50 Free Test Bank for M Business 4th Edition by Ferrell 

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Which of the following is a change that occurred in the U.S. during the Industrial Revolution?

•  Farm production decreased as industrial production increased.
•  As work became more localized, productivity decreased.
•  Trade within the country decreased as regions became self-sufficient.
•  Farmers began to move to cities to find jobs in factories.
•  Fewer goods were available, and prices of goods increased.

_____ indicates the income level of "average" Americans. It is useful in determining how much "average" consumers spend and how much money Americans are earning.

•  Per capita income
•  GDP
•  Budget deficit
•  Consumer price index
•  Worker productivity

____ is often called the father of capitalism.

•  Karl Marx
•  George Washington
•  Benjamin Franklin
•  Alan Greenspan
•  Adam Smith

_____ gather information and conduct research to determine what customers want. They also plan and develop products and make decisions about how much to charge for their products and when and where to make them available.

•  Accountants
•  Engineers
•  Marketers
•  Supervisors
•  Stock brokers

_____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time.

•  Demand
•  Supply
•  Elasticity
•  Balance of payments
•  Deficit

Economic expansion occurs when:

•  fewer goods and services are produced than consumer demand.
•  an economy is growing and people are spending more money.
•  a nation's standard of living drops dramatically.
•  employment levels decline over time.
•  prices begin to rise and incomes begin to fall.

The American economic system is best described as _____ because the government regulates business to preserve competition and protect consumers and employees.

•  socialist
•  laissez-faire capitalist
•  modified capitalist
•  communist
•  Marxist

The market for corn in Brazil has a large number of sellers, and there is no difference in the products sold by each seller. As there are also a large number of buyers for the corn, the actions of a single seller or buyer cannot affect the price. The market for corn can be described as ____.

•  a monopoly
•  monopolistic competition
•  pure competition
•  an oligopoly
•  modified competition

Which of the following is a similarity between businesses and nonprofit organizations?

•  Both do not have to abide by government regulations.
•  Both are unaffected by political or social change.
•  Both of them engage in management and finance activities.
•  Both of them do not need to adapt to technological changes.
•  Both aim to maximize financial returns for their owners.

In a capitalist economic system:

•  the government owns and operates all businesses.
•  there is little scope for competition.
•  consumers have a limited choice of goods and services.
•  the majority of people possesses government jobs.
•  prices of goods and services are determined by demand and supply.

Which of the following statements is true about GDP as a measure of a country's economic health?

•  It does not include the services produced in a country.
•  It measures only those goods and services made within a country.
•  It includes profits from companies' overseas operations.
•  It does not include profits earned by foreign companies within the country being measured.
•  It essentially takes into account the concept of GDP in relation to population.

A firm's _____ resources are also known as labor.

•  economic
•  human
•  intangible
•  financial
•  natural

Generally, when a retailer announces a discount sale on all its products:

•  consumers will not demand more than normal.
•  the store will not supply more products than it normally does.
•  consumers will demand more products.
•  the manufacturer will halt production.
•  consumers will demand fewer products than normal.

Increased unemployment can reduce consumer demand for goods and services, leading to:

•  economic expansion.
•  inflation.
•  deflation.
•  budget surplus.
•  recovery.

In a socialist economic system:

•  individuals own and operate all businesses.
•  very few people work for government organizations.
•  competition is restricted in major industries.
•  there is no concept of small businesses owned by individuals.
•  demand and supply have no role to play in the pricing of products and services.

As U.S. consumers get busier and earn more money, they hire others to do tasks such as house cleaning, laundry, and landscaping, resulting in the development of a(n) _____ economy focused on making life easier for busy consumers.

•  manufacturing
•  service-based
•  agricultural
•  technology-based
•  marketing

Which of the following is a force within an organization's control that has an impact on the business's daily operations?

•  Employees
•  Regulatory environment
•  Competition
•  Political environment
•  Technology

When different businesses can promote similar products based on different features, and consumers are willing to pay more for products containing the features they desire, the competitive environment is most likely to be:

•  monopolistic competition.
•  pure competition.
•  an oligopoly.
•  a monopoly.
•  socialist.