FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: Exploring the World of Business and Economics

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 91

Multiple Choice

Review LaterAdd Note

Review Later

Microsoft, which produces very popular Windows software, owns the copyright for its products. Microsoft has a(n) ____ for these products.

A) monopoly
B) oligopoly
C) natural monopoly
D) limited monopoly
E) illegal monopoly

F) A) and D)
G) None of the above

Correct Answer

verified

Show Answer

Question 92

Multiple Choice

Review LaterAdd Note

Review Later

Which economist has been called the father of communism?

A) Adam Smith
B) Fidel Castro
C) Mark Cuban
D) Karl Marx
E) Alan Greenspan

F) A) and E)
G) A) and B)

Correct Answer

verified

Show Answer

Question 93

Multiple Choice

Review LaterAdd Note

The relationship between sales and profits can be written as

Households provide all of the following resources to businesses except

If the demand for a product declines, what happens to the price of the product?

Online interaction that allows individuals as well as businesses to share ideas, personal information, and information about products and services is defined as

A factory system of manufacturing involves the separation of a manufacturing process into separate tasks and the assignment of different tasks to different employees.

Why is productivity important? How can a nation's productivity rate be improved?

Since World War II, the average length of recessions has been

As computers gained popularity, the ____ typewriters decreased along with the price.

Which of the following would not be included in the gross domestic product of the United States?

Deflation is a general decrease in the level of prices.

Gross domestic product is a loose, subjective measure of how well a society can satisfy its people through goods and services.

Some economists believe that sound fiscal and monetary policy can reduce the amount of time the economy is in the ____ stage of the business cycle.

In a monopolistic competition setting, how can a manufacturer differentiate a product?

Which of the following is not a feature of laissez-faire capitalism?

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

All of the following were part of the U.S. federal government's stimulus plan except

In the mid-1970s, American auto manufacturers produced big gas-guzzling cars and tried to sell them to consumers who needed fuel-efficient transportation. This happened because manufacturers

Home Inspirations Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s. When her father retires, Hailey plans on taking over the business. Hailey is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good. Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task. She believes that if production would increase, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the Internet. Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company. -Refer to Home Inspirations. Hailey feels that for productivity to improve, the company must practice