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Business Essentials, 9th edition by (Ebert/Griffin) testbank

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Business Essentials, 9th edition by (Ebert/Griffin) testbank 1) The customs, values, and demographic characteristics of the society in which an organization functions are the principal elements of t... he political-legal environment. Answer: FALSE Explanation: These are the main considerations of the sociocultural environment. The political-legal environment reflects the relationship between business and government, usually in the form of government regulation of business. Page Ref: 5 Difficulty: Easy Objective: 1.2 Learning Outcome: Compare and contrast different economic systems Skill: Concept 2) Physical resources include the data and other information used by businesses. Answer: FALSE Explanation: Physical resources are the tangible resources that organizations use to conduct their business such as natural resources, raw materials, offices, storage and production facilities, parts and supplies, computers and peripherals, and a variety of other equipment. Page Ref: 8 Difficulty: Easy Objective: 1.3 Learning Outcome: Identify the different types of technologies used in business and describe their uses Skill: Concept 3) Economic systems differ in how factors of production are used. Answer: TRUE Explanation: Different types of economic systems manage the factors of production differently. In capitalism, for instance, they are managed by private individuals with capital resources, while in a command economy the government manages the factors of Current 51155455.1 17-Jan-17 18:36 production. Page Ref: 9 Difficulty: Easy Objective: 1.3 Learning Outcome: Compare and contrast different economic systems Skill: Concept Current 51155455.1 17-Jan-17 18:36 4) The point at which the supply curve and the demand curve intersect is the market price. Answer: TRUE Explanation: When demand and supply curves are plotted on the same graph, the point at which they intersect is the point at which demand matches supply, which determines the market price. Page Ref: 12 Difficulty: Easy AACSB: Analytic skills Objective: 1.4 Learning Outcome: Discuss strategies for setting and adjusting prices Skill: Concept 5) Aggregate output refers to a company's annual production of goods or services. Answer: FALSE Explanation: Aggregate output is the total quantity of goods and services produced by an economic system during a given period. Page Ref: 17 Difficulty: Moderate Objective: 1.5 Learning Outcome: Explain how economic performance is monitored Skill: Concept 6) The United States government manages the collection and spending of its revenues through monetary policy. Answer: FALSE Explanation: The United States government manages the collection and spending of its revenues through fiscal policy. Page Ref: 23 Difficulty: Moderate Objective: 1.5 Learning Outcome: Compare and contrast different economic systems Skill: Concept 7) The pursuit of profits is how a business differs from organizations such as most universities, hospitals, and government agencies. Answer: TRUE Explanation: The pursuit of profits distinguishes a business from those organizations—such as most universities, hospitals, and government agencies—that run in much the same way but that generally don't seek profits. Page Ref: 4 Difficulty: Easy Objective: 1.1 Learning Outcome: Explain the entrepreneurship process Skill: Concept Current 51155455.1 17-Jan-17 18:36 8) The technological environment includes only electronics and telecommunications used to perform business activities. Answer: FALSE Explanation: Technology includes human knowledge, work methods, physical equipment, electronics and telecommunications, and various processing systems that are used to perform business activities. Page Ref: 6 Difficulty: Moderate AACSB: Analytic skills Objective: 1.2 Learning Outcome: Identify the different types of technologies used in business and describe their uses Skill: Concept 9) One of the four elements that are necessary for private enterprise to be carried out is reasonable prices. Answer: FALSE Explanation: The four elements that must be present in private enterprise are private property rights, freedom of choice, profits, and competition. Page Ref: 14 Difficulty: Moderate Objective: 1.4 Learning Outcome: Discuss strategies for setting and adjusting prices Skill: Concept 10) In typical modern oligopolies, the large capital investment necessary to enter the market discourages new competitors. Answer: TRUE Explanation: A major factor discouraging new competitors in current oligopolistic industries such as automobiles and large commercial aircraft is the huge capital investment that would be needed to start a new company. Page Ref: 15 Difficulty: Moderate Objective: 1.4 Learning Outcome: Compare and contrast different economic systems Skill: Concept 11) Natural monopolies exist partly because duplication of effort and resources would be wasteful in some cases. Answer: TRUE Explanation: Many electric companies, for example, are natural monopolies because they can supply all the power needed in a local area. Page Ref: 16 Difficulty: Moderate Objective: 1.4 Learning Outcome: Compare and contrast different economic systems Skill: Concept [Show More]

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