,TESTBANK FOR Business Essentials, 14th edition
Ronald J. Ebert
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,Business Essentials, 14e, (Ebert)
Chapter 1 The U.S. Business Environment
1) Which of the following best describes profit?
A) Total money taken in by a corporation
B) Increases in income from year to year
C) Increases in a corporation's stock price
D) Revenue generated by goods and services
E) Difference between revenues and expenses
Answer: E
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
2) Which of the following describes where a firm conducts its operations and derives its
revenues?
A) Global business environment
B) Economic environment
C) Domestic business environment
D) Technological environment
E) Political-legal environment
Answer: C
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
3) At a general level factors such as international trade agreements, economic conditions, and
political unrest will have the greatest impact in which type of business environment?
A) Global business environment
B) Economic environment
C) Domestic business environment
D) Technological environment
E) Political-legal environment
Answer: A
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
1
Copyright © 2025 Pearson Education, Inc.
,4) Changes in which type of business environment can reduce or replace the need for traditional
working methods, physical equipment, and other platforms needed to conduct business?
A) Global business environment
B) Economic environment
C) Domestic business environment
D) Technological environment
E) Political-legal environment
Answer: D
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
5) As a teenager, Melinda started cutting grass for her neighbor. She did a good job, and more
and more neighbors began to hire her. After saving money and investing in additional equipment,
Melinda began to earn an even greater profit. Which of the following did Melinda create when
she began cutting her neighbor's yard and earning income?
A) Nonprofit
B) Corporate culture
C) Market economy
D) Monopolistic competition
E) Business
Answer: E
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
6) When choosing how to pursue profits, what should be the primary consideration for a
business?
A) Consumers wants or needs
B) How much product to produce
C) Creating the most innovations and opportunity
D) How to compete in the global marketplace
E) Changing demographics in the community
Answer: A
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
2
Copyright © 2025 Pearson Education, Inc.
,7) Which of the following consists of everything outside an organization's boundaries that might
affect how the business operates?
A) Opportunities and enterprise
B) Corporate culture
C) External environment
D) Economic systems
E) Factors of production
Answer: C
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
8) When Aimee opened her retail shop in her local community, she worked to establish strong
relationships with suppliers and customers, and distinguished her shop from the competition. In
which environment is Aimee doing business?
A) Global
B) Political-legal
C) Domestic
D) Economic
E) Technological
Answer: C
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
9) The Basic Broom Company orders much of its raw material from overseas markets, even
though the product is made locally. How might changes in the global business environment
impact the company?
A) It may not be able to get raw material when needed.
B) It may have a hard time keeping up with technological changes.
C) It may not fully understand the wants and needs of customers.
D) It may face changes in the factors of production.
E) It may be challenged by changes in the labor force.
Answer: A
Difficulty: Challenging
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
3
Copyright © 2025 Pearson Education, Inc.
,10) Which of the following includes all the ways a firm creates value for their customers?
A) Technological environment
B) Profitability
C) Economic environment
D) Creation of a market economy
E) Law of supply and demand
Answer: A
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
11) Sally's Supply shop has recently had to change the process for shipping supplies because of
changes in government regulations. Sally's Supply now also has to change how the shop reports
profit and loss, and when those reports are processed. Which of the following is forcing these
changes for Sally's Supply shop?
A) The laws of supply and demand
B) Political-legal environment
C) The establishment of perfect competition
D) Changes in the market economy
E) Economic environment
Answer: B
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
12) A new restaurant recently opened in the local community. It serves a variety of multicultural
foods in order to appeal to a wide variety of customers, based on the local demographic
characteristics of the community. Which external environment of business is this restaurant
considering when they support the customs, values, and demographics of the local community?
A) Monopoly
B) Sociocultural
C) Freedom of choice
D) Perfect competition
E) Global
Answer: B
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
4
Copyright © 2025 Pearson Education, Inc.
,13) Which of the following include relevant conditions that exist in the economic system where a
company operates, such as wage rates, number of people looking for jobs, and competition?
A) Global business environment
B) Technological environment
C) Political-legal environment
D) Sociocultural environment
E) Economic environment
Answer: E
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
14) Which of the following business environments includes the customers, mores, values, and
demographic characteristics of the society where the organization functions?
A) Sociocultural
B) Technological
C) Political-legal
D) Fiscal
E) Economic
Answer: A
Difficulty: Challenging
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
15) The pursuit of profits is how a business differs from organizations such as public
universities, public hospitals, and government agencies.
Answer: TRUE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
16) An organization's external environment consists of everything outside of the organization
that might affect it.
Answer: TRUE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
5
Copyright © 2025 Pearson Education, Inc.
,17) Businesses improve society by improving the quality of life in a society.
Answer: TRUE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
18) The internal environment of an organization plays a greater role in determining the success
or failure of a business than the external environment.
Answer: FALSE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
19) The customs, values, and demographic characteristics of the society in which an organization
functions are the principal elements of the political-legal environment.
Answer: FALSE
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
20) The technological environment consists primarily of electronics, processing systems, and
telecommunications used to perform business activities.
Answer: FALSE
Difficulty: Moderate
AACSB: Analytical thinking
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
6
Copyright © 2025 Pearson Education, Inc.
,21) Compare a sociocultural environment to an economic environment.
Answer: The sociocultural environment includes the customs, mores, values, and demographic
characteristics of the society in which an organization functions. Sociocultural processes also
determine the goods and services, as well as the standards of business conduct, that a society is
likely to value and accept. The economic environment refers to relevant conditions that exist in
the economic system in which a company operates. For example, if an economy is doing well
enough that most people have jobs and wages are high, a growing company may find it
necessary to pay even higher wages and offer more benefits to attract workers from other
companies. But if many people in an economy are looking for jobs, a firm may be able to pay
less and offer fewer benefits.
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Critical thinking
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
22) Describe the domestic business environment.
Answer: The domestic business environment refers to the environment in which a firm
conducts its operations and derives its revenues. In general, businesses seek to be close to their
customers, to establish strong relationships with their suppliers, and to distinguish themselves
from their competitors.
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
23) How do consumer choice and demand affect a capitalistic system?
Answer: In a capitalistic system, such as that in the United States, businesses exist to earn
profits for owners. Within certain broad constraints, an owner is free to set up a new business,
grow that business, sell it, or even shut it down. But consumers also have freedom of choice. In
choosing how to pursue profits, businesses must take into account what consumers want or need.
No matter how efficient a business is, it won't survive if there is no demand for its goods or
services.
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
7
Copyright © 2025 Pearson Education, Inc.
, 24) What are the benefits of business for society?
Answer: Businesses produce most of the goods and services we consume, and they employ
most working people. They create most innovations and provide a vast range of opportunities for
new businesses, which serve as their suppliers. A healthy business climate also contributes to the
quality of life and standard of living of people in a society. Business profits enhance the personal
incomes of millions of owners and stockholders, and business taxes help to support governments
at all levels. Many businesses support charities and provide community leadership.
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
25) What is the general term for resources used by a business to produce a good or service
referred to as?
A) Private enterprise
B) Human Resources
C) Supply and demand
D) Factors of production
E) Economic systems
Answer: D
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.2: Describe the different types of global economic systems according to the means by
which they control the factors of production.
26) Which of the following denotes a nation's basis for allocating its resources among its
citizens, including individuals and organizations?
A) Capital structure
B) Economic system
C) Ownership processes
D) Distribution network
E) National regulations
Answer: B
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.2: Describe the different types of global economic systems according to the means by
which they control the factors of production.
8
Copyright © 2025 Pearson Education, Inc.
Ronald J. Ebert
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,Business Essentials, 14e, (Ebert)
Chapter 1 The U.S. Business Environment
1) Which of the following best describes profit?
A) Total money taken in by a corporation
B) Increases in income from year to year
C) Increases in a corporation's stock price
D) Revenue generated by goods and services
E) Difference between revenues and expenses
Answer: E
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
2) Which of the following describes where a firm conducts its operations and derives its
revenues?
A) Global business environment
B) Economic environment
C) Domestic business environment
D) Technological environment
E) Political-legal environment
Answer: C
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
3) At a general level factors such as international trade agreements, economic conditions, and
political unrest will have the greatest impact in which type of business environment?
A) Global business environment
B) Economic environment
C) Domestic business environment
D) Technological environment
E) Political-legal environment
Answer: A
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
1
Copyright © 2025 Pearson Education, Inc.
,4) Changes in which type of business environment can reduce or replace the need for traditional
working methods, physical equipment, and other platforms needed to conduct business?
A) Global business environment
B) Economic environment
C) Domestic business environment
D) Technological environment
E) Political-legal environment
Answer: D
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
5) As a teenager, Melinda started cutting grass for her neighbor. She did a good job, and more
and more neighbors began to hire her. After saving money and investing in additional equipment,
Melinda began to earn an even greater profit. Which of the following did Melinda create when
she began cutting her neighbor's yard and earning income?
A) Nonprofit
B) Corporate culture
C) Market economy
D) Monopolistic competition
E) Business
Answer: E
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
6) When choosing how to pursue profits, what should be the primary consideration for a
business?
A) Consumers wants or needs
B) How much product to produce
C) Creating the most innovations and opportunity
D) How to compete in the global marketplace
E) Changing demographics in the community
Answer: A
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
2
Copyright © 2025 Pearson Education, Inc.
,7) Which of the following consists of everything outside an organization's boundaries that might
affect how the business operates?
A) Opportunities and enterprise
B) Corporate culture
C) External environment
D) Economic systems
E) Factors of production
Answer: C
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
8) When Aimee opened her retail shop in her local community, she worked to establish strong
relationships with suppliers and customers, and distinguished her shop from the competition. In
which environment is Aimee doing business?
A) Global
B) Political-legal
C) Domestic
D) Economic
E) Technological
Answer: C
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
9) The Basic Broom Company orders much of its raw material from overseas markets, even
though the product is made locally. How might changes in the global business environment
impact the company?
A) It may not be able to get raw material when needed.
B) It may have a hard time keeping up with technological changes.
C) It may not fully understand the wants and needs of customers.
D) It may face changes in the factors of production.
E) It may be challenged by changes in the labor force.
Answer: A
Difficulty: Challenging
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
3
Copyright © 2025 Pearson Education, Inc.
,10) Which of the following includes all the ways a firm creates value for their customers?
A) Technological environment
B) Profitability
C) Economic environment
D) Creation of a market economy
E) Law of supply and demand
Answer: A
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
11) Sally's Supply shop has recently had to change the process for shipping supplies because of
changes in government regulations. Sally's Supply now also has to change how the shop reports
profit and loss, and when those reports are processed. Which of the following is forcing these
changes for Sally's Supply shop?
A) The laws of supply and demand
B) Political-legal environment
C) The establishment of perfect competition
D) Changes in the market economy
E) Economic environment
Answer: B
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
12) A new restaurant recently opened in the local community. It serves a variety of multicultural
foods in order to appeal to a wide variety of customers, based on the local demographic
characteristics of the community. Which external environment of business is this restaurant
considering when they support the customs, values, and demographics of the local community?
A) Monopoly
B) Sociocultural
C) Freedom of choice
D) Perfect competition
E) Global
Answer: B
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
4
Copyright © 2025 Pearson Education, Inc.
,13) Which of the following include relevant conditions that exist in the economic system where a
company operates, such as wage rates, number of people looking for jobs, and competition?
A) Global business environment
B) Technological environment
C) Political-legal environment
D) Sociocultural environment
E) Economic environment
Answer: E
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
14) Which of the following business environments includes the customers, mores, values, and
demographic characteristics of the society where the organization functions?
A) Sociocultural
B) Technological
C) Political-legal
D) Fiscal
E) Economic
Answer: A
Difficulty: Challenging
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
15) The pursuit of profits is how a business differs from organizations such as public
universities, public hospitals, and government agencies.
Answer: TRUE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
16) An organization's external environment consists of everything outside of the organization
that might affect it.
Answer: TRUE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
5
Copyright © 2025 Pearson Education, Inc.
,17) Businesses improve society by improving the quality of life in a society.
Answer: TRUE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
18) The internal environment of an organization plays a greater role in determining the success
or failure of a business than the external environment.
Answer: FALSE
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
19) The customs, values, and demographic characteristics of the society in which an organization
functions are the principal elements of the political-legal environment.
Answer: FALSE
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
20) The technological environment consists primarily of electronics, processing systems, and
telecommunications used to perform business activities.
Answer: FALSE
Difficulty: Moderate
AACSB: Analytical thinking
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
6
Copyright © 2025 Pearson Education, Inc.
,21) Compare a sociocultural environment to an economic environment.
Answer: The sociocultural environment includes the customs, mores, values, and demographic
characteristics of the society in which an organization functions. Sociocultural processes also
determine the goods and services, as well as the standards of business conduct, that a society is
likely to value and accept. The economic environment refers to relevant conditions that exist in
the economic system in which a company operates. For example, if an economy is doing well
enough that most people have jobs and wages are high, a growing company may find it
necessary to pay even higher wages and offer more benefits to attract workers from other
companies. But if many people in an economy are looking for jobs, a firm may be able to pay
less and offer fewer benefits.
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Critical thinking
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
22) Describe the domestic business environment.
Answer: The domestic business environment refers to the environment in which a firm
conducts its operations and derives its revenues. In general, businesses seek to be close to their
customers, to establish strong relationships with their suppliers, and to distinguish themselves
from their competitors.
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
23) How do consumer choice and demand affect a capitalistic system?
Answer: In a capitalistic system, such as that in the United States, businesses exist to earn
profits for owners. Within certain broad constraints, an owner is free to set up a new business,
grow that business, sell it, or even shut it down. But consumers also have freedom of choice. In
choosing how to pursue profits, businesses must take into account what consumers want or need.
No matter how efficient a business is, it won't survive if there is no demand for its goods or
services.
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
7
Copyright © 2025 Pearson Education, Inc.
, 24) What are the benefits of business for society?
Answer: Businesses produce most of the goods and services we consume, and they employ
most working people. They create most innovations and provide a vast range of opportunities for
new businesses, which serve as their suppliers. A healthy business climate also contributes to the
quality of life and standard of living of people in a society. Business profits enhance the personal
incomes of millions of owners and stockholders, and business taxes help to support governments
at all levels. Many businesses support charities and provide community leadership.
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Application of knowledge
LO: 1.1: Define the nature of U.S. business, describe the external environments of business,
and discuss how these environments affect the success or failure of organizations.
25) What is the general term for resources used by a business to produce a good or service
referred to as?
A) Private enterprise
B) Human Resources
C) Supply and demand
D) Factors of production
E) Economic systems
Answer: D
Difficulty: Moderate
AACSB: Application of knowledge
Question Category: Concept
LO: 1.2: Describe the different types of global economic systems according to the means by
which they control the factors of production.
26) Which of the following denotes a nation's basis for allocating its resources among its
citizens, including individuals and organizations?
A) Capital structure
B) Economic system
C) Ownership processes
D) Distribution network
E) National regulations
Answer: B
Difficulty: Easy
AACSB: Application of knowledge
Question Category: Concept
LO: 1.2: Describe the different types of global economic systems according to the means by
which they control the factors of production.
8
Copyright © 2025 Pearson Education, Inc.
