Buisness Exam

Front 1

Which of the following fields is concerned with understanding the choices people make in using scarce
resources?

Back 1

economics

Front 2

The study of macroeconomics is ________.

Back 2

concerned with studying the overall economy

Front 3

Williams & Co. management is trying to decide the appropriate prices for various products sold by the firm. This
is a focus of ________.

Back 3

concerned with studying the overall economy

Front 4

In general, as the price of a good or service increases, the quantity demanded:

Back 4

decreases

Front 5

________ refers to the willingness and ability of buyers to purchase goods and services.

Back 5

Demand

Front 6

Which of the following statements about demand curves is true?

Back 6

When the price falls, demand increases.

Front 7

The equilibrium price is established when the quantity ________.

Back 7

purchased is equal to the quantity offered

Front 8

A shortage will occur when ________.

Back 8

price is below the equilibrium point

Front 9

The three major types of economic systems are ________.

Back 9

capitalism, planned economies, and mixed economies

Front 10

Entrepreneurs have the most economic freedom in which type of economy?

Back 10

capitalism

Front 11

Consumers can choose from hundreds of different kinds and producers of cheese, each with a slightly different
flavor and texture. This type of market structure is known as ________.

Back 11

monopolistic competition

Front 12

Barriers to entry into an industry are highest in ________.

Back 12

a monopoly

Front 13

Unless it is regulated or only temporary, the market situation called ________ is prohibited in the United States
through antitrust legislation.

Back 13

monopoly

Front 14

The sum of all goods and services produced within a nation’s boundaries each year is the ________.

Back 14

Gross domestic product

Front 15

The two major policy tools available for controlling economic activity are ________.

Back 15

monetary and fiscal policies

Front 16

Computers that are manufactured in the United States and sold in Norway are categorized as U.S. ________.

Back 16

exports

Front 17

Los Angeles-based PMI Telecom purchases cell phones manufactured in Asia and sells them in the United
States. PMI is engaging in the international business activity known as ________.

Back 17

importing

Front 18

All of the following are included in the top five nations the United States trades with EXCEPT ________.

Back 18

Spain

Front 19

During the past decade, which of the following countries has experienced the greatest annual rate of GDP
growth?

Back 19

China

Front 20

Because of its climate and terrain, Guatemala possesses a ___________ over Canada in coffee production.

Back 20

absolute advantage

Front 21

A balance of payments deficit occurs when ________.

Back 21

the net outflow of money from a country exceeds the net inflow of money from abroad

Front 22

An understanding of religious holidays is essential in order to overcome ________ international trade barriers.

Back 22

cultural

Front 23

All of the following constitute a country’s infrastructure EXCEPT ________.

Back 23

political climate

Front 24

A country raises the tariff on imported cheese in order to increase its price above the price of domestically
produced cheese. This is an example of ________.

Back 24

a protective tariff

Front 25

A foreign-made household appliance is popular and is highly competitive... To give the domestic industry a better chance to operate profitably, the government restricts the number of these appliances that can be imported by applying a(n) ________.

Back 25

import quota

Front 26

Dumping _________ domestic consumers and _________ domestic producers.

Back 26

benefits, harms

Front 27

A major concern of labor unions regarding trade agreements is:

Back 27

a decrease in U.S. exports

Front 28

Amit, CEO of Charter Chemical, has recognized the financial opportunities in China. Amit has hired a foreignfreight forwarder to coordinate selling Charter Chemical’s products outside the United States. Charter Chemicalis now involved in ________.

Back 28

direct exporting

Front 29

An American company that makes plastic garden furniture wants to market its products in a foreign country that has a high tariff barrier against imported plastic goods. One way the company can get around this problem is to ________.

Back 29

enter into a licensing agreement with companies within the foreign country to produce the furniture
there

Front 30

BMW and Toyota set up a factory in Brazil to produce minivans. Slightly different minivan versions are sold in
Brazil - one as a Toyota and one as a BMW. This is an example of ________.

Back 30

a joint venture

Front 31

Which of the following is considered information rather than data?

Back 31

A measure of the effectiveness of a promotional strategy

Front 32

Which of the following statements best describes the purpose of a management information system?

Back 32

Provide information on internal operations and external intelligence for use in decision making

Front 33

An information system that provides relevant data to help businesspeople choose the appropriate course of
action is called a(n) ________.

Back 33

decision support system

Front 34

________ software controls the basic workings of the computer system.

Back 34

Operating

Front 35

All of the following devices are computer hardware EXCEPT a ________.

Back 35

printer driver

Front 36

Angelo purchases a new game for his computer. He will load the program onto the computer's hard drive.
Angelo is buying ________.

Back 36

application software

Front 37

Which of the following is an application program?

Back 37

Microsoft Excel

Front 38

Brian is sitting at his computer preparing a new sales brochure. The brochure combines high-quality type,
graphics, and photographs. What type of software is Brian likely using to create the brochure?

Back 38

Desktop publishing program

Front 39

Mari is on a business trip. From her hotel, she uses her computer to access her company's network, checking
her e-mail and calendar. Mari's company has a(n) ________.

Back 39

intranet

Front 40

________ tie geographic regions together using long-distance telephone lines or satellite transmissions.

Back 40

Wide area networks

Front 41

Caleb’s company has installed a system to make data transmission secure. Therefore, he can use the Internet
to send and receive sensitive data. Caleb’s company has installed a(n) ________.

Back 41

virtual private network

Front 42

All of the following are advantages of VoIP EXCEPT ________.

Back 42

increased security

Front 43

Mario downloaded some company information into a spreadsheet so that he.. he returned to work, he inserted his memory card into his company computer. Within minutes, all of his hard drive files were corrupted. The most likely cause was a(n) ____

Back 43

computer virus

Front 44

All of the following are reasonable responses to potential computer problems EXCEPT ________.

Back 44

limiting computer access to only a handful of senior managers

Front 45

Courtney’s office in south was destroyed by a hurricane last year, and she lost numerous company documents. After relocating, Courtney took no chances and implemented ________, in which she backed up her data in a secure online storage service.

Back 45

disaster recovery planning