Business Studies > EXAM > BUIS1301 final exam study guide| 103 QUESTIONS| WITH COMPLETE SOLUTIONS (All)

BUIS1301 final exam study guide| 103 QUESTIONS| WITH COMPLETE SOLUTIONS

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In a socialist economy, Correct Answer: competition is restricted in major industries What was the first country to make strong economic gains by adopting capitalist approaches to business? Correc... t Answer: China Which of the following is true regarding an oligopoly? Correct Answer: Prices charged by different firms stay fairly close because a price cut or increase by one company will trigger a similar response from another company ____ is an economic system in which the government owns and operates basic industries Correct Answer: socialism Which of the following is true of product availability in a communist system Correct Answer: consumers have a limited choice of goods and services What is associated with a decline in spending? Correct Answer: economic contraction When there is only one business providing a product in a given market, there exists Correct Answer: a monopoly who set up the first American textile factory after he memorized plans for an English factory and emigrated to the United States Correct Answer: Samuel Slater What is an example of an intangible product? Correct Answer: a music concert Rachel is living on a fixed income since her retirement. She is worried that the economy is expanding too rapidly, which could result in Correct Answer: inflation A(n) ____ describes how a particular society distributes its resources to produce goods and services Correct Answer: economic system All of the following are true of [Show More]

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