BUS 400: intro to Business

Prompt: I need help answering this questions

1. Figuring out how to fulfill an unlimited demand for goods and services in a world with limited resources, is a central issue of economics.

Group of answer choices

True

False

2. According to Adam Smith, competition:

Group of answer choices

mitigates growth

fosters efficiency.

increases demand

prevents low prices.

increases prices.

3. The market for corn in Brazil has a large number of sellers and there is no difference in the products sold by each seller. As there are also a large number of buyers for corn, the actions of a single seller or buyer cannot affect the price. The market for corn in Brazil can be described as ____.

Group of answer choices

an oligopoly

monopolistic competition

modified competition

pure competition

4. When a nation takes in less from taxes than it spends, it has a _____.

Group of answer choices

budget deficit

negative balance of trade

small cap problem

Kondratieff wave

5.The concept of social responsibility is universally accepted.

Group of answer choices

True

False

6. Is this statement true, or false? "Economics is also known as the dismal science."

Group of answer choices

False

True

7. Because of an unfavorable political situation between the countries, the country of Thetasia has placed a government order to prohibit the trade of private vehicles with the country of Calibria. Thetasia has maintained a(n) _____ with Calibria.

Group of answer choices

trade tariff

trade embargo

quota limit

ad valorem tariff

8. Retailing attracts entrepreneurs because gaining experience and exposure in retailing is relatively easy.

Group of answer choices

True

False

9. Securing a mortgage from a bank for a new business venture is an example of debt financing.

Group of answer choices

True

False

10.Question 10

2 pts

When a demand curve is MORE ________, it means that as the price changes, a larger proportion of quantity is demanded than the price changed.

Group of answer choices

Inelastic/Curved

Elastic/Flat

11. Banks and other financial institutions can grant a small business a _____, which is an agreement by which a financial institution promises to lend a business a predetermined sum on demand.

Group of answer choices

line of credit

trust fund

trade credit

mutual fund

non-recourse loan

12. Anisha, an entrepreneur, starts a real estate firm with very limited funds. In order to conduct business, she purchases a few laptops, LED screens, and other office equipment from a local electronics wholesaler. The wholesaler understands her financial situation and allows her to pay for the goods in installments. In this scenario, the type of funding obtained by Anisha can be regarded as a _____.

Group of answer choices

working capital loan

trade credit

business subsidy

non-recourse loan

Line of credit

13. Nathan started the first outlet of Dynamix Gym in New York City in 1995. The business expanded over time, and he became the owner of a chain of gyms in New York State. Though the business had potential to expand outside New York, Nathan did not want to take the risk or responsibility. Hence, he decided to sell the license to own and operate gyms under the brand name Dynamix Gym to independent owners. In return, he charged them an initial fee and a small share in the monthly profits. In this scenario, Nathan is a(n) _____.

Group of answer choices

trade creditor

Angel investor

venture capitalist

franchiser

intrapreneur

14. Which of the following has been a recent trend with regard to the different levels of management within an organization?

Group of answer choices

With technological advances accelerating, the role of privacy officers has declined within organizations.

The ranks of middle managers have been shrinking as more and more companies downsize to be more productive.

The top management of most organizations spends most of its time directing and controlling workers' daily performance on the job.

Effective managers at enlightened corporations have found that diversity is detrimental for workers and for the bottom line.

Most stakeholders support the perks and special treatment the top management of an organization gets.

15. Disadvantages of product departmentalization are that it duplicates functions and does not focus on an organization's overall objectives.

Group of answer choices

True

False

16. In the context of operations management, which of the following is true of the transformation process?

Group of answer choices

It occurs in all organizations, regardless of what they produce or their objectives.

It focuses on producing outputs that are less worth than the combined costs of the inputs.

It occurs only in manufacturing companies because they use tangible inputs.

It involves replacing quality with productivity when manufacturing goods.

17. A wide span of management works best when a manager and subordinates are not in close proximity.

Group of answer choices

True

False

18. 18th-century economist Adam Smith illustrated improvements in efficiency in manufacturing units through the application of:

Group of answer choices

Downsizing

Specialization

Crowdsourcing

Standardization

Decentralization

19. An airlines company having different departments for frequent travelers and occasional travelers illustrates _____ departmentalization.

Group of answer choices

Seniority

Customer

Product

Geographical

Functional

20. Gerald is the owner of a popular restaurant. He has appointed a manager who takes care of the day-to-day operations of the restaurant and reports to Gerald at the end of a week. The manager is assisted by a junior manager, who supervises the rest of the staff in the restaurant. Thus, Gerald's restaurant is using a _____.

Group of answer choices

line-and-staff structure

matrix structure

monopolistic structure

line structure

21. Maple Health Care, a chain of private hospitals and laboratories, finds it difficult to measure the productivity of its staff. Which of the following reasons can be attributed to this problem of service providers?

Group of answer choices

Services have a high degree of uniformity.

Service requirements vary from job to job.

Services require minimal customer contact.

Service experience remains constant each time.

Services cannot be delivered at the point of consumption.

22. Zedpro Computer Company is determining the demand for a new product and how much consumers are willing to pay for it. For this, Zedpro should best rely on:

Group of answer choices

marketing research

trial and error.

management intuition.

successful past experiences

case studies

23. Please summarize the 5 most important lessons you have learned about business in this course(intro to busines) to date. Please rank each answer, and provide a 2 or 3 sentence summary of why you feel each lesson is important.