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Business Essentials Study Set 3
Quiz 1: The Us Business Environment
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Question 41
Multiple Choice
A new feature on the the latest Acme smart phone has made it wildly popular. Which action should Acme take to maximize profits?
Question 42
Multiple Choice
A financial analyst has noticed a serious rise in inflation. What course of action might the financial analyst advise the government to take in order to reduce inflation?
Question 43
Multiple Choice
In a small town of 3,000 people, the number of car washes has grown from two to five in the last two months. Which result will likely occur?
Question 44
Multiple Choice
A city of 150,000 people has a large commercial sector bringing in businesses from the surrounding region. In 2005, there was 2.75 million square feet of commercial space available. Five years later, after a building boom, there was 5.5 million square feet of commercial space available. Which effect will most likely occur?
Question 45
Multiple Choice
Azucks is a socially responsible American company engaged in the manufacture of sports shoes. The CEO cautions that there is a disadvantage associated with the company planning increased globalization of production. Which of the following is the most likely disadvantage he is referring to?
Question 46
Multiple Choice
Which indicator refers to the total quantity of goods and services produced by an economic system during a given period?
Question 47
Multiple Choice
What marks the key difference between economic systems?
Question 48
Multiple Choice
In an oligopoly, when one firm reduces its prices, how do other sellers react?
Question 49
Multiple Choice
How does monopolistic competition differ from perfect competition?
Question 50
Multiple Choice
Which of the following is one of the elements required in private enterprise?
Question 51
Multiple Choice
Which economic system emphasizes the private ownership of most factors of production?
Question 52
Multiple Choice
Which of the following is the most likely pricing approach for a monopoly?
Question 53
Multiple Choice
Which of the following is characterized by having few sellers, similar prices among sellers, and difficult market entry?
Question 54
Multiple Choice
A new watch manufacturer would like to determine the market price of a new line of watches. How could the manufacturer most effectively determine the market price?
Question 55
Multiple Choice
Which of the following is NOT a likely reason why a small business in a free enterprise system should seek the ideal combination of price charged and quantity supplied?
Question 56
Multiple Choice
What does a planned economy rely on a centralized government to do?
Question 57
Multiple Choice
What term do economists use for the pattern of short-term expansions and contractions in the economy?
Question 58
Multiple Choice
A new U.S. company plans to introduce an inexpensive, high-quality line of shoes to the American market. It has found a manufacturer in another country that can produce the shoes at a low enough cost that they will still be cheaper than other brands of the same quality. Which of the following represents a potential ethical implication that the company should consider before beginning production?
Question 59
Multiple Choice
Ernesto's Pizza is about to offer customers a new variety of a personal pizza. Which of the following actions by Ernesto's Pizza would most likely prevent a surplus or a shortage of the personal pizzas in its first week?