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Includes True/False items with provided answers, covering topics such as business survival, manufacturing systems, specialization, economic history like the Great Depression, stakeholders, managerial concerns, business resources, customer needs, profit versus revenue, macroeconomic factors, laissez-faire, market versus command economy, and concepts like inflation, recession, depression, productivity, and market structures. 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Only about half of business firms survive the first five years.  \na. True  \nb. False ANSWER: True  \n2. A factory system of manufacturing involves the separation of a manufacturing process into separate tasks and the assignment of different tasks to different employees.  \na. True  \nb. False ANSWER: False  \n3. Specialization is meant to increase the efficiency and productivity of industrial workers.  \na. True  \nb. False ANSWER: True  \n4. During the Great Depression, government became deeply involved in business to stimulate the nation’s economy.  \na. True  \nb. False ANSWER: True  \n5. A person must own stock in a corporation to be considered a stakeholder.  \na. True  \nb. False ANSWER: False  \n6. Today, managers and employees are no longer concerned about cultural diversity.  \na. True  \nb. False ANSWER: False  \n7. The four resources that a business must use to operate successfully include material resources, human resources, financial resources, and operational resources.  \na. True  \nb. False ANSWER: False  \n8. The ultimate goal of every business firm should be to satisfy the needs of its customers.  \na. True  \nb. False ANSWER: True  \n9. If a firm's sales revenue exceeds its expenses, the firm has earned a profit.  \nCopyright Cengage Learning. Powered by Cognero. Page 1  \nCLICK HERE TO ACCESS THE FULL TEST BANK  \nName:   Class:   Date:   Chapter 01: Exploring the World of Business and Economic  \na. True  \nb. False ANSWER: True  \n10. Macroeconomists often study the effect of taxes, government spending, interest rates, and similar factors on a nation's economy.  \na. True  \nb. False ANSWER: True  \n11. According to Adam Smith, under laissez-faire capitalism, everyone should be allowed to work toward their own economic gain without government interference.  \na. True  \nb. False ANSWER: True  \n12. A market economy is sometimes referred to as a command economy.  \na. True  \nb. False ANSWER: False  \n[13. The U.S. business](13. The U.S. business) system is more accurately referred to as a mixed economy.  \na. True  \nb. False ANSWER: True  \n14. Command economies include capitalism, socialism, and communism.  \na. True  \nb. False ANSWER: False  \n15. Productivity is the total output per worker per year.  \na. True  \nb. False ANSWER: False  \n16. Reducing costs and enabling employees to work more efficiently are at the core of all attempts to improve productivity.  \na. True  \nb. False ANSWER: True  \n17. Fewer workers producing more goods and services can lead to higher overall employment rates.  \na. True  \nb. False  \nCopyright Cengage Learning. Powered by Cognero. Page 2  \nCLICK HERE TO ACCESS THE FULL TEST BANK  \nName:   Class:   Date:   Chapter 01: Exploring the World of Business and Economic  \nANSWER: False  \n18. Inflation is a general rise in the level of prices experienced by people in a nation.  \na. True  \nb. False ANSWER: True  \n19. Economists define a recession as two or more consecutive three-month periods of decline in a country's gross domestic product (GDP) .  \na. True  \nb. False ANSWER: True  \n20. A depression is a severe recession that lasts longer than a recession.  \na. True  \nb. False ANSWER: True  \n21. Monetary policies exert the government's influence on the amount of savings and expenditures by altering the tax structure and changing the levels of government spending.  \na. True  \nb. False ANSWER: False  \n22. The equilibrium or market price exists when the supply of a product exceeds the amount that consumers are willing to purchase.  \na. True  \nb. False ANSWER: False  \n23. The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same basic need.  \na. True  \nb. False ANSWER: True  \n24. An oligopoly is a market situation in which there is one producer an","cbCairaz1k47IlXc","https://ap.wps.com/l/cbCairaz1k47IlXc","pdf",1137434,"English","# Chapter 01: Exploring the World of Business and Economic\n## True / False\n## Multiple Choice","[{\"question\":\"What kinds of questions are included in this test bank section?\",\"answer\":\"It contains True/False questions and Multiple Choice questions, each with an indicated correct answer.\"},{\"question\":\"Which business and economics topics are addressed in the True/False items?\",\"answer\":\"Topics include business survival, manufacturing and specialization, stakeholders, cultural diversity, business resources, customer needs, profit logic, macroeconomic factors, laissez-faire and economic systems, and indicators such as inflation, recession, depression, and productivity.\"},{\"question\":\"How are sales and profits related according to the multiple-choice content?\",\"answer\":\"The correct option states that sales revenue minus expenses equals profit.\"}]","TEST BANK FOR FOUNDATIONS OF BUSINESS - Chapter 1 - True/False and Multiple Choice Practice | PDF",1789634389,101]