Los Angeles Mission College » Business » Business 001 - Introduction to Business » Spring 2022

Business 001 - Introduction to Business » Spring 2022 » Ch 1 OpenStax Homework

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Question #1

Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions.

A. False

B. True

Question #2

Some global corporations are large enough to create major changes in the external environment.

A. False

B. True

Question #3

Monopolistic competition is a market structure in which entry is easy.

A. True

B. False

Question #4

Legal challenges arising from laws designed to control anticompetitive behavior occur in monopolistic competition.

A. False

B. True

Question #5

A strategic alliance is a cooperative agreement between business firms.

A. True

B. False

Question #6

Which of the following is an example of a business?

A. Jack & Jill, a specialty clothing store for young children

B. Ford Motor Company

C. Lawson & Tyler law offices

D. Wal-Mart

E. All of the answers are correct.

Question #7

Which of the following is the best example of a service?

A. the license tags you purchased for your car

B. the grill on which you cook steak

C. the gallon of milk you purchased at the convenience store

D. the hamburger you bought for lunch

E. the pleasure you derive from seeing a good play

Question #8

Which of the following is the best example of a good?

A. the physical examination you received from your doctor

B. the driving lessons you took

C. the life guarding class you took last summer

D. the airplane flight you took to attend a funeral

E. the birthday candles you purchased to go on your sister's birthday cake

Question #9

Which of the following businesses provides its customers with a service?

A. a pecan grower

B. a wheat farmer

C. a used book store

D. a law office

E. a mattress manufacturer

Question #10

Which of the following businesses provides its customers with a good?

A. hair salon

B. accounting firm

C. movie theater

D. hotel

E. bicycle manufacturer

Question #11

Which of the following is NOT an example of a good that would be sold in a department store?

A. wedding dress

B. white linen table clothes

C. book on wedding etiquette

D. the advice of a wedding planner

E. silk flower bouquets

Question #12

What is the primary difference between a good and a service?

A. A good costs more to market than a service

B. A service is tangible, and a good is intangible.

C. The development costs for a service is higher than for a product.

D. A good costs more to produce than a service.

E. A good is tangible, and a service is intangible.

Question #13

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

A. consumer productivity

B. quality of life

C. input per person

D. total consumption rate

E. standard of living

Question #14

Which of the following countries has a high standard of living?

A. Nigeria

B. the United States

C. Guatemala

D. Malaysia

E. Bolivia

Question #15

The standard of living in any country is:

A. measured by subtracting the supply of goods and services from the demand for goods and services

B. the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

C. higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

D. determined by the money left over after all expenses are paid

E. measured by the output of goods and services people can buy with the money they have

Question #16

The standard of living is low in Honduras. This means:

A. it attracts risk-aversive entrepreneurs

B. its citizens cannot afford to buy much

C. it has higher wages than the U.S.

D. it has a negative balance of trade

E. it has a positive balance of trade

Question #17

The quality of life is:

A. the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

B. higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

C. determined by the money left over after all expenses are paid

D. measured by subtracting the supply of goods and services from the demand for goods and services

E. measured by the output of goods and services people can buy with the money they have

Question #18

_____ is the amount of money remaining from a firm’s sales revenue after it deducts production costs, interest costs, and taxes.

A. Retained earnings

B. Net sales

C. A dividend

D. Working capital

E. Profit

Question #19

Hudson Kling mows yards during the summer. Which of the following is an example of revenue for Kling?

A. the new pair of shoes he had to buy because he accidentally ran over a pair with his mower

B. a trip to the lawn mower repair shop to get his machines blade sharpened

C. the $10 tip Mrs. Pierre gave him for doing such a fine job of mowing her yard

D. the gas can he had to buy so his mower wouldn’t run out of gas while he mowed Mr. Johnson’s five-yard pasture

E. a tire repair kit and extra air filters for the lawn mower

Question #20

Iris Souza started the summer with $30. She took $10 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125 left. What was Souza’s profit for her summer job?

A. $30

B. $175

C. $125

D. $205

E. $80

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