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Exam 1: Introduction to Business

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Question 41

Multiple Choice

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Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market.The market for casual clothing can best be characterised as

A) pure competition.
B) monopolistic competition.
C) an oligopoly.
D) a monopoly.
E) a natural monopoly.

F) A) and E)
G) None of the above

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Question 42

Multiple Choice

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According to economists, natural resources, labour, capital, and entrepreneurship are called

A) free resources.
B) competitive resources.
C) factory resources.
D) factors of manufacturing.
E) factors of production.

F) A) and B)
G) A) and D)

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Question 43

Multiple Choice

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The concept of sustainability focuses on which of the following?

At the end of the year, an individual, small business owner has made €65,000 in profit.Who does that profit belong to?

How the price of homes affects the number of homes built and sold would be an economic issue studied in a Macroeconomics course.

Which of the following scenarios would best exemplify Adam Smith's view of best serving the interests of society?

Monopolistic competition is a market situation in which

A furniture manufacturer like Thomasville would be concerned with the producer price index because it

A business' efforts to sustain the planet and the business' participation in ecological movements are part of a firm's

As computers gained popularity, the ____ typewriters decreased along with the price.

The four resources that a business must use to operate successfully include material resources, human resources, financial resources, and operational resources.

The organised effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs is called

When consumers spend their money to purchase Apple iPads or computers with an Intel processor, or when they discontinue buying such items as compact discs, they are telling resource owners

As the founder of a business firm, Mark Pincus can, within certain limits, produce and/or sell any product or service that he chooses and it at any price.

The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____, deemed an important management trait.

Home Inspirations Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s.When her father retires, Hailey plans on taking over the business.Hailey is aware of many things about the company that she likes, and a few things that she does not.She has particularly noted that when the economy has low unemployment and high total income, sales are great.However, any other time, sales are not so good. Currently, all of the bedding items are created in one place and everyone works on various tasks every day.Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task.She believes that if production would increase, she could sell her products at a lower price and increase revenue.She knows that most bedding products available in the market are very similar in nature and satisfy the same need.However, if she were able to lower prices, this might give her company the competitive advantage that it needs.She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery.She is also considering selling her products on the Internet.Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company. -Refer to Home Inspirations.Which of these statements is true?

Organisations that combine raw materials, machinery, and labour to produce goods are called

Consumers exchange tax money to purchase goods and services.

Public utilities are often referred to as

Because of technology and the Internet, the use of information by business managers has increased.