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Exam 1: Understanding Economic Systems and Business

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Question 41

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Curtiss Anaya is planning to sell kites on the beach this summer to pay for next year's school expenses._____ refers to the potential that Curtiss will lose money and waste his time and end up at the end of the summer with not enough money to cover his expenses.

A) Profit
B) Risk
C) Revenue
D) Opportunity
E) Cost

F) A) and C)
G) D) and E)

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Question 42

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In terms of economic trends, the complete opposite to communism is:

A) a command economy
B) socialism
C) revolutionary enterprise
D) capitalism
E) public enterprise

F) A) and E)
G) B) and E)

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Question 43

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Which of the following is NOT an example of a good that would be sold in a department store?

Today companies are focusing on _____, which involves building, maintaining, and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships.

There are only very few national cereal manufacturers.The equipment to manufacture cereal is expensive and available shelf space in supermarkets limits the number of producers.In which market structure do cereal manufacturers operate?

The term _____ is used to describe all Americans who were born between 1981 and 1997.

When Raoul Welsh is evaluating the construction industry in terms of interest rates, employment cycles, and the rate of new home building nationwide, he is looking at microeconomics.

As a factor of production, capital includes money.

Which one characteristic most clearly defines a market structure?

The inflation rate in Algeria in 2005 was 1.9 percent.This means that Algerians in 2005:

Rudy and Ritchie Ling ran a camp this summer for children in their neighborhood.Rudy spent $135 on supplies and earned $250 before expenses.Ritchie spent $140 on supplies and made $210 before expenses.What is the combined revenue for the two brothers?

The higher the price of a good or service, the greater the quantity demanded.

The key element in socialism is:

Those people designated by demographics as _____ are defined as Americans born between about 1981 and 1997.

_____ is the amount of money remaining from a firm's sales revenue after it deducts production costs, interest costs, and taxes.

The slope of the supply curve is:

Which market structure is an ideal and does not really exist?

Office Depot has instituted the Office Depot Advantage, a program in which a customer who spends a minimum of $200 up to $299 in a three-month period can receive a $20 reward good for the purchase of additional Office Depot merchandise.Customers who spend between $300 and $499 receive a $30 reward and those who spend more than $500 quarterly receive a $50 reward.The goal of this _____ program is to encourage customers to consolidate their office product purchases at Office Depot.

Laws passed by the U.S.Congress concerning how U.S.businesses trade with Cuba would be an example of _____ factors that influence the business environment.

_____ inflation is triggered by increases in production costs which increase the costs of final goods and services.