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mindtap chapter 1 test exam with 100% correct answers.docx
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technical skills _______ help managers with the skills required to accomplish a specific kind of work. b. They help managers to think in abstract terms in order to see the “big picture.” Which of the following is not true of analytic skills? a. They are the ability to identify problems correctly. b. They help managers to think in abstract terms in order to see the "big picture." c. They help managers generate reasonable alternatives. d. They allow managers to choose the "best" alternatives to solve problems. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0: / 0: Full screen Brainpower Read More Be a successful employee Understanding which soft skills and characteristics businesses are looking for is part of which reason for studying business? marketing intermediaries
Businesses that buy products from manufacturers and resell them would be classified as ________. Material resources Which type of essential resource for businesses would buildings and machinery be considered? is operating at a loss When expenses total more than sales revenue, a business ________. Capitalism _________ is an economic system in which individuals own and operate the majority of business that provide goods and services. d. Government should own private property and the resources used to create wealth. Which of the following is not true according to Adam Smith's capitalism? a. The creation of wealth is the concern of private individuals, not the government. b. The role of government should be limited to providing defense against foreign enemies, ensuring internal order, and furnishing public works and education. c. Economic freedom ensures the existence of competitive markets that allow both sellers and buyers to enter and leave the market as they choose. d. Government should own private property and the resources used to create wealth. Assessment question need In a communist society, the government determines "who gets what" based on _______. the invisible hand According to ______, an individual's personal gain benefits others and a nation's economy. the sum of all goods and services produced by a nation in a year The gross domestic product (GDP) is _______ inflation, deflation _____ is rising prices caused by some combination of excess demand and increasing cost of factors of production, while _____ is a general decrease in prices. adjust dollar amounts for inflation
When comparing gross national product (GDP) over several different time periods, one would need to _______. unemployment is low and total income is high During the peak period, _______ trough During which period of the business cycle would the government most likely use monetary and fiscal policies? Consumers purchase basic, functional products. Which of the following is true during a recession? Product differentiation does not matter in an oligopoly. Which of the following is not true about an oligopoly? natural monopoly A _________ occurs when there is a huge investment required to enter a market and it would be impractical to have more than one firm providing the product or service. A supplier in a monopoly cannot set any price they want. Which of the following is true about a monopoly? factory system In a ________, all materials, machinery, and workers required to manufacture a product are assembled in one place. economic environment The business cycle, inflation and deflation, unemployment, and income all impact the ______ the ability to create and maintain conditions under which present and future generations can exist in productive harmony, and permit fulfilling the social, economic, and other requirements of future and present generations Sustainability is best defined as _______. cultural diversity Google is an American multinational technology company that incorporates a workplace system that recognizes and respects the differences among people because of their age, race, ethnicity, gender, sexual orientation, and ability. Which of the following terms refers to the system that Google uses?
To pursue the sole path to self-actualization Isabel is interested in taking an Introduction to Business course during her freshman year at university. Which of the following is not a reason why she should study business? To become a better informed investor Tobias, a first-year student at the local community college, has just inherited $25,000 from his dear aunt Katharina, and Tobias would like to pursue a course of study that will help him earn the best financial return on his inheritance. Which of the following is a reason Tobias should study business? A marketing intermediary Target buys products from manufacturers and then resells them to consumers. As such, Target is which of the following? A loss In 2020, retailer JCPenney was forced to file bankruptcy because it experienced a negative profit caused by the COVID-19 pandemic. This negative profit is referred to as which of the following? Stakeholders Suppose that Ford Motor Company decides to shut down entirely its domestic automobile production in the United States and move its operations to other countries. All the individuals in the United States who would be negatively impacted by such a decision are referred to as which of the following? Its stakeholders In its latest social responsibility report, General Mills describes how it contributed more than $93 million in 2019 to a wide variety of charitable causes, including support for programs that feed the hungry and nonprofit organizations, schools, and communities across the globe. This is an example of General Mills' attempt to satisfy its obligations to which of the following? The invisible hand Inspired by her visit to a Voodoo Donut shop in Austin, Texas, Nahia decided to start her own donut shop in her hometown of Jacksonville, Florida. As a result of her passion for donuts and her hard work, Nahia's donut shop became very successful. As a result, Nahia became personally wealthy, she paid, local, state, and federal taxes on her earnings, and she contributed generously to local causes. This is an example of which theory of economics?
A market economy General Motors Corporation plans to offer 30 new electric vehicle models globally by 2025. It remains to be determined whether consumers will embrace (in other words, purchase) electric vehicles to the extent required by the company's plan. General Motors' decision to commit to electric vehicle technology, despite the risk, is an example of which of the following economic systems? A mixed economy Manu, a student enrolled in an undergraduate economics class, has studied the various types of economic systems. He has concluded that the best type of economic system is one that encourages private enterprise, subject to regulation by the government. He also believes that certain services, such as social security and health care benefits, should be managed by the government. Manu supports which of the following types of economic systems? b. The government owns all smaller businesses In her Principles of Economics course, Valentina learned about the characteristics of socialism. These characteristics include all but which of the following? a. Land, buildings, and raw materials may be the property of the state. b. The government owns all smaller businesses c. Many people work in state-owned industries. d. People may usually choose their own occupations Productivity During her annual performance evaluation, Maira's supervisor Camille expressed that she was very pleased that Maira's output per hour had improved by 17 percent compared to the previous year. Based on her comment, Camille was encouraged with Maira's improvement in which of the following? Gross domestic product In 2020, the total dollar value of all goods and services produced by all people within the boundaries of the United States was $20.9 trillion. Which of the following does this statistic measure? Inflation As a retiree living on a fixed income (primarily Social Security benefits), Marlon is very concerned that after the height of the COVID-19 pandemic, grocery store prices are rising significantly. Marlon is concerned about which of the following? Deflation
Suppose that as chief executive officer of the United States Chamber of Commerce, Suzanne Clark is very concerned that due to economic turbulence in the United States, product prices in various industries will decrease due to the lack of consumer willingness and/or ability to pay currently existing prices. Mrs. Clark is concerned about which of the following? During a recession, it is typical for consumer buying power to decrease. Which of the following is correct regarding a recession? Monetary policy Suppose that the Federal Reserve Board chooses to increase interest rates to reduce the possibility of inflation in the overall economy. This action is an example of which of the following? Fiscal policy Suppose that in an attempt to stimulate the economy, the Federal Reserve Board chooses to cut corporate tax rates. This action is an example of which of the following? The federal deficit In fiscal year 2020, the federal government spent approximately $3. trillion more than it received. What does this statistic represent? Perfect competition Joel is a farmer in Eastern Idaho. His small farm has been in his family for five generations and produces primarily the potatoes that have made Idaho famous for its agricultural capabilities. When Joel sells his potatoes to an agricultural wholesaler, market forces dictate that he accept the market rate for his crop. In other words, Joel cannot expect to receive a higher price for his potatoes that the market rate. What type of competition does Joel face in owning and operating his small potato farm? Monopolistic competition Levi Strauss & Co. is a venerable American clothing company known worldwide for its Levi's brand of denim jeans. It was founded in May 1853 when German immigrant Levi Strauss moved from Buttenheim, Bavaria to San Francisco, California to open a west coast branch of his brother's New York dry goods business. Levi's jeans are known for both their brand and their durability, and as a result, Levi Strauss & Co. can command a higher price than many of the other numerous jean manufacturers globally. What type of competition does Levi Strauss & Co. face in selling the jeans it produces? Differentiate her services from the services provided by her competitors
Sophie is a tattoo artist who operates a small tattoo shop in the Bronx, New York City. There are dozens of tattoo shops in New York City, and Sophie would like to attract more customers. What should she do? General Motors Corporation will lower its automobile prices across its product line. Suppose that to be more competitive with General Motors Corporation (GMC) in the United States market, Ford Motor Company decides to lower its automobile prices across its product line. Which of the following will likely occur? Specialization Chloe, a young entrepreneur, plans to open a small textile manufacturing company in Asheville, North Carolina. They plan to hire 20-25 employees. Which manufacturing technique should Chloe use in their textile business for productivity? A service business Imasu plans to become a licensed realtor and open his own real estate sales office in his hometown of Petaluma, California. What type of business will Imasu be operating? socialist Based on this information China leans toward a ______ economic system. totaling the dollar value of all goods and services produced by all people within the boundaries of a country during a one-year period China's gross domestic product (GDP) was approximately $15.6 trillion USD in 2021. This number was found by _____. monetary policy The People's Bank of China's (PBOC's) reduction of reserve rate requirements is an example of ______. being a successful employee One reason to study business includes _______, which includes having an understanding of cultural (or workplace) diversity. labor Which of the following is not included in material resources? paint Which of the following is a material resource for General Motors? manufactoring businesses
Organizations that combine machinery, labor, and raw materials to produce goods are called _____. marketing intermediaries Costco stores would most likely be classified as _____. sales revenue - expenses = profit Which of the following equations represents the relationship between sales and profits? Macroeconomics ______ is the study of the national and global economy. money According to economists, factors of production would not include which of the following: _______. Furnishing public works In Adam Smith's view, which of the following is the role of government in business? Finland has a free market capitalistic economy. Businesses in Finland sell a wide variety of products with manufacturing, woods, telecommunications, metals, engineering, and electronics being the primary exports. Businesses are free to sell any legal product they want in any manner they desire as long as it does not violate any laws or ordinances. The nation has a very liberal welfare policy with most citizens, even at an early age, receiving monthly pension checks from the government. What type of economic system is employed in Finland? The total value of Procter & Gamble products produced in Michigan Which of the following would be included in the gross domestic product (GDP) of the United States? a general rise in the level of prices Economists describe inflation as ______. consumer price index (CPI) Roberto is researching South Africa's economy. He looks up the country's ______, which is a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area. recession At what stage in the business cycle do companies become more focused on value in their production decisions?
two Jamar and Ezekiel are discussing recessions. They can't agree on how many periods of three-month consecutive decline in a country's gross domestic product (GDP) is considered a recession. A recession is _______ or more consecutive three-month periods of decline in a country's GDP. Many buyers and many sellers What are the characteristics of perfect competition? The demand for olive oil will increase at every price. If a report was released that showed using olive oil for cooking dramatically reduced the risk of heart disease in adults, what would be the likely effect on the demand for olive oil? These businesses operate in an oligopoly. Ford, Chevrolet, and GM, are among the top U.S. auto manufacturers and sellers. Because the production of vehicles requires a sizeable investment, it is difficult to enter this market and the sellers are quite large. Which of the following best describes the market or industry in which these companies operate? specialization Separating the manufacturing process into distinct tasks and assigning each task to an individual or unit is called _____. technology Warby Parker offers customers a virtual try on feature which allows them to see how they might look in a pair of glasses. This feature shows the effect of the _____ environment on business.