TEST BANK
1
TEST BANK
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
,Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
PTS: 1 REF: p. 5-7 OBJ: 1-1 NAT: AACSB: Communication
TOP: Your Future in the Changing World of Business
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
PTS: 1 REF: p. 6 OBJ: 1-1 NAT: AACSB: Communication
TOP: Your Future in the Changing World of Business
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
ANS:
Answer not provided.
PTS: 1 REF: p. 10 OBJ: 1-2 NAT: AACSB: Communication
TOP: Business: A Definition
4. What is profit, and why is it important to a business?
ANS:
Answer not provided.
PTS: 1 REF: p. 11 OBJ: 1-2
NAT: AACSB: Reflective Thinking TOP: Business: A Definition
5. What three activities must a business perform in order to be successful? Briefly describe each of these
and why each is essential to business success.
ANS:
Answer not provided.
PTS: 1 REF: p. 9 OBJ: 1-2 NAT: AACSB: Analytic
TOP: Business: A Definition
2
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
, 6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 REF: p. 12 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
7. Explain how the basic economic questions are answered in capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 REF: p. 13-17 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
8. Why do we say that the U.S. economy is a mixed economy?
ANS:
Answer not provided.
PTS: 1 REF: p. 15 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
9. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 REF: p. 16-17 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
10. Why is productivity important? How can a nation's productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 REF: p. 17 OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance
11. What is real gross domestic product, and how does it differ from gross domestic product?
ANS:
Answer not provided.
PTS: 1 REF: p. 18 OBJ: 1-4 NAT: AACSB: Communication
TOP: Measuring Economic Performance
3
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
, 12. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
ANS:
Answer not provided.
PTS: 1 REF: p. 20-21 OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance
13. What is the difference between monetary policies and fiscal policies? How does each affect the
nation's economy?
ANS:
Answer not provided.
PTS: 1 REF: p. 21 OBJ: 1-4 NAT: AACSB: Analytic
TOP: Measuring Economic Performance
14. In perfect competition, who sets the price of a product?
ANS:
Answer not provided.
PTS: 1 REF: p. 22 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition
15. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
PTS: 1 REF: p. 22 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition
16. In a monopolistic competition setting, how can a manufacturer differentiate a product?
ANS:
Answer not provided.
PTS: 1 REF: p. 23 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition
4
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
1
TEST BANK
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
,Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
PTS: 1 REF: p. 5-7 OBJ: 1-1 NAT: AACSB: Communication
TOP: Your Future in the Changing World of Business
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
PTS: 1 REF: p. 6 OBJ: 1-1 NAT: AACSB: Communication
TOP: Your Future in the Changing World of Business
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
ANS:
Answer not provided.
PTS: 1 REF: p. 10 OBJ: 1-2 NAT: AACSB: Communication
TOP: Business: A Definition
4. What is profit, and why is it important to a business?
ANS:
Answer not provided.
PTS: 1 REF: p. 11 OBJ: 1-2
NAT: AACSB: Reflective Thinking TOP: Business: A Definition
5. What three activities must a business perform in order to be successful? Briefly describe each of these
and why each is essential to business success.
ANS:
Answer not provided.
PTS: 1 REF: p. 9 OBJ: 1-2 NAT: AACSB: Analytic
TOP: Business: A Definition
2
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
, 6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 REF: p. 12 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
7. Explain how the basic economic questions are answered in capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 REF: p. 13-17 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
8. Why do we say that the U.S. economy is a mixed economy?
ANS:
Answer not provided.
PTS: 1 REF: p. 15 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
9. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 REF: p. 16-17 OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
10. Why is productivity important? How can a nation's productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 REF: p. 17 OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance
11. What is real gross domestic product, and how does it differ from gross domestic product?
ANS:
Answer not provided.
PTS: 1 REF: p. 18 OBJ: 1-4 NAT: AACSB: Communication
TOP: Measuring Economic Performance
3
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
, 12. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
ANS:
Answer not provided.
PTS: 1 REF: p. 20-21 OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance
13. What is the difference between monetary policies and fiscal policies? How does each affect the
nation's economy?
ANS:
Answer not provided.
PTS: 1 REF: p. 21 OBJ: 1-4 NAT: AACSB: Analytic
TOP: Measuring Economic Performance
14. In perfect competition, who sets the price of a product?
ANS:
Answer not provided.
PTS: 1 REF: p. 22 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition
15. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
PTS: 1 REF: p. 22 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition
16. In a monopolistic competition setting, how can a manufacturer differentiate a product?
ANS:
Answer not provided.
PTS: 1 REF: p. 23 OBJ: 1-5 NAT: AACSB: Analytic
TOP: Types of Competition
4
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
