Introduction To Business - Section 65z - Spring 2009 - Part 1

203 Questions  I  By Marcosbarrera
Introduction to Business - Section 65Z - Spring 2009 - part 1

  
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1.  ____________ is the amount a business earns over and above what it spends for salaries and other expenses.
A.
B.
C.
D.
2.  __________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
A.
B.
C.
D.
3.  A(n) ____________ is a person who assumes the risk of starting a business.
A.
B.
C.
D.
4.  Starting a business always involves a ________.
A.
B.
C.
D.
5.  Often in business the greater the risk, the:
A.
B.
C.
D.
6.  Last year, MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million. Based on this information, MacTeck:
A.
B.
C.
D.
7.  Shelley recently opened a new restaurant specializing in fast foods prepared with less fat and calories for health-conscious diners who are in a hurry. Shelley knows that there are some risks associated with opening and managing a restaurant, but she is confident that she can earn a profit. Shelley is an example of a(n):
A.
B.
C.
D.
8.  A key characteristic of entrepreneurs is that they:
A.
B.
C.
D.
9.  The standard of living for a nation's people depends mainly on:
A.
B.
C.
D.
10.  In the past twenty years, the number of U.S. women business owners:
A.
B.
C.
D.
11.  Which of the following statements about factors of production is the most accurate?
A.
B.
C.
D.
12.  Nadine has started up a new printing business. The printers, computers, and copying machines she has leased are examples of:
A.
B.
C.
D.
13.  A country's ___________ refers their general well-being and satisfaction derived from a variety of factors including personal freedom, safety, education, and a clean environment.
A.
B.
C.
D.
14.  The knowledge and skills students acquire in business courses will be useful to them:
A.
B.
C.
D.
15.  Which of the following is a factor of production?
A.
B.
C.
D.
16.  According to the Spotlight on Small Business box for Chapter 1, which of the following statements about starting small businesses in the United States is most accurate?
A.
B.
C.
D.
17.  The most important difference between businesses and nonprofit organizations is that:
A.
B.
C.
D.
18.  The number of businesses owned by Hispanics and Asians has:
A.
B.
C.
D.
19.  In countries where businesses are government owned:
A.
B.
C.
D.
20.  A review of the decision making process as to where to locate a new business venture suggests that:
A.
B.
C.
D.
21.  According to Bloomberg Personal Finance magazine, one of the greatest threats to the U.S. economy is:
A.
B.
C.
D.
22.  ___________ means producing items with the least amount of resources.
A.
B.
C.
D.
23.  All of the following policies would tend to foster entrepreneurship except:
A.
B.
C.
D.
24.  The Internet and the emergence of an information based economy are important parts of the ___________ environment in which businesses operate
A.
B.
C.
D.
25.  Employers provide tools and technology for their employees in order to:
A.
B.
C.
D.
26.  All around the world, countries are trying to create more wealth by:
A.
B.
C.
D.
27.  High tax rates tend to:
A.
B.
C.
D.
28.  All of the following can increase labor's productivity except:
A.
B.
C.
D.
29.  Taxes and government regulations are part of the ________________ environment of business.
A.
B.
C.
D.
30.  Jill is looking into the possibility of opening up a day care center in her community, because she is aware of many two-income families that need a place for their children to stay while the parents work. However, she is concerned about the long-term prospects for such a business. Jill believes the future of her center will depend on whether birth rates and the number of two-income families remain high. These concerns illustrate how businesses can be affected by:
A.
B.
C.
D.
31.  The statistical study of human population to learn its size, density, and characteristics is called:
A.
B.
C.
D.
32.  Which of the following statements about e-commerce is most accurate?
A.
B.
C.
D.
33.  One result of the use of self-managed cross-functional teams has been:
A.
B.
C.
D.
34.  An electronic storage file where firms keep customer information is known as a(n):
A.
B.
C.
D.
35.  Population studies indicate that by the year 2050 ________ will be a slim majority of the U.S. population.
A.
B.
C.
D.
36.  Companies that sell goods to consumers over the Internet are engaging in:
A.
B.
C.
D.
37.  To be effective, empowerment will require lower-level workers to :
A.
B.
C.
D.
38.  Successful businesses are keenly focused on their:
A.
B.
C.
D.
39.  Empowerment requires that managers focus more on __________________ lower-level employees.
A.
B.
C.
D.
40.  The series of lines on a product packaging that the cashier scans when you check out at a grocery store or discount store is called a:
A.
B.
C.
D.
41.  Mark recently graduated with honors from his college. He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future. In evaluating the workplace of the future, Mark is:
A.
B.
C.
D.
42.  The book Generations at Work suggests that ________ are perceived by others as slackers, whiners, and rude
A.
B.
C.
D.
43.  Those individuals born in the U.S. between 1946 and 1964 are referred to as:
A.
B.
C.
D.
44.  Cooperation among firms from different nations is:
A.
B.
C.
D.
45.  Which of the following best describes recent job growth in the service sector?
A.
B.
C.
D.
46.  Currently, the richest group in the United States consists of people between the ages of:
A.
B.
C.
D.
47.  In the current global environment, high quality products are produced:
A.
B.
C.
D.
48.  People born in the U.S. between 1965 and 1980 are referred to as:
A.
B.
C.
D.
49.  Tangible products such as computers, food, and cars are examples of:
A.
B.
C.
D.
50.  The book Generations at Work suggests that ________ are perceived by others as self-righteous workaholics
A.
B.
C.
D.
51.  The events of 9-11's terrorist attack initially caused:
A.
B.
C.
D.
52.  The high cost of housing and the desire to “have it all” have contributed to a dramatic growth in:
A.
B.
C.
D.
53.  Mostly Mirrors, Inc. is considering a program that would allow some of its workers to telecommute. One group of workers who would probably benefit from telecommuting is:
A.
B.
C.
D.
54.  By 1990, Todd McFarlane was the highest paid _____________ in America.
A.
B.
C.
D.
E.
55.  What set of laws is the success of the McFarlane Companies especially dependent on?  
A.
B.
C.
D.
E.
56.  How much did The McFarlane Companies pay for Mark McGuire's record 70th homerun ball?  
A.
B.
C.
D.
E.
57.  What career did Todd McFarlane of the McFarlane Companies have his heart set on when he was a teenager?
A.
B.
C.
D.
E.
58.  In the video "Toying with Success: The McFarlane Companies," Todd McFarlane held up a toy basketball his company makes. The toy was a realistic brown color and had painted black seams. Mr. McFarlane estimated that this basketball costs him _____ cents per unit to make. He also estimated that if he were to make it instead in a less realistic orange color without painted seams, it would cost him _____ cents per unit to make.
A.
B.
C.
D.
E.
59.  Mr. Lilly's theory of the causes of differential wealth among nations includes elimination of corruption as a subfactor within institutional capital.
A.
B.
60.  Mr. Lilly's theory of the causes of differential wealth among nations includes social capital as a factor
A.
B.
61.  According to Mr. Lilly, eBay creates wealth or value out of thin air.
A.
B.
62.  Mr. Lilly's theory of the causes of differential wealth among nations includes effective enforcement of private contracts as a subfactor within institutional capital.
A.
B.
63.  According to Mr. Lilly, Businesses bring wealth into existence in our universe that wasn't there before. They create wealth "out of thin air."
A.
B.
64.  Mr. Lilly's theory of the causes of differential wealth among nations includes keeping taxes and business regulations to a minimum as a subfactor within institutional capital.  
A.
B.
65.  Mr. Lilly's theory of the causes of differential wealth among nations includes labor as a factor
A.
B.
66.  Mr. Lilly's theory of the causes of differential wealth among nations includes knowledge as a factor.  
A.
B.
67.  Mr. Lilly's theory of the causes of differential wealth among nations includes entrpreneurship as a factor.
A.
B.
68.  Businesses keep 100% of the value they create
A.
B.
69.  Mr. Lilly says the stakeholder view of the corporation presented in the textbook, as summarized in its statement that "The challenge of the 21st century will be for organizations to balance, as much as possible, the needs of all stakeholders" (emphasis added) is a bit controversial
A.
B.
70.  Mr. Lilly's theory of the causes of differential wealth among nations includes the right to own private property as a subfactor within institutional capital.
A.
B.
71.  Mr. Lilly's theory of the causes of differential wealth among nations includes physical capital as a factor
A.
B.
72.  Mr. Lilly's theory of the causes of differential wealth among nations includes land as a factor.
A.
B.
73.  Mr. Lilly's theory of the causes of differential wealth among nations includes institutional capital as a factor
A.
B.
74.  Mr. Lilly defines government corruption as government officials taking money in exchange for  
A.
B.
C.
D.
E.
75.  In Mr. Lilly's opinion, businesses have  
A.
B.
C.
D.
76.  Mr. Lilly would prefer to see the expression ___________________________ substituted for #4 Tradable currency in the 5-item list in the upper left quadrant of Figure 1.3 of your book labeled "The Economic and Legal Environment."
A.
B.
C.
D.
77.  According to Mr. Lilly, under reasonable assumptions, about half the value created by businesess shows up as ______________, and the other half shows up as taxes or consumer surplus
A.
B.
C.
D.
78.  Saudi Arabia has the 45th highest standard of living in the world out of 194 nations. Mr. Lilly thinks this is primarily because they have a lot of the factor of production called  
A.
B.
C.
D.
E.
79.  In the lecture, Mr. Lilly presented a definition of "business" that was identical to the one contained in your textbook, except that he substituted the expression ____________________ for the word activity
A.
B.
C.
D.
80.  Mr. Lilly says "Show me a business that _____________________, and I will show you a business that creates wealth or value out of thin air
A.
B.
C.
D.
81.  According to Mr. Lilly, the value created by businesses is divided between
A.
B.
C.
D.
82.  Consumer surplus is the difference between the amount a consumer would have been willing to pay for a product or service and  
A.
B.
C.
D.
83.  What do high tax rates tend to do?
A.
B.
C.
D.
84.  Which of the following is the best example of a business?
A.
B.
C.
D.
85.  Contracts are  
A.
B.
C.
D.
86.  According to Mr. Lilly, businesses are constantly trying to invent new products that society will value more highly and/or find ways to produce their current products more cheaply, in order to make:
A.
B.
C.
D.
87.  A key to economic growth and development is to:
A.
B.
C.
D.
88.  According to the invisible hand concept, the best way for the government to encourage the creation of jobs and the production of the products most wanted by consumers would be to:
A.
B.
C.
D.
89.  ___________ studies the operation of a nation's economy as a whole
A.
B.
C.
D.
90.  _________ is considered by some to be the father of modern economics
A.
B.
C.
D.
91.  Which of the following would be a topic emphasized in a macroeconomics course?
A.
B.
C.
D.
92.  Adam Smith believed that countries would prosper if businesspeople were free to start and run their own businesses, because businesspeople would make a profit by providing the goods, services and ideas that others in the economy wanted. This was called the:
A.
B.
C.
D.
93.  For many years, Congressman Reggie Lader has called for more government regulation of business. "After all," the Congressman said recently, "Businesspeople are out to make a profit, not to create jobs or serve their customers. The government must pass more laws to require businesses to take the interests of consumers and workers into account." From these comments, it is clear that Congressman Lader:
A.
B.
C.
D.
94.  In the boxed material "Reaching Beyond Our Borders," Pablo Tesak increased the productivity of his workers. How did he accomplish this?
A.
B.
C.
D.
95.  Sue Flay is a gifted cook. She is about to open her own business, a restaurant in which she will be the head chef. Sue is willing to work long hours because she believes that her culinary talents and hard work will allow her business to succeed and earn her a great deal of money. Sue's efforts appear most consistent with the economic theory developed by:
A.
B.
C.
D.
96.  Which of the following would be a topic emphasized in a microeconomics class?
A.
B.
C.
D.
97.  Thomas Malthus believed that a major problem that would limit economic progress was:
A.
B.
C.
D.
98.  Economics is the study of how
A.
B.
C.
D.
99.  ____________ looks at the behavior of individual people and organizations in specific markets.
A.
B.
C.
D.
100.  The market price of apples is currently rising. In a free-market economy, the most likely explanation of this price change is that:
A.
B.
C.
D.
101.  The presence of competition in free markets:
A.
B.
C.
D.
102.  A typical demand curve shows that:
A.
B.
C.
D.
103.  The quantity of a good or service that manufacturers or owners are willing to sell at different prices during a specific time period is known as the
A.
B.
C.
D.
104.  When the supply curve and demand curve for a particular good are on a single graph, the point at which the two curves intersect identifies the:
A.
B.
C.
D.
105.  Patrick lives in a capitalist country. He owns his own home and car, as well as his own business and building. Patrick is able to maintain ownership of these items under the right to:
A.
B.
C.
D.
106.  Under capitalism:
A.
B.
C.
D.
107.  A(n) _____________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period
A.
B.
C.
D.
108.  When the market price of a good is below the equilibrium price:
A.
B.
C.
D.
109.  The freedom of people to decide where they want to work and live, and what they want to buy or sell are basic capitalist rights under:
A.
B.
C.
D.
110.  The markets for laundry detergents, soft drinks, and automobiles all are dominated by just a few sellers. Economists would classify these markets as examples of:
A.
B.
C.
D.
111.  Which of the following statements most accurately identifies a serious limitation of the free-market economic system?
A.
B.
C.
D.
112.  __________ is characterized by a large number of firms selling products that appear to be identical.
A.
B.
C.
D.
113.  ___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different
A.
B.
C.
D.
114.  One of the greatest concerns associated with capitalism is that:
A.
B.
C.
D.
115.  Under socialism:
A.
B.
C.
D.
116.  A major benefit of socialism is assumed to be its:
A.
B.
C.
D.
117.  A key assumption of socialism is that:
A.
B.
C.
D.
118.  Jorge Martinez is a hard working entrepreneur who operated a successful business in his home country of Margintina for many years. Recently, however, he immigrated to the United States and applied for U.S. citizenship. "In Margintina, tax rates were very high,” Jorge complained. "The government used the taxes I paid to finance all sorts of social programs to help the less fortunate. While this is a noble goal, it has really undermined the profit incentive of individuals such as myself. I really feel that these high taxes have stifled economic growth." Jorge's comments illustrate the reason many socialist countries are experiencing a(n):
A.
B.
C.
D.
119.  In most large cities there are a large number of bakeries. These bakeries produce similar, but not identical, products. Some bakeries claim to have the best cheesecakes in town, while others brag about their cookies or specialty breads. The bakery market in a large city is an example of:
A.
B.
C.
D.
120.  According to the material in the "Dealing With Change" box concerning the Internet in Chapter 2, the advantage of the Internet for small businesses is that it gives them the ability to:
A.
B.
C.
D.
121.  In the early 2000s, the value of the U.S. GDP was about:
A.
B.
C.
D.
122.  Communism is an economic system in which:
A.
B.
C.
D.
123.  Karl Marx believed that:
A.
B.
C.
D.
124.  The total value of final goods and services produced within a nation's borders in a given year is known as that nation's:
A.
B.
C.
D.
125.  Three of the major indicators of the economic condition of the United States are the gross domestic product (GDP), the price indices, and the:
A.
B.
C.
D.
126.  A major trend in the world today is that:
A.
B.
C.
D.
127.  Which of the following statements provides the most accurate comparison of socialism and communism?
A.
B.
C.
D.
128.  __________ is a condition in which the rate of inflation is declining.
A.
B.
C.
D.
129.  _____________ refers to a general rise in the price level of goods and services over time.
A.
B.
C.
D.
130.  Kathleen manages a manufacturing plant for ScanRite, Inc., a producer of scanners and other input devices connected to computers. About six months ago, Kathleen asked an assistant to keep track of both work hours and output at her plant. She has compared these figures, and has found that even though the number of workers (and the hours they worked) remained relatively steady over the past six months, the plant's output increased significantly. This indicates that:
A.
B.
C.
D.
131.  The measure used to report price changes at the wholesale level is the:
A.
B.
C.
D.
132.  Francine is a bright and talented woman. She recently quit her job at a major corporation because she and her boss didn't get along and she saw little chance for advancement. Francine has not yet found another job, but the economy appears healthy and lots of firms are hiring people with her qualifications. Thus, Francine is confident that she will find a job in the near future. Which of the following statements about Francine's current situation is most accurate? Francine is:
A.
B.
C.
D.
133.  Which of the following statements about productivity in the service sector of the U.S. economy is most accurate?
A.
B.
C.
D.
134.  Which of the following results would be the clearest indication that an economy was experiencing deflation?
A.
B.
C.
D.
135.  The ___________ index measures changes in the prices of about 400 goods and services such as food, housing, apparel and medical care
A.
B.
C.
D.
136.  According to the "Making Ethical Decisions" box in Chapter 2, some people suggest that the tax deductions allowed for interest charges on home mortgages and for charitable contributions should be eliminated. What is the basis for this proposal?
A.
B.
C.
D.
137.  Your local newspaper has a story in its business section that reports that government spending will again exceed tax revenues. This means that the:
A.
B.
C.
D.
138.  Senator Bud Jette is alarmed at the state of the economy. Unemployment is high and GDP is low. Senator Jette has called for Congress to take decisive action to increase its expenditures and cut taxes in order to stimulate the economy. The actions called for by Senator Jette are examples of the government's use of:
A.
B.
C.
D.
139.  A __________ is a very severe recession that is usually accompanied by a decline in the average level of prices.
A.
B.
C.
D.
140.  Recently the U.S. national debt was a little more than:
A.
B.
C.
D.
141.  In the United States, the control of the money supply is the responsibility of the:
A.
B.
C.
D.
142.  Economics is a social science
A.
B.
143.  The Internet is greatly increasing the benefits that can be derived from a market-based economy
A.
B.
144.  Mr. Lilly recommends to all of his students that they take both Economics 1 and Economics 2 while they are here at De Anza College, or their equivalents at another college.
A.
B.
145.  "From each according to his ability, and to each according to his need" summarizes one of the central tenets of
A.
B.
C.
D.
146.  When prices are free to adjust over time, the market price of a good tends to:
A.
B.
C.
D.
147.  Karl Marx predicted that the second phase of communism would involve _______________ ownership of the means of production.  
A.
B.
C.
D.
148.  In free-market economies, the distribution of wealth is left to _________________ to determine.  
A.
B.
C.
D.
149.  Almost all national economies in the world today are converging on a form of economic organization known as  
A.
B.
C.
D.
150.  Under monopoly, the price will be ________ and the quantity sold per time period will _____________ than they would have been under perfect competition.
A.
B.
C.
D.
151.  After the Bolshevik Revolution, the Soviet Union got stuck in the _________ phase of communism predicted by Marx.  
A.
B.
C.
D.
152.  A typical supply curve shows that an increase in the price of a good will cause the quantity supplied to:
A.
B.
C.
D.
153.  In a purely capitalist economy, ________ percent of the productive resources of the economy would be privately owned and managed
A.
B.
C.
D.
154.  Refer to the graph above. The quantity demanded when price is $4.00 per week is:
A.
B.
C.
D.
155.  In command economies, _______________ decide(s) how wealth should be distributed.  
A.
B.
C.
D.
156.  Refer to the graph above. At which point will you expect the stronger downward pressure on prices?
A.
B.
C.
D.
157.  Some people say that North and South Korea's fortunes since 1945 are strong evidence of the superiority of  
A.
B.
C.
D.
158.  The market for gasoline at the retail level (i.e. the market gas stations sell in) is a good example of
A.
B.
C.
D.
159.  Refer to the graph above. The figure shows the demand and supply curves for eggs and shows two equilibrium points, E1 and E2. Suppose the prevailing price of a dozen eggs is $1.25 and the demand curve is given by D1. Which of the following would result?
A.
B.
C.
D.
160.  The U.S. automobile industry is a good example of  
A.
B.
C.
D.
161.  Karl Marx predicted that the first phase of communism would involve ______________ ownership of the means of production.
A.
B.
C.
D.
162.  One of the reasons communism came into being is that capitalist countries of the 1800s tended to produce
A.
B.
C.
D.
163.  Socialism is intermediate between communism and capitalism in
A.
B.
C.
D.
164.  Adam Smith was a Scottish ______________ professor when he decided to take some time off of work to do the research which led to the publication of The Wealth of Nations
A.
B.
C.
D.
165.  The percentage change in the CPI from one year to the next tells you the rate of inflation for that year
A.
B.
166.  The level of the CPI in a given year tells you the rate of inflation for that year
A.
B.
167.  The so-called natural rate of unemployment in any given year is probably the sum of the ___________________ components of unemployment
A.
B.
C.
D.
168.  A period of deflation is a period in which
A.
B.
C.
D.
169.  Classical economists of the early 1900s believed that ____________ unemployment should never occur
A.
B.
C.
D.
170.  A period of inflation is a period in which
A.
B.
C.
D.
E.
171.  If the federal government wants to use both of its fiscal policy tools to help cool off the economy, they should  
A.
B.
C.
D.
172.  If inflation is public enemy number one, the Fed will most likely  
A.
B.
C.
D.
173.  The part of unemployment composed of workers who chose to leave their last job, plus people entering the job market for the first time, is called   (
A.
B.
C.
D.
174.