SOM 306 Advanced Verified Multiple Choice
and Conceptual Actual Frequently Tested
Exam Questions With Reviewed 100% Correct
Detailed Answers
Guaranteed Pass!!Current Update!!
1. Economics is the study of the production, distribution, and consumption of
__________. - ANSWER Scarce goods and services
2. What is supply in economics? - ANSWER How willing and able sellers
are to provide goods and services at different prices
3. What is demand in economics? - ANSWER How willing and able buyers
are to purchase goods and services at different prices
4. What are the four basic rights of businesses under capitalism? - ANSWER
Right to own property, right to free choice, right to compete, right to
make and keep profits
5. What are the benefits of capitalism? - ANSWER - More jobs and higher
incomes
- More goods and services
- Help for the less fortunate
- Career choices and entrepreneurial activity
,6. What are the drawbacks of capitalism? - ANSWER possibility of heavy
losses, income inequality, exploitation
7. What is another name for a command economy? - ANSWER Central-
planning economy
8. Which philosopher is the source of communist thought? - ANSWER Karl
Marx
9. What are the benefits of communism? - ANSWER Prevents
accumulation of wealth in the hands of a tiny percentage of the population
10.What are the drawbacks of communism? - ANSWER central planning
flaws
lack of incentives
extreme government intrusion
11.Under socialism, the government owns __________ but individuals own
___________. - ANSWER Under socialism, the government owns major
industries but individuals own smaller businesses.
12.What are the benefits of socialism? - ANSWER more benefits to citizens,
less social inequality and poverty
,13.What are the drawbacks of socialism? - ANSWER problems with central
planning, high taxes, possible "brain drain," less job and wealth creation,
and possible government deficits
14.The __________ __________ is the periodic but irregular pattern of ups
and downs in total economic production. - ANSWER business cycle
15.How is a recession recognized? - ANSWER Two or more quarters of
decline in GDP
16.What is inflation? - ANSWER an overall increase in the prices of goods
and services
17.What is deflation? - ANSWER an overall decline in the prices of goods
and services
18.What is stagflation? - ANSWER inflation due to decrease in supply, not
increase in demand
19.What is GDP? (gross domestic product) - ANSWER the total value of all
goods and services produced within a country in a year
20.What is CPI (Consumer Price Index)? - ANSWER Calculates the monthly
costs of a "market basket" of about 400 goods and services
, 21.What is the unemployment rate? - ANSWER The percent of people in
the labor force who want a job but are not working.
What act was signed in 2002 to protect whistleblowers of unethical behavior in
companies? - ANSWER Sarbanes-Oxley Act (SOX)
What are the four levels of the corporate social responsibility (CSR) pyramid from
top to bottom? - ANSWER Philanthropic
Ethical
Legal
Economic
What does E stand for in the ETHIC framework for using AI? - ANSWER
Educational value
Does this use help me grow or just do the work for me?
What does T stand for in the ETHIC framework for using AI? - ANSWER
Transparency
Be open about how and when AI is used
What does H stand for in the ETHIC framework for using AI? - ANSWER
Honesty and integrity
Am I passing AI's work off as my own?
and Conceptual Actual Frequently Tested
Exam Questions With Reviewed 100% Correct
Detailed Answers
Guaranteed Pass!!Current Update!!
1. Economics is the study of the production, distribution, and consumption of
__________. - ANSWER Scarce goods and services
2. What is supply in economics? - ANSWER How willing and able sellers
are to provide goods and services at different prices
3. What is demand in economics? - ANSWER How willing and able buyers
are to purchase goods and services at different prices
4. What are the four basic rights of businesses under capitalism? - ANSWER
Right to own property, right to free choice, right to compete, right to
make and keep profits
5. What are the benefits of capitalism? - ANSWER - More jobs and higher
incomes
- More goods and services
- Help for the less fortunate
- Career choices and entrepreneurial activity
,6. What are the drawbacks of capitalism? - ANSWER possibility of heavy
losses, income inequality, exploitation
7. What is another name for a command economy? - ANSWER Central-
planning economy
8. Which philosopher is the source of communist thought? - ANSWER Karl
Marx
9. What are the benefits of communism? - ANSWER Prevents
accumulation of wealth in the hands of a tiny percentage of the population
10.What are the drawbacks of communism? - ANSWER central planning
flaws
lack of incentives
extreme government intrusion
11.Under socialism, the government owns __________ but individuals own
___________. - ANSWER Under socialism, the government owns major
industries but individuals own smaller businesses.
12.What are the benefits of socialism? - ANSWER more benefits to citizens,
less social inequality and poverty
,13.What are the drawbacks of socialism? - ANSWER problems with central
planning, high taxes, possible "brain drain," less job and wealth creation,
and possible government deficits
14.The __________ __________ is the periodic but irregular pattern of ups
and downs in total economic production. - ANSWER business cycle
15.How is a recession recognized? - ANSWER Two or more quarters of
decline in GDP
16.What is inflation? - ANSWER an overall increase in the prices of goods
and services
17.What is deflation? - ANSWER an overall decline in the prices of goods
and services
18.What is stagflation? - ANSWER inflation due to decrease in supply, not
increase in demand
19.What is GDP? (gross domestic product) - ANSWER the total value of all
goods and services produced within a country in a year
20.What is CPI (Consumer Price Index)? - ANSWER Calculates the monthly
costs of a "market basket" of about 400 goods and services
, 21.What is the unemployment rate? - ANSWER The percent of people in
the labor force who want a job but are not working.
What act was signed in 2002 to protect whistleblowers of unethical behavior in
companies? - ANSWER Sarbanes-Oxley Act (SOX)
What are the four levels of the corporate social responsibility (CSR) pyramid from
top to bottom? - ANSWER Philanthropic
Ethical
Legal
Economic
What does E stand for in the ETHIC framework for using AI? - ANSWER
Educational value
Does this use help me grow or just do the work for me?
What does T stand for in the ETHIC framework for using AI? - ANSWER
Transparency
Be open about how and when AI is used
What does H stand for in the ETHIC framework for using AI? - ANSWER
Honesty and integrity
Am I passing AI's work off as my own?
