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(Answered) Busi 20 quiz Graphically, what has been achieved when price of goods demanded is equal to the quantity of goods supplied?

Question 1

Graphically, what has been achieved when price of goods demanded is equal to the quantity of goods supplied?

Supply curve optimization

Potential for surplus

Price reductions

Freedom of choice opportunities

Equilibrium price


Question 2

Which of the following best explains the difference between a market economy and a planned economy?

In a planned economy, consumers have little choice in where they work or what they purchase or pay.

In a market economy, consumers must pay what the market demands.

Capitalism is the root of a planned economy.

Market economies are also known as mixed market economies.

Planned economies promote the use of privatization to increase market share.


Question 3

When there are many small firms in a specific industry, what is likely to occur?

Competitive advantage

An oligopoly

Private enterprise

Perfect competition

Market force reliability

Question 4

Which of the following BEST describes what the consumer price index is used to indicate?

The average wage rate for a given region

The economic performance of key consumer product companies

The changes in the cost of consumer products over time

The percentage of consumers in the total population looking for work

The number of price increases within a given period of time


Question 5

Which of the following represents the ownership of resources used in a private enterprise system?

Freedom of choice

Private property rights

Increased profits

Limited competition

Perfect competition


Question 6

What takes place when buyers purchase more of a product when the price drops, and less when the price increases?


Laws of supply

Laws of demand

Degree of competition

Free market economy


Question 7

What term do economists use for the pattern of short-term expansions and contractions in the economy?

Business cycle

Aggregate output

Standard of living

Consumer price index

Purchasing power parity


Question 8

Which environment is NOT an important dimension of a business organization’s external environment?

The political-legal environment

The sociocultural environment

The technological environment

The corporate cultural environment

The global business environment


Question 9

What is created when one company is able to supply all the goods or services needed by the marketplace?


Natural monopolies

Marketplace shifts

Monopolistic competition



Question 10

What does a planned economy rely on a centralized government to do?

Support free enterprise in every way possible

Allocate all or most factors of production

Encourage citizens to buy shares of stock in small companies

Keep its control activities to a minimum

Direct workers to start their own small businesses


Question 11

Which of the following is an informal dimension for managing social responsibility?

Legal compliance


PAC committees

Ethical compliance

Philanthropic giving


Question 12

Which of the following occurs when someone uses confidential information to gain from the purchase or sale of stocks?

Identity theft

A margin purchase

Insider trading


A guarantee


Question 13

What do new forms of solid-waste disposal such as repurposing combustible waste help prevent?

Future contamination of land

Toxic dumping

Use of phosphates


Zero-landfill claims


Question 14

What is likely the single MOST effective step that a company can take to set ethical standards?

Offer large cash awards for whistle-blowing.

Suggest that employees take ethics training.

Post ethical rules on bulletin boards.

State that the workplace values diversity.

Demonstrate support from top management.


Question 15

When working to protect the environment, what type of pollution lowers air quality?







Question 16

What concept is supported by those who believe that corporations should help improve the lives of citizens?

Social auditing

Government initiative


Social responsibility

Social accommodation



Question 17

When an activity benefits an individual but not the employer, what ethical dilemma has been created?

Lack of social responsibility

Violation of the code of conduct

Conflict of morals

Interaction with primary agents of interest

Conflict of interest


Question 18

Firms that meet, and occasionally exceed, legal and ethical requirements, take what type of social responsibility stance?


Social accommodation





Question 19

When a business hires a staff to formally represent the organization before a political body, in efforts to influence that political body, the business is

using personal contacts.

starting a political action committee.


asking for favors.



Question 20

What is the term given to the groups, individuals, and organizations that are directly affected by the practices of an organization?

Primary agents of interest

Social auditors


Organizational stakeholders

Local communities


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