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MIE 201 Exam 1/119 Q’s and A’s/A+ Scores
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MIE 201 Exam 1/119 Q’s and A’s/A+ Scores
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MIE 201 Exam 1/119 Q’s and A’s/A+Scores
The definition of a business is ______. - -an organization that seeks to provide
goods and services to others while operating at a profit
-The difference between what it costs to make and sell a product and what a
customer pays for it is known as ______. - -profit
-What are the four functions of management? - -planning, organizing,
leading, controlling
-Studying business does NOT offer any benefits for those who decide to work
for a government agency or a nonprofit organization. - -false
-The study of how resources are distributed for the production of goods and
services within a social system is called - -economics
-Country A had been in economic turmoil for several years, but today people
are spending more money which stimulates the production of goods and
services. This has resulted in more people being employed. It can be said
that Country A is now experiencing _____. - -economic expansion
-How a particular society distributes its resources to produce goods and
services describes a(n)_________ system. - -economic
-In a free-enterprise system, a business succeeds or fails based on ______. -
-market demand
-What kind of economy was host to self-sufficient colonists who produced
everything that they needed at home? - -agricultural
-Mark, the marketing manager of a large U.S. corporation, realizes that
Afghanistan has virtually no supply of tomatoes. He conducts a study to see
what quantity of tomatoes Afghan customers would be willing and able to
buy at different prices. Mark is analyzing Afghanistan's ______. - -demand for
tomatoes
-The rivalry among businesses for consumers' dollars is referred to as _____.
- -competition
-The United States is a mixed economy with a foundation based on ______. -
-Capitalism
, -What is a characteristic of open economies? - -Open economies engage in
international trade.
-Today, the biggest thing driving the changing environment of business is
marketing. - -false
-Brad thinks the worst part about sledding is having to continually walk back
up the slope each time you sled downhill. He has invested his own time and
money to create a new motorized sled that allows people to "ride" up the hill
instead of having to walk back up. In this example, Brad would be considered
a(n) ______. - -entrepreneur
-What term best describes the American economic system ? - -modified
capitalism
-Which situation demonstrates a balanced ethical business model? - -A
company that obeys the law, and invests in the local communities.
-Your text notes that to be successful in business, you need which four
attributes? - -experience, good judgement, knowledge, skills
-_____ occurs when an economy is growing and people are spending more
money. Their purchases stimulate the production of goods and services,
which in turn stimulates employment. - -economic expansion
-What kind of economy was host to self-sufficient colonists who produced
everything that they needed at home? - -Agricultural
-A(n) ______ is defined as trying to earn a profit by providing goods and
services that satisfy people's needs and wants. - -business
-A better understanding of the many activities that are necessary to provide
goods and services that people want comes from ______. - -studying
business
-The definition of economics includes ______. - -the study of how resources
are distributed for the production of goods and services
-A description of how a particular society distributes its resources to produce
goods and services is the definition of ______. - -an economic system
-In a free-enterprise system, _____ dictates whether or not a business will
succeed or fail. - -market demand
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