MIE 201 CH 1-3 EXAM QUESTIONS WITH VERIFIED
ANSWERS
egalitarianism - Answers - Socialist economies profess ___ which refers to equal
distribution of income and social services.
open - Answers - The American economy is a(n) ___ economy, or an economy in which
economic activities occur between the country and the international community.
supply? - Answers - As a government strategist, Sterling analyzes the quantity of goods
or services that businesses are willing to sell at different prices at specific times. Sterling
is focusing on ___
a depression - Answers - When a country has high unemployment, low consumer
spending, and sharply reduced business output, its economy is undergoing ___
human - Answers - Eddie's is one of the best restaurants in town because of its talented
chefs, well-trained staff, and unmatched customer service. The competitive advantage
of Eddie's is due to its ___ resources.
natural resources - Answers - Moira's company invests in land, forests, minerals, and
water. These are examples of ___
pure competition - Answers - Marguerite operates a wheat farm, competing with
hundreds of other wheat farmers. No farmer sells enough of the product to influence the
wheat's price, and because there is no difference in the wheat from each farmer, prices
are determined solely by the forces of supply and demand. What type of competitive
environment is Marguerite experiencing?
does not distribute resources equally. - Answers - Critics of supply and demand say the
system
the sum of all goods and services produced in a country during a year. - Answers -
Gross domestic product (GDP) is defined as
marketing - Answers - Thad's responsibilities include all the activities designed to
provide goods and services that satisfy consumers' needs and wants. What major
activity of business is Thad responsible for?
satisfy customer needs - Answers - A business's major role is to
producers have to offer the best products at the most reasonable price - Answers -
According to Adam Smith, competition fosters efficiency and low prices because
ANSWERS
egalitarianism - Answers - Socialist economies profess ___ which refers to equal
distribution of income and social services.
open - Answers - The American economy is a(n) ___ economy, or an economy in which
economic activities occur between the country and the international community.
supply? - Answers - As a government strategist, Sterling analyzes the quantity of goods
or services that businesses are willing to sell at different prices at specific times. Sterling
is focusing on ___
a depression - Answers - When a country has high unemployment, low consumer
spending, and sharply reduced business output, its economy is undergoing ___
human - Answers - Eddie's is one of the best restaurants in town because of its talented
chefs, well-trained staff, and unmatched customer service. The competitive advantage
of Eddie's is due to its ___ resources.
natural resources - Answers - Moira's company invests in land, forests, minerals, and
water. These are examples of ___
pure competition - Answers - Marguerite operates a wheat farm, competing with
hundreds of other wheat farmers. No farmer sells enough of the product to influence the
wheat's price, and because there is no difference in the wheat from each farmer, prices
are determined solely by the forces of supply and demand. What type of competitive
environment is Marguerite experiencing?
does not distribute resources equally. - Answers - Critics of supply and demand say the
system
the sum of all goods and services produced in a country during a year. - Answers -
Gross domestic product (GDP) is defined as
marketing - Answers - Thad's responsibilities include all the activities designed to
provide goods and services that satisfy consumers' needs and wants. What major
activity of business is Thad responsible for?
satisfy customer needs - Answers - A business's major role is to
producers have to offer the best products at the most reasonable price - Answers -
According to Adam Smith, competition fosters efficiency and low prices because
