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Which of the following fields is concerned with understanding the choices people make in using scarce resources?

Economics

The study of macroeconomics is

concerned with studying the overall economy

The willingness and ability of sellers to provide goods and services for sale in a market is referred to as

Supply

refers to the willingness and ability of buyers to purchase goods and services.

demand

Most industrialized nations operate economies based on

private enterprise systems

Entrepreneurs have the most economic freedom in which type of economy?

Capitalism

Which of the following is considered to be the BEST example of pure competition in today's business environment?

Agriculture

A particular industry has many competitors, each of whom has little control over price. In addition, it is fairly easy to enter the industry. This industry is an example of ________.

pure competition

The four different types of market structure in a private enterprise system are ________.

pure competition, monopolistic competition, oligopoly, and monopoly

Control over price by individual firms is highest in a(n) ________.

pure monopoly

Unless it is regulated or only temporary, the market situation called ________ is prohibited in the U.S. through antitrust legislation.

Monopoly

_____ is an economic system in which private property is eliminated.

Communism

has a blend of both planned and free enterprise system.

A mixed market economy

Many developing countries have had __________ rates of GDP growth compared with the United States and other developed countries

higher

Over the past decade, which of the following countries had the highest annual rate of GDP growth?

China

An absolute advantage occurs when a country can maintain

a monopoly by being the lowest-cost producer

A comparative advantage in a good or service means that __________.

compared to another good or service, a nation will produce the one that it produces most efficiently

A trade deficit occurs when __________.

imports exceed exports

A balance of payments surplus means

an overall inflow of money from abroad

A country's exchange rate is based on __________.

the rate at which its currency can be exchanged for other currencies

A country has a good chance of selling more of its goods abroad if it __________.

devalues its currency

Management styles and ways of managing workers may need to be modified in other parts of the world in order to overcome __________ barriers.

cultural

All of the following are social and cultural barriers EXCEPT __________.

currency shifts

All of the following constitute a country's infrastructure EXCEPT __________.

housing

A country raises the tariff on imported cheese in order to increase its price above the price of domestically produced cheese. This is an example of __________.

a protective tariff

The objective of an import quota is to __________.

protect domestic industries

The North American Free Trade Agreement (NAFTA) can be expected to __________.

vastly increase trade among the member nations

Raw facts and figures are ________.

data

Hannah is a television executive whose team conducted demographic research for new programs. Hannah will be expected to write a detailed ________ report about the impact of this study and the effect of the network's marketing strategy.

information

The person who directs a firm's management information systems and related computer operations is often called the ________.

chief information officer

A database can best be described as ________.

a centralized integrated collection of the organization's data resources

An information system that provides relevant data to help businesspeople choose the appropriate course of action is called a(n) ________.

decision support system

A computer program that imitates human thinking is a(n) ________.

expert system

Which of the following is a storage device?

Flash memory card

Which of the following is an application program?

Microsoft Excel

Word processing programs can do all of the following EXCEPT ________.

compute calculations

Diego purchased a company and discovered that his employees were using different operating systems. Instead of spending considerable time and expense getting everyone on the same system, Diego established a(n) ________ to create company bulletin boards, manage documents, and conduct online conferencing.

intranet

Software that encodes data, making it difficult for unauthorized users to view, is called ________.

encryption software

Jennifer belongs to several online card clubs. When she downloaded a recommended bridge game, she unknowingly received a ________, which ultimately damaged the hard drive on her computer.

Trojan horse

Mario downloaded some company information into a spreadsheet so that he could work on it at home. When he returned to work, he inserted his memory card into his company computer. Within minutes, all of his hard drive files were corrupted. The most likely cause was a(n) ________.

computer virus

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