BA 101 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Free-Market Economies - Answers The market largely determines what goods and services are
produced, who gets them, and how the economy grows
Command Economies - Answers an economy in which production, investment, prices, and incomes
are determined centrally by a government
Assets - Answers Items (tangible or intangible) that have value (probable future economic benefits).
Macroeconomics - Answers Concentrates on the operation of a nation's economy as a whole.
Microeconomics - Answers Concentrates on the behavior of people and organizations in markets for
particular products or services.
Marketing - Answers Know your customers and determine how to best serve them
Production - Answers Build quality products at lowest possible cost
Finance - Answers Arrange for the tools and money necessary to meet the goals of the company
Administrative - Answers Determine who the company is and what it wants to accomplish
supply - Answers quantities of products manufacturers/owners are willing to sell at different prices at
specific times
demand - Answers quantity of products that people are willing to buy at different prices at a specific
time
fiscal policy - Answers government tries to keep the economy stable by increasing or decreasing taxes
or government spending
business cycle - Answers periodic rises and falls that occur in economies overtime
4 competitions within free markets - Answers Perfect, monopoly, monopolistic, oligopoly
management process - Answers Planning, organize, operate, control
stakeholders - Answers Citizens, consumers, employees, business owners
resource developpment - Answers study of how to increase resources and create conditions that will
make better use of them
invisible hand - Answers when self directed gain leads to social and economic benefits for the whole
community
capitalism - Answers all or most of the land, factories, and stores are owned by individuals, instead of
government, and operated for profit
state capitalism - Answers when the state, rather than private owners, run some of the businesses
Capitalism's 4 Rights - Answers 1. The right to own private property.
2. The right to own a business and keep all that business's profits.
3. The right to freedom of competition.
4. The right to freedom of choice.
Gross Domestic Product - Answers Total value of final goods and services produced in a country in a
given year.
inflation - Answers The general rise in the prices of goods and services over time.
deflation - Answers Prices are declining because too few dollars are chasing too many goods.
National Deficit - Answers The amount of money the federal government spends beyond what it
gathers in taxes
National Debt - Answers The sum of government deficits over time.
National surplus - Answers When government takes in more than it spends.
marketing mix - Answers product
pricing strategies
distribution (place)
promotion
secondary data - Answers Data previously collected for any purpose other than the one
at hand.
primary data - Answers Information collected for the first time.
observational research - Answers A research method that relies on three types of observation:
people watching people
people watching an activity
machines watching people
Market segmentation on the basis of: - Answers personality
motives
lifestyles
Free-Market Economies - Answers The market largely determines what goods and services are
produced, who gets them, and how the economy grows
Command Economies - Answers an economy in which production, investment, prices, and incomes
are determined centrally by a government
Assets - Answers Items (tangible or intangible) that have value (probable future economic benefits).
Macroeconomics - Answers Concentrates on the operation of a nation's economy as a whole.
Microeconomics - Answers Concentrates on the behavior of people and organizations in markets for
particular products or services.
Marketing - Answers Know your customers and determine how to best serve them
Production - Answers Build quality products at lowest possible cost
Finance - Answers Arrange for the tools and money necessary to meet the goals of the company
Administrative - Answers Determine who the company is and what it wants to accomplish
supply - Answers quantities of products manufacturers/owners are willing to sell at different prices at
specific times
demand - Answers quantity of products that people are willing to buy at different prices at a specific
time
fiscal policy - Answers government tries to keep the economy stable by increasing or decreasing taxes
or government spending
business cycle - Answers periodic rises and falls that occur in economies overtime
4 competitions within free markets - Answers Perfect, monopoly, monopolistic, oligopoly
management process - Answers Planning, organize, operate, control
stakeholders - Answers Citizens, consumers, employees, business owners
resource developpment - Answers study of how to increase resources and create conditions that will
make better use of them
invisible hand - Answers when self directed gain leads to social and economic benefits for the whole
community
capitalism - Answers all or most of the land, factories, and stores are owned by individuals, instead of
government, and operated for profit
state capitalism - Answers when the state, rather than private owners, run some of the businesses
Capitalism's 4 Rights - Answers 1. The right to own private property.
2. The right to own a business and keep all that business's profits.
3. The right to freedom of competition.
4. The right to freedom of choice.
Gross Domestic Product - Answers Total value of final goods and services produced in a country in a
given year.
inflation - Answers The general rise in the prices of goods and services over time.
deflation - Answers Prices are declining because too few dollars are chasing too many goods.
National Deficit - Answers The amount of money the federal government spends beyond what it
gathers in taxes
National Debt - Answers The sum of government deficits over time.
National surplus - Answers When government takes in more than it spends.
marketing mix - Answers product
pricing strategies
distribution (place)
promotion
secondary data - Answers Data previously collected for any purpose other than the one
at hand.
primary data - Answers Information collected for the first time.
observational research - Answers A research method that relies on three types of observation:
people watching people
people watching an activity
machines watching people
Market segmentation on the basis of: - Answers personality
motives
lifestyles
