Question 1 .1 out of 1 points
When a firm's expenses are greater than its sales revenue, the firm has a Answer
Selected Answer: a. loss.
. Question 2 .1 out of 1 points
Examples of command economies include
Selected Answer: e. socialism and communism.
. Question 3 .1 out of 1 points
According to economists, natural resources, labor, capital, and entrepreneurship are called Answer
Selected Answer: c. factors of production.
. Question 4 .1 out of 1 points
As Rachel Smith and her friends prepare to graduate from college, they are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago. Based on this information, which stage of the business cycle would the economy be in? Answer
Selected Answer: b. Peak
. Question 5 .1 out of 1 points
For firms like Target and Walmart, competition
Selected Answer: d. is a rivalry among businesses for sales to potential customers.
. Question 6 .1 out of 1 points
Matt Newell, a former Air Force pilot, decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains. He obtains a loan and purchases the necessary land, facilities, advertising, and five helicopters for his business. What important factor of production has he overlooked in creating his business? Answer
Selected Answer: b. Labor
. Question 7 .1 out of 1 points
The economic term used to describe the government's influence on savings and changing the levels of government spending is Answer
Selected Answer: c. fiscal policy.
. Question 8 .1 out of 1 points
The total dollar value of all goods and services produced by all people within the boundaries of a country is called Answer
Selected Answer: c. gross domestic product.
. Question 9 .1 out of 1 points
Productivity can best be described as
Selected Answer: a. the average level of output per worker per hour.
. Question 10 .0 out of 1 points
The Hamel family owns and operates an interior decorating business. Greg installs hardwood floors and chair rails; Stephanie reupholsters furniture and takes care of the finances; Ryan designs and makes draperies and pillows; and Allison coordinates the overall color, look, and design. The process the Hamel family uses to run its business is Answer
Selected Answer: d. division of service.
. Question 11 .1 out of 1 points
The ultimate objective of every firm, such as IBM, Hewlett-Packard, JC Penney, and Cengage Learning, must be to Answer
Selected Answer: b. satisfy the needs of its customers.
. Question 12 .0 out of 1 points
The consumer price index (CPI)
Selected Answer: a. is a quarterly index that producers receive for their finished goods.
. Question 13 .0 out of 1 points
Tim Garner owns and operates his own small automobile repair shop. However, the prices he can charge are fixed, and he rents his land and building from the government. Most of his friends work for industries owned by the government. Tim's country is most likely a(n) ____ economy. Answer
Selected Answer: e. capitalist
. Question 14 .1 out of 1 points
At the end of the year, an individual, small business owner has made $65,000 in profit. Who does that profit belong to? Answer
Selected Answer: c. The owner of the business
. Question 15 .1 out of 1 points
Jonathan worked for Satellite Communications for twenty years. In the time that he worked there, he learned a lot about the company and how it operated. The company met its sales and revenue goals every year. However, most of the employees had similar educational and cultural backgrounds. He believed that the company could do much better if it cultivated an environment that promoted many different ideas. Additionally,...
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