanat i
on:A)Theequi li
bri
um pr i
ceisdeterminedbytheshapeoft hesupplycurve
andt hedemandcur vewhenpl ott
edbyamountavai l
abl
eandprice.Theequili
brium
pri
cei ssetatt hepointatwhichthesupplycur veandthedemandcur veint
ersect.
PageRef :12
Dif
ficulty:Easy
Objective:1. 4
LearningOut come:Di scussstrat
egiesforsetti
ngandadjust
ing
pri
cesSki l
l:Concept
,29)Whati sthepriceatwhi chthequantit
yofgoodsdemandedandthe
quantityofgoodssuppl iedar eequal?A)thegoingrat
e
B)themar ginrate
C)themar ketprice
D)theopt i
mum pr ice
E)thecostpr i
ce
Answer :C
Explanat i
on:C)Themar ketpr i
ceissetbyt hedemandandsupplyf
oragivengood.I
t
isdefinedast hepr i
ceatwhi chthequant i
tyofgoodsdemandedandthequanti
tyof
goodssuppl i
edar eequal .PageRef :12
Dif
ficulty:Easy
Objective:1.4
LearningOut come:Di scussst r
ategiesf
orsetti
ngandadjust
ing
pri
cesSki l
l:Concept
30)Whatoccur swhent hequanti
tydemandedexceedsthequanti
tysuppl
ied?
A)demanddef i
cit
B)sur plus
C)equi li
brium poi
nt
D)shor tage
E)suppl yschedule
Answer :D
Explanat i
on:D)Whendemandexceedssuppl y,t
herewil
lnotbeenoughgoods
avail
abl etomeett hedemandf ort
hem.Thisisknownasashor t
age.
PageRef :12
Dif
ficulty:Easy
Objective:1.4
LearningOut come:Compar eandcontrastdi
ffer
enteconomic
systemsSki l
l:Concept
31)Whi chofthefol
lowi
ngdoesNOTr
epr
esentadegr
eeofcompet
it
ioni
napr
ivat
e
enter
prisesystem?
A)oli
gopol y
B)sociali
sm
C)monopol y
D)perfectcompetit
ion
E)monopol ist
iccompeti
ti
on
, Answer :B
Explanat i
on:B)Compet it
ioni
stheeconomi ccondi
tioninwhi
chtherear
ecert
ain
demandst hatcanbemetbymor ethanonebusiness,sobusi
nessesint
hesame
industrycompet eforthesameresourcesorcustomers.
PageRef :14
Diff
iculty:Easy
Objective:1.4
LearningOut come:Compar eandcontrastdif
fer
enteconomic
systemsSki ll:Concept
32)Whi chofthefoll
owi
ngexi stswhenani ndustryormar kethasonlyoneproducer
?
A)compet it
ion
B)ol i
gopol y
C)monopol y
D)communi sm
E)soci ali
sm
Answer :C
Explanat i
on:C)Amonopol yisamar ketorindustryinwhichthereisonlyone
producert hatsuppli
esacertainproduct.Monopol i
esintheUni t
edStateseconomy
areeitherdiscouragedorregulatedsothatpricesarenott oohigh.
PageRef :16
Diff
iculty:Easy
Objective:1. 4
LearningOut come:Compar eandcont rastdif
ferenteconomi c
systemsSki l
l:Concept
33)Whi cht ermr efer
stot hepatt
ernofshor
t-t
erm upsanddownsinaneconomy?
A)aggr egat eoutput
B)busi nesscycl e
C)st andardofl i
ving
D)bal anceofpayment s
E)demandandsuppl yschedule
Answer :B
Expl
anat i
on:B)Thebusi nesscyclei
stheshor
t-t
erm patt
ernofeconomi
cexpansi
ons
andcont r
actions.
PageRef :17
Dif
ficulty:Easy
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