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Questions in business

[Answered] Why have so many U.S. factories moved to Mexico? A. The mild temperatures speed production. B. Mexico is a source of cheaper labor. C. There is no room to build in the United States. D. The United States has a shortage of skilled laborers.

[Answered] Rob quit a job working 20 hours per week at a Subway sandwich shop to make sandwiches himself in his college dorm room that he sells to hungry students. If he had been paid $9 per hour at Subway and now works the same 20 hours per week but sells his sandwiches for $300 a week and pays only $100 a week for supplies, how much economic profit does he make?

[Answered] In the long term, the elasticity of supply is affected most by: A. time B. resources C. labor D. capital

[Answered] Which statement about the Federal Reserve System is true? A. Its chairman is the Secretary of the Treasury. B. Its leaders are chosen by the political party that holds the White House. C. It is controlled by a congressional committee. D. It is run by a board that is independent of political parties.

[Answered] Which of the following is the best definition for a monopoly? A. An industry being split among several companies to allow for competition B. A whole industry being owned by one company C. The government controlling and making profit from an industry D. A large city with a population over 100,000

[Answered] Nations establish trade barriers against other nations for all of the following reasons except: A. To discourage citizens from buying imports B. To encourage domestic businesses to meet demand C. To protect domestic companies from international competition D. To create more free trade between countries

[Answered] Which of the following are factors that can cause a shift in supply? A. Demand decreases and competition increases B. Demand increases and competition decreases C. Less availability of products and increasing market share D. Production increases and establishment of new companies

[Answered] What effect does the availability of many substitutes have on the elasticity of demand for a good?

[Answered] “The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.” 1. This quotation best supports which of the economic theories of John Maynard Keynes? A. Businesses and jobs rely most strongly on consumer demand. B. Government regulation is necessary to stabilize the economy. C. Markets operate best when allowed to operate freely. D. Private individuals can best make their own economic decisions.

[Answered] What was the main benefit of scientific management?