BUSN 11 Exam Questions With Revised
Answers
Oligopoly - answera state of limited competition, in which a market is shared by a small
number of producers or sellers.
BRICS - answerfive major emerging national economies: Brazil, Russia, India, China and
South Africa
Economies that were formerly...
Economies that did not embrace the free market forms
Capitalism is when free markets determine what is to be produced (supply) and what is to be
consumed (demand) T / F - answer✔✔T
When starting a business, a new owner will be asked for this document by capital suppliers, key
employees and possible supplier - answer✔✔A business plan
Business forms that are designed to limit liability to owners, limit the amount an owner can lose
to - answer✔✔The amount they have invested in the company
What is the most closely followed stock market index, which gauges the direction of the market -
answer✔✔Dow Jones Industrial Average
What happens when the value of the U.S. dollar increases, relative to other currencies -
answer✔✔The trade deficit increases
Capitalism - answer✔✔an economic and political system in which a country's trade and industry
are controlled by private owners for profit, rather than by the state.
Production Era - answer✔✔In the early 1900s, businesses refined production process and created
greater efficiencies
rights of capitalism - answer✔✔Right to own a business and keep after-tax profits
Right to private property
Right to free choice
Right to fair competition
pure - answer✔✔many sellers selling virtually the same product
Monopolistic - answer✔✔a market structure in which many companies sell products that are
similar but not identical
Socialism - answer✔✔A system in which society, usually in the form of the government, owns
and controls the means of production.
Hyperinflation - answer✔✔A very rapid rise in the price level; an extremely high rate of
inflation.
Consumer Price Index (CPI) - answer✔✔evaluates the change in the weighted average price of
goods that an average of consumers buy each month
Producer Price Index (PPI) - answer✔✔Evaluates the change over time in the weighted average
wholesale prices
Reasons for International Trade - answer✔✔access to factors of production, reduced risk, inflow
of innovation
competitive advantage - answer✔✔a set of unique features of a company and its products that
are perceived by the target market as significant and superior to those of the competition
opportunity cost - answer✔✔the most desirable alternative given up as the result of a decision
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