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CMC BUS 115 - BUS-115 Questions Chapter 01

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BUS-115 Introduction to BusinessChapter 1 – Exploring the World of BusinessPick the ONE best answer for the following questions.Mark your answers on the back-side of the Scantron answer sheet, starting with #51For True/False questions A=True and B=FalseErase all stray marks51.True or False? Free enterprise is a system of business in which individuals decide what to produce and how to produce it.52.True or False? Less than 50 percent of small businesses fail within the first five years.53.True or False? Business is the organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society’s needs.54.True or False? Adam Smith argued that a society’s interests are best served when individuals are allowed to pursue their own self interest.55.True or False? The business cycle consists of two or more consecutive three-month periods of decline in a country’s GDP.56.A general rise in the level of prices is calleda. free enterprise.b. inflation.c. gross domestic product.d. depression.e. monopoly.57.A market situation in which there are many buyers and sellers of a product, and no single buyer or seller can control the price isa. an oligopoly.b. a monopolistic marketplace.c. a monopoly.d. pure competition.e. a laissez-faire market.58.A system of exchange in which goods or services are exchanged without using money is calleda. a barter system.b. free enterprise.c. monetary policy.d. fiscal policy.Page 1 of 3e. monopolistic competition.59.The separation of a manufacturing process into distinct tasks is referred to asa. barter.b. specialization.c. factory system.d. domestic system.e. an economy of scale.60.A method of manufacturing in which all materials, machinery, and workers are assembled in one place is called thea. economic system.b. domestic system.c. Slater’s system.d. factory system.e. an oligopoly.61.True or False? Today the terms business and e-business mean the same thing.62.True or False? Wal-Mart and Target are often referred to as marketing intermediaries.63.True or False? Profit is the payment that business owners receive for assuming the considerable risks of ownership.64.True or False? Approximately one-third of our nation’s total production consists of consumer products.65.True or False? A monopoly is a market (or industry) with only one seller.66.Which of the following is not one of the four resources used by business today?a. Materialb. Informationalc. Governmentald. Financiale. Human67.Today, the U.S. economy is often characterized as a __________ economy.a. laissez-faireb. commandc. socialistd. mixede. Reagan-BushismPage 2 of 368.Many economists refer to the average level of output per worker per hour asa. productivity.b. inflation.c. the business cycle.d. real GDP.e. the trough.69.Which of the following is not one of the four states in a business cycle?a. Peakb. Recessionc. Troughd. Recoverye. Deficit70.Before leaving England, __________ memorized the plans for a water-powered spinning machine and set up a textile plan in Pawtucket, Rhode Island.a. Eli Whitneyb. Franklin Rooseveltc. Samuel Slaterd. Mark Cubane. Cyrus McCormickPage 3 of


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CMC BUS 115 - BUS-115 Questions Chapter 01

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