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Exam 1: Introduction to Business

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Question 81

Multiple Choice

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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

A) specialisation.
B) division of service.
C) the factory system.
D) the domestic system.
E) the barter system.

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

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Question 82

True/False

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During the peak or prosperity stage of a nation's business cycle, businesses are reluctant to offer new products and services.

A) True
B) False

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Question 83

Multiple Choice

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Olan Okowo recently moved to the city with many hopes and dreams.However, he realises that economic freedom includes all of the following except the right to

France, a socialist economy, does not have which of the following goals?

____ is the process of developing and promoting the differences between one's products and other similar products.

Consumer goods make up about one-third of our nation's gross national product.

____ resources include the funds needed to pay wages, purchase raw materials, and operate a business.

During the 1930s, government became deeply involved in business for the first time.

Best Buy stores would most likely be classified as

The terms real gross domestic product and gross domestic product can be used interchangeably.

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.Hailey noticed that when sales were up, the economy was in a

Generally there are three types of businesses-manufacturing businesses, service businesses, and marketing intermediaries.

All of the following are characteristics of communist countries such as Cuba except

Fewer workers producing more goods and services can lead to higher overall employment rates.

In a socialist economy, the key industries are owned and controlled by the government.

Microeconomics is the study of

In Adam Smith's view, which of the following is not the role of government in business?

A factory system of manufacturing involves the separation of a manufacturing process into separate tasks and the assignment of different tasks to different employees.

People buy goods and services simply to own them.

In our free-enterprise system, federal and state governments decide what products and services to provide.