Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

According to global experts,India is the fastest-growing economy in the world.

Accepted Answer

A) True 
 B)False

Question 3

Mandy Bush decides to start a residential landscaping business.How would this business most likely be classified?

Accepted Answer

A)   Manufacturing business
B)   Marketing intermediary
C)   Service business
D)   Corporation
E)   Nonprofit organizationF) C) and D)
G) None of the above

Question 4

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

Accepted Answer

A) True 
 B)False

Question 5

What do you consider the most important challenges that American business faces today?

Accepted Answer

Student answers will vary.The need to cr...

Question 6

Productivity is the total output per worker per year.

Accepted Answer

A) True 
 B)False

Question 7

According to economists,natural resources,labor,capital,and entrepreneurship are called

Accepted Answer

A)   free resources.
B)   competitive resources.
C)   factory resources.
D)   factors of manufacturing.
E)   factors of production.F) A) and B)
G) None of the above

Question 8

In a monopolistic competition setting,how can a manufacturer differentiate a product?

Accepted Answer

Sellers attempt to differentiate their p...

Question 9

As a farmer,Charles Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

Accepted Answer

A)   It is determined by Charles because he has the product that many people want.
B)   The price is determined by combining the actions of all buyers and all sellers together.
C)   The price he will receive is primarily determined by the buyer at the local grain bin.
D)   The government sets the price of the corn to level the playing field for everyone.
E)   The price will be approximately 25 percent higher than what other farmers are selling the same corn for because Charles is an astute businessperson.F) A) and E)
G) A) and D)

Question 10

Which of the following industries would most likely have the characteristics of an oligopoly?

Accepted Answer

A)   Clothing
B)   Restaurants
C)   Automobiles
D)   Cameras
E)   Make-upF) B) and C)
G) D) and E)

Question 11

Because e-businesses use the Internet,there is no need to meet the needs of their customers.

Accepted Answer

A) True 
 B)False

Exam 1: Exploring the World of Business and Economics

In a monopolistic competition setting,how can a manufacturer differentiate a product?

Correct Answer
verified
Sellers attempt to differentiate their p...
View Answer

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

Correct Answer
verified

Which of the following industries would most likely have the characteristics of an oligopoly?

Correct Answer
verified

According to global experts,India is the fastest-growing economy in the world.

Correct Answer
verified

Productivity is the total output per worker per year.

Correct Answer
verified

According to economists,natural resources,labor,capital,and entrepreneurship are called

Correct Answer
verified

What do you consider the most important challenges that American business faces today?

Correct Answer
verified
Student answers will vary.The need to cr...
View Answer

Because e-businesses use the Internet,there is no need to meet the needs of their customers.

Correct Answer
verified

As a farmer,Charles Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

Correct Answer
verified

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

Correct Answer
verified

Mandy Bush decides to start a residential landscaping business.How would this business most likely be classified?

Correct Answer
verified

Exam 1: Exploring the World of Business and Economics

In a monopolistic competition setting,how can a manufacturer differentiate a product?

Correct AnswerverifiedSellers attempt to differentiate their p...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following industries would most likely have the characteristics of an oligopoly?

Correct AnswerverifiedShow Answer

According to global experts,India is the fastest-growing economy in the world.

Correct AnswerverifiedShow Answer

Productivity is the total output per worker per year.

Correct AnswerverifiedShow Answer

According to economists,natural resources,labor,capital,and entrepreneurship are called

Correct AnswerverifiedShow Answer

What do you consider the most important challenges that American business faces today?

Correct AnswerverifiedStudent answers will vary.The need to cr...View AnswerShow Answer

Because e-businesses use the Internet,there is no need to meet the needs of their customers.

Correct AnswerverifiedShow Answer

As a farmer,Charles Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

Correct AnswerverifiedShow Answer

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

Correct AnswerverifiedShow Answer

Mandy Bush decides to start a residential landscaping business.How would this business most likely be classified?

Correct AnswerverifiedShow Answer

Correct Answer
verified
Sellers attempt to differentiate their p...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Student answers will vary.The need to cr...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified