Final Exam Chapter 1 The U.S. Business Environment (Ch 01-16)
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Course
Final Exam
Institution
Final Exam
Book
The Business Environment
Final Exam (Ch 01-16)
Chapter 1 The U.S. Business Environment
Chapter 2 Business Ethics and Social Responsibility
Chapter 3 Entrepreneurship, New Ventures, and Business Ownership
Chapter 4 The Global Context of Business
Chapter 5 Business Management
Chapter 7 Operations Management and Quality...
chapter 1 the us business environment chapter 2 business ethics and social responsibility chapter 3 entrepreneurship
and business ownership cha
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Chapter 1 The U.S. Business Environment
Chapter 2 Business Ethics and Social Responsibility
Chapter 3 Entrepreneurship, New Ventures, and Business Ownership
Chapter 4 The Global Context of Business
Chapter 5 Business Management
Chapter 7 Operations Management and Quality
Chapter 8 Employee Behavior and Motivation
Chapter 9 Leadership and Decision Making
Chapter 10 Human Resource Management and Labor
Chapter 11 Marketing Processes and Consumer Behavior
Chapter 12 Pricing, Distributing, and Promoting Products
Chapter 14 The Role of Accountants and Accounting Information
Chapter 16 Managing Finances
Chapter 1 The U.S. Business Environment
25) Which environment is NOT an important dimension of a business organization's external
environment?
A) the political-legal environment
B) the sociocultural environment
C) the technological environment
D) the corporate cultural environment
E) the global business environment
Answer: D
Explanation: D) The external environment consists of everything outside an organization's
boundaries that might affect it. The corporate cultural environment is internal to the organization.
Page Ref: 6-7
Difficulty: Easy
Objective: 1.2
Learning Outcome: Compare and contrast different economic systems
Skill: Concept
26) What term denotes a nation's basis for allocating its resources among its citizens?
A) capital structure
B) economic system
C) ownership processes
D) distribution network
E) national regulations
Answer: B
Explanation: B) An economic system is a nation's system for allocating its resources among its
citizens, both individuals and organizations.
Page Ref: 7
Difficulty: Easy
,Objective: 1.3
Learning Outcome: Compare and contrast different economic systems
Skill: Concept
27) What is the process for converting government enterprises into individually owned firms
known as?
A) production allocation
B) privatization
C) entrepreneurship
D) demand assessment
E) profit maximization
Answer: B
Explanation: B) Privatization is the process of converting government enterprises into privately
owned companies, which will then have the right to run such a business for profit.
Page Ref: 10
Difficulty: Easy
,Objective: 1.3
Learning Outcome: Compare and contrast different economic systems
Skill: Concept
28) What is the point at which the supply curve and the demand curve intersect on a graph?
A) equilibrium price
B) decision point
C) surplus price
D) perfect price
E) parity point
Answer: A
Explanation: A) The equilibrium price is determined by the shape of the supply curve and the
demand curve when plotted by amount available and price. The equilibrium price is set at the
point at which the supply curve and the demand curve intersect.
Page Ref: 12
Difficulty: Easy
Objective: 1.4
Learning Outcome: Discuss strategies for setting and adjusting prices
Skill: Concept
29) What is the price at which the quantity of goods demanded and the quantity of goods
supplied are equal?
A) the going rate
B) the margin rate
C) the market price
D) the optimum price
E) the cost price
Answer: C
Explanation: C) The market price is set by the demand and supply for a given good. It is defined
as the price at which the quantity of goods demanded and the quantity of goods supplied are
equal.
Page Ref: 12
Difficulty: Easy
Objective: 1.4
Learning Outcome: Discuss strategies for setting and adjusting prices
Skill: Concept
30) What occurs when the quantity demanded exceeds the quantity supplied?
A) demand deficit
B) surplus
C) equilibrium point
D) shortage
E) supply schedule
Answer: D
Explanation: D) When demand exceeds supply, there will not be enough goods available to meet
the demand for them. This is known as a shortage.
Page Ref: 12
, Difficulty: Easy
Objective: 1.4
Learning Outcome: Compare and contrast different economic systems
Skill: Concept
31) Which of the following does NOT represent a degree of competition in a private enterprise
system?
A) oligopoly
B) socialism
C) monopoly
D) perfect competition
E) monopolistic competition
Answer: B
Explanation: B) Competition is the economic condition in which there are certain demands that
can be met by more than one business, so businesses in the same industry compete for the same
resources or customers.
Page Ref: 14
Difficulty: Easy
Objective: 1.4
Learning Outcome: Compare and contrast different economic systems
Skill: Concept
32) Which of the following exists when an industry or market has only one producer?
A) competition
B) oligopoly
C) monopoly
D) communism
E) socialism
Answer: C
Explanation: C) A monopoly is a market or industry in which there is only one producer that
supplies a certain product. Monopolies in the United States economy are either discouraged or
regulated so that prices are not too high.
Page Ref: 16
Difficulty: Easy
Objective: 1.4
Learning Outcome: Compare and contrast different economic systems
Skill: Concept
33) Which term refers to the pattern of short-term ups and downs in an economy?
A) aggregate output
B) business cycle
C) standard of living
D) balance of payments
E) demand and supply schedule
Answer: B
Explanation: B) The business cycle is the short-term pattern of economic expansions and
contractions.
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