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Homework answers / question archive / Franklin University MBA 711 Chapter 1 1)The difference between a businesss revenues and its expenses is known as its
Franklin University
MBA 711
Chapter 1
1)The difference between a businesss revenues and its expenses is known as its .
A. aggregate output B. profits
C. capital
D. supply
E. Surplus
2. Information systems, electronics, and telecommunications would be regarded as part of the
environment.
A. global business
B. sociocultural
C. technological
D. economic
E. political-legal
3. The environment of a company includes the various ways it creates value, including human knowledge, work methods, physical equipment, electronics and telecommunications, and processing systems.
A. technological
B. domestic business
C. political-legal
D. global business
E. Sociocultural
4. One of the benefits of a healthy business environment is .
A. ethical conduct
B. an increased standard of living
C. standardization
D. government growth and increase in power
E. keeping new businesses from entering the market
5. During the recent recession, many people were looking for jobs and companies were able to hire employees for a lower wage. This is an example of how the environment can affect business.
A. sociocultural
B. technological
C. global business
D. domestic business
E. Economic
6. plays a huge role in encouraging people to risk their money and time to open and expand businesses.
A. Profit
B. Society's quality of life
C. The sociocultural environment
D. The global business environment
E. The external environment
7. The factor of production that includes the physical and intellectual contributions people make while engaged in economic production is known as .
A. physical resources
B. information resources
C. capital D. labor
E. private enterprise
8. The economic system in which the government owns and operates all factors of production and makes all business decisions is known as .
A. communism
B. capitalism
C. socialism
D. a mixed market economy
E. a market economy
9. A(n) is a nation's method for allocating its resources among citizens and organizations.
A. market economy B. economic system
C. physical resource
D. planned economy
E. factor of production
10. Which factor of production includes physical and intellectual contributions made during production?
A. Entrepreneurship
B. Physical resources C. Labor
D. Capital
E. Information resources
11. Socialism and communism are examples of a .
A. capitalist economy
B. market economy
C. privatized economy D. planned economy
E. mixed market economy
12. John owns a restaurant and business is so good that he is thinking about enlarging his building so he can accommodate more customers. John is operating in a economy.
A. socialist B. market
C. planned
D. mixed market
E. privatized
13. The market (or equilibrium price) is the price at which .
A. the quantity of goods demanded exceeds the quantity supplied
B. there is a market surplus
C. there is a market shortage
D. the quantity of goods supplied exceeds the quantity demanded E. the quantity of goods demanded and quantity supplied are equal
14. In , there are generally only a few large suppliers or sellers of a product or service.
A. a natural monopoly
B. an oligopoly
C. a monopoly
D. monopolistic competition
E. perfect competition
15. According to the , producers offer more product for sale as prices rise and less as prices fall.
A. planned economy
B. market economy
C. economic system D. law of supply
E. law of demand
16. he is where the amount of goods demanded and the quantity of goods supplied are the same.
A. shortage
B. supply curve
C. equilibrium price
D. surplus
E. demand curve
17. Consumers in a certain county are only provided one option for electric service; they have no choice but to use the one company in the area. This is an example of
A. perfect competition
B. competition C. a monopoly
D. an oligopoly
E. monopolistic competition
18. occurs when many companies offer similar products and prices are set exclusively by supply and demand.
A. Perfect competition
B. An oligopoly
C. A monopoly
D. Monopolistic competition
E. Competition
19. The pattern of expansions and contractions in a nation's economic system is referred to as .
A. its balance of trade
B. purchasing power parity
C. aggregate output D. the business cycle
E. productivity
20. A country's is the economic value of all of its exports less the economic value of all of its imports.
A. balance of trade
B. gross national product (GNP)
C. aggregate output
D. national debt
E. gross domestic product (GDP)
21. The is the total quantity of goods and services produced by an economic system within a specific period of time.
A. standard of living
B. balance of trade
C. cost of inflation
D. gross domestic product E. aggregate output
22. If GDP (gross domestic product) is rising, the country is likely experiencing .
A. inflation
B. a depression
C. deflation
D. a recession
E. economic growth
23. The measures the prices of products typically purchased by consumers and is used to measure inflation.
A. consumer price index (CPI).
B. productivity rate
C. aggregate output
D. gross domestic product (GDP)
E. balance of trade
24. When selling a product to the general public, what would a demand and supply curve be used to determine?
A. Private market B. Market price
C. Market share
D. Marketing strategy
E. Production costs
