Question 1

When purchasing,a consumer is actually buying a product's anticipated benefits and

Accepted Answer

A)  satisfaction.
B)  price.
C)  costs.
D)  productivity.
E)  form.F) A) and C)
G) A) and B)

Question 2

Customers,employees and investors are examples of:

Accepted Answer

A)  constituents.
B)  stockholders.
C)  stakeholders.
D)  entities.
E)  organizations.F) C) and D)
G) B) and D)

Question 3

Economic expansion occurs when an economy is growing and people are spending more money.

Accepted Answer

A) True 
 B)False

Question 4

Free-market capitalism and laissez-faire capitalism are essentially the same thing.

Accepted Answer

A) True 
 B)False

Question 5

All the following are factors of production used to make goods and services except

Accepted Answer

A)  natural resources.
B)  human resources.
C)  customers.
D)  capital.
E)  financial resources.F) B) and D)
G) C) and D)

Question 6

_________________ is the study of how resources are distributed for the production of goods and services within a social system.

Accepted Answer

A)  Financial resources
B)  Human resources
C)  Economic system
D)  Communism
E)  EconomicsF) C) and D)
G) A) and B)

Question 7

What is an economic contraction,and what can it lead to?

Accepted Answer

Economic contraction occurs when spendin...

Question 8

Define supply,demand,and equilibrium price,and explain their relationship with each other.

Accepted Answer

Supply is the quantity of goods or servi...

Question 9

Why are entrepreneurs important to the economy?

Accepted Answer

Entrepreneurs are important to the econo...

Question 10

Most socialist nations are democratic.

Accepted Answer

A) True 
 B)False

Question 11

Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.

Accepted Answer

A) True 
 B)False

Question 12

____ resources are also known as labor.

Accepted Answer

A)  Economic
B)  Human
C)  Productive
D)  Financial
E)  NaturalF) B) and E)
G) C) and D)

Question 13

____ is often called the father of capitalism.

Accepted Answer

A)  Karl Marx
B)  George Washington
C)  Benjamin Franklin
D)  Alan Greenspan
E)  Adam SmithF) A) and E)
G) None of the above

Question 14

Gross domestic product is the sum of all goods and services produced in a country during a year.

Accepted Answer

A) True 
 B)False

Exam 1: The Dynamics of Business and Economics

Most socialist nations are democratic.

Correct Answer
verified

Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.

Correct Answer
verified

All the following are factors of production used to make goods and services except

Correct Answer
verified

Why are entrepreneurs important to the economy?

Correct Answer
verified
Entrepreneurs are important to the econo...
View Answer

Free-market capitalism and laissez-faire capitalism are essentially the same thing.

Correct Answer
verified

_________________ is the study of how resources are distributed for the production of goods and services within a social system.

Correct Answer
verified

____ is often called the father of capitalism.

Correct Answer
verified

Define supply,demand,and equilibrium price,and explain their relationship with each other.

Correct Answer
verified
Supply is the quantity of goods or servi...
View Answer

Gross domestic product is the sum of all goods and services produced in a country during a year.

Correct Answer
verified

____ resources are also known as labor.

Correct Answer
verified

Customers,employees and investors are examples of:

Correct Answer
verified

When purchasing,a consumer is actually buying a product's anticipated benefits and

Correct Answer
verified

What is an economic contraction,and what can it lead to?

Correct Answer
verified
Economic contraction occurs when spendin...
View Answer

Economic expansion occurs when an economy is growing and people are spending more money.

Correct Answer
verified

Exam 1: The Dynamics of Business and Economics

Most socialist nations are democratic.

Correct AnswerverifiedShow Answer

Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.

Correct AnswerverifiedShow Answer

All the following are factors of production used to make goods and services except

Correct AnswerverifiedShow Answer

Why are entrepreneurs important to the economy?

Correct AnswerverifiedEntrepreneurs are important to the econo...View AnswerShow Answer

Free-market capitalism and laissez-faire capitalism are essentially the same thing.

Correct AnswerverifiedShow Answer

_________________ is the study of how resources are distributed for the production of goods and services within a social system.

Correct AnswerverifiedShow Answer

____ is often called the father of capitalism.

Correct AnswerverifiedShow Answer

Define supply,demand,and equilibrium price,and explain their relationship with each other.

Correct AnswerverifiedSupply is the quantity of goods or servi...View AnswerShow Answer

Gross domestic product is the sum of all goods and services produced in a country during a year.

Correct AnswerverifiedShow Answer

____ resources are also known as labor.

Correct AnswerverifiedShow Answer

Customers,employees and investors are examples of:

Correct AnswerverifiedShow Answer

When purchasing,a consumer is actually buying a product's anticipated benefits and

Correct AnswerverifiedShow Answer

What is an economic contraction,and what can it lead to?

Correct AnswerverifiedEconomic contraction occurs when spendin...View AnswerShow Answer

Economic expansion occurs when an economy is growing and people are spending more money.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified
Entrepreneurs are important to the econo...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Supply is the quantity of goods or servi...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Economic contraction occurs when spendin...
View Answer

Correct Answer
verified