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Mgmt 1 HW1

(T/F) Businesses seek to earn a profit by providing goods and services to others.
(T/F) Profits of a business include the salaries paid to its employees.
(T/F) Health care availability, a clean environment, and good schools all contribute to a high quality of life.
(T/F) The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.
(T/F) A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.
(T/F) Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.
(T/F) To remain competitive in today’s market, firms must produce a quality product and offer outstanding service at a reasonable price.
An activity which seeks to earn a profit by providing a good or service is known as a(n):
__________ is the amount a business earns after deducting what it spends for salaries and other expenses.
A(n) ____________ is a person who assumes the risk of starting a business.
private investor
Public schools, charities and government agencies generally __________.
are incorporated
do not seek to earn a profit
provide goods rather than services
do not have any stakeholders
do not seek to earn a profit
The resources that contribute to the creation of wealth are known as _______.
production coefficients
factors of production
production technologies
production aggregates
factors of production
Taxes and government regulations are part of the ________________ environment of business.
economic and legal
economic and legal
Employers provide tools and technology for their employees in order to:
increase the cost of production and profitability.
improve their efficiency and productivity.
reduce corruption in business and eliminate scandals.
encourage the private ownership of businesses.
improve their efficiency and productivity
Businesses that produce and sell tangible products such as steel and machines are part of the:
manufacturing industry.
knowledge-based industry.
service industry.
production sector.
manufacturing industry
(T/F) Economists study how people use resources to produce and distribute goods and services for consumption among competing groups and individuals.
(T/F) Macroeconomics is the economic perspective that looks at the operation of a nation’s economy as a whole.
(T/F) According to Adam Smith, the “invisible hand” refers to the government’s effort to always keep a check on the wealth creation of individuals, so that no one business would control a market for a particular good or service.
(T/F) Thomas Malthus believed that people in most countries would never be able to achieve high standards of living unless the problems of overpopulation were addressed.
(T/F) Under the basic principle of supply, as the price goes down, manufacturers and suppliers of a product tend to supply less of the product to the market.
(T/F) Socialists believe that the primary economic function of the government is to promote rapid economic growth.
(T/F) Most countries throughout the world can be classified as either purely capitalist or purely socialist.
(T/F) One of the major ways the Fed influences economic conditions is through its control of interest rates.
______ is considered by some to be the father of modern economics.
John Maynard Keynes
Adam Smith
Thomas Carlyle
Thomas Malthus
Adam Smith
________ is the name of a free-market economic system in which most of the factors of production and distribution – such as land, factories, railroads, and stores – are owned by individuals.
A major benefit of socialism is the:
Ability to stimulate rapid economic growth.
Ability to keep taxes low.
Emphasis on social equality.
Emphasis on private enterprise instead of public ownership.
emphasis on social equality
Today, the economic systems of most nations could most accurately be classified as:
Pure capitalism.
Pure socialism.
Command economies.
Mixed economies.
mixed economies
The total value of final goods and services produced within a nation’s borders in a given year is known as that nation’s:
aggregate production quota
aggregate domestic output
index of aggregate economic output
gross domestic product
gross domestic product
Recently the U.S. national debt was over:
$14 trillion.
$25 trillion.
$560 billion.
$380 billion.
$14 trillion
During the recent economic crisis, Presidents George W. Bush and Barack Obama increased government spending by $2 trillion, in order to revive the ailing economy. Their strategy followed the economic theory known as:

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