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Exam (elaborations)

BUSM 20 TEST 1 Exam Questions With Solutions

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BUSM 20 TEST 1 Exam Questions With Solutions _______________ is/are the external and internal circumstances that surround the business. Business Environment Economics is the study of how a society _________________. -Uses scares resources to satisfy its needs -Employs resources to produce...

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  • October 19, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSM
  • BUSM
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BUSM 20 TEST 1 Exam Questions With
Solutions

_______________ is/are the external and internal circumstances that surround the business.

Business Environment




Economics is the study of how a society _________________. -Uses scares resources to

satisfy its needs

-Employs resources to produce goods and services and distributes them among competing groups

and individuals




___________ studies the operation of a nation's economy as a whole. Macroeconomics




A major trend in the world today is that: Free-market economies are moving towards

socialism and socialist economies are moving more toawards capitalism




Today, the economic systems of most nations could most accurately be classified as:

Capitalism/Free Market




Jorge Martinez is a well-educated entrepreneur who operated a small business in his home

country of Florentina. At the encouragement of his American relatives, Jorge recently

, BUSM 20 TEST 1 Exam Questions With
Solutions
immigrated to the United States and applied for U.S. citizenship. "In Florentina, tax rates were

very high," Jorge complained. "The government used the taxes I paid to finance all sorts of social

programs to help the less fortunate. While this is a noble goal, it has really undermined the profit

incentive of individuals such as me. I really feel that these high taxes have stifled economic

growth." Jorge's comments illustrate the reason many socialist countries are experiencing a(n):

Brain Drain




One of the most significant problems faced by communist nations is: Not having a way of

knowing what to produce thus creating food and supply shortages




Which of the following people would tend to favor a communist economy? John wants to

live in a country with low marginal tax rates




A major benefit of socialism is the: Social Equality




Which of the following statements most accurately identifies a limitation of the free-market

economic system? Free-Market economies tend to result in unequal distribution of wealth




____________ is the selling of products to another country. Exporting

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