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Business Management chp. 1 practice

In a socialist system, citizens are dependent on ______ for many goods and services.
the government
T/F? A product’s equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition.
true
In the history of the American economy, the period or stage following the Industrial Revolution was known for its emphasis on ______.
manufacturing
When there is only one business providing a product in a given market, there exists a ______.
monopoly
A continuing rise in prices over a period of time refers to _____.
inflation
Factors of production are ________
resources used to produce goods and services
Countries measure the state of their economies to _______.
determine whether they are expanding or contracting
Agricultural commodities are usually sold under which competitive environment?
pure competition
The goal of business is to earn ______.
profits
A budget surplus, when a nation spends less than it takes in from taxes, is the opposite of a _______.
budget deficit
What’s not a product?
A business profit
Financial resources are also known as _____.
capital
The entrepreneur has been primarily associated with willingness to ____.
take risks
T/F? In a free-market system, the government regulates business.
False
_________ competition exists when there are many small businesses selling one standardized product.
Pure competition
When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably _______.
monopolistic competition
The function concerned with obtaining and managing money and using it effectively is called _______.
finance
Equal distribution of income and social services is also referred to as _______.
egalitarianism
The group of people to whom the management activity most applies is ________.
employees
The American economic system is best described as _________ because the government regulates business to preserve competition and protect consumers and employees.
modified capitalism
In a socialist economic system, people are free to choose an occupation of their choice, but many people work in ______ jobs.
government
When Target has a sale on bed linens, ________.
consumers will demand more linens
T/F? The focus of all marketing activities is customer satisfaction.
True
Economic contraction occurs when _________.
spending declines
T/F? Managers coordinate resources to achieve the firm’s goals.
True
T/F? Businesses have the right to keep and use their profits as they choose, without limitations.
False
What is the primary lesson to be learned from the economic scandals of the early 21st century?
Ethical conduct and corporate social responsibility are very important.
T/F? A severe recession may turn into a depression.
True
Customers, employees, and investors are examples of _______.
stakeholders
. If a business is to be successful in the long run, it must produce quality products, operate efficiently, and be ______.
socially responsible
________ is often called the father of capitalism
Adam Smith
______ have both tangible and intangible characteristics.
Products
T/F? Owners always manage their businesses.
False
When a business fails or does not make a profit, ______ have the most to lose.
owners
_______ have the most to lose if the business fails to make a profit.
Owners
T/F? Nonprofit organizations such as Habitat for Humanity do not engage in management, marketing, or finance activities.
False
When Apple introduced the iPad, the price of and demand for netbook and notebook computers were high. As a result, ________.
other suppliers introduced competing products to take advantage of the demand
In a capitalist system, individuals own and operate ______.
the majority of businesses
T/F? Monopolistic competition exists when there is only one producer of a product in a given market.
False
T/F? Free-market capitalism and laissez-faire capitalism are essentially the same thing.
True
T/F? Thomas Edison was an American entrepreneur.
True
Advertising, personal selling, coupons, and sweepstakes are forms of _____.
promotion
T/F? Most socialist nations are democratic.
True
Increased unemployment can reduce consumer demand for goods and services, leading to _____.
deflation
T/F? Profit is what it costs to make and sell a product.
False
Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?
The equilibrium price is where the supply and demand curves intersect.
T/F? Gross domestic product is the sum of all goods and services produced in a country during a year.
True
T/F? An oligopoly exists when there are many small businesses selling one standardized product.
False
All the following are factors of production used to make goods and services:
natural resources, financial resources, human resources, and capital.
T/F? When a nation takes more from taxes than it spends, it has a budget deficit.
False

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