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Principles Of Business - Mid Term Review - Fall 2014
Test Description: Mid Term Review
Instructions: Answer all questions to get your test result.
1) In a _____________ the resources are owned and controlled by the people.
A
traditional economy
B
market economy
C
command economy
D
mixed economy
2) Market price is determined by all of the following except _______________.
A
supply
B
opportunity cost
C
demand
D
competition
3) The primary reason why businesses invest resources and take risks is to ______________.
A
improve their products
B
earn a profit
C
provide jobs
D
produce goods and services
4) The easiest form of a business to start is a
A
partnership
B
proprietorship
C
corporation
D
nonprofit group
5) Profit is __________________________________________________.
A
the money made after the sale of a product
B
the money left from sales after all of the costs of operating a business have been paid
C
the rivalry among businesses to sell goods and services
D
the money made after taxes are paid
6) Max has two hours before having to go to his part-time job. He is deciding between picking vegetables from his garden or taking a nap. If Max chooses to take a nap, the opportunity cost of his decision is
A
the wages from his part-time job
B
the vegetables could rot
C
the rest that he is getting
D
none of the above
7) The management team for Apple is considered what type of resource for that company?
A
natural resources
B
capital resources
C
human resources
D
unlimited resources
8) ________ is a period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year.
A
Deflation
B
Recovery
C
Recession
D
Depression
9) The basic economic problem is
A
the value of the next best alternative that you were not able to choose.
B
too many needs; not enough resources.
C
high unemployment.
D
too much control by government.
10) An increase in the general level of prices.
A
opportunity cost
B
inflation
C
deflation
D
market price
11) If I had to choose to go eat pizza with friends or study for an exam and I chose to go with friends. The ________________ would be that I may not do well on my exam.
A
deflation rate
B
opportunity cost
C
economic problem
D
trade off
12) Which style of management is best to use when: managing a group of new employees who don't have any relevant job experience?
A
tactical
B
strategic
13) The following standards should all be met when thinking of ethical behavior in the office EXCEPT:
A
it should not be an embarrassment to the company if the actions were to become public.
B
it should follow the company's values and policies.
C
it should make money.
D
it should be lawful.
14) The way people get along with each other is called _____________.
A
human relations
B
ethical behavior
C
core values
D
human resources
15) Who decides the supply in the market?
A
government
B
producers
C
corporations
D
consumers
16) Who decides the demand for products?
A
Consumers
B
Producers
C
Corporations
D
Government
17) Cuba and North Korea are examples of this type of government
A
market
B
capitalism
C
command
D
traditional
18) The period where unemployment is highest in the business life cycle is _______.
A
recovery
B
depression
C
prosperity
D
recession
*select an answer for all questions
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