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Business Mid Term Review
Test Description: Review
Instructions: Answer all questions to get your test result.
1) anything necessary for survival is considered a
A
good
B
service
C
need
D
want
2) something not necessary for survival but add comfort and pleasure to your life
A
services
B
needs
C
goods
D
wants
3) economic resources are also called...
A
goods and services
B
factors of production
C
supply and demand
D
capital resources
4) God promises us in Phillipians 4:19 that He will supply all our wants
A
true
B
false
C
christmas
D
break
5) The United States economy has more service jobs than goods jobs
A
false
B
chex mix
C
eggnog
D
true
6) The vehicle that transports christmas trees for the lumber company is considered which type of resource?
A
capital
B
natural
C
human
D
holiday
7) the tuna that starkist(the canning company) cans would be considered a _________________ resource
A
natural
B
economic
C
human
D
capital
8) what is the contest between businesses to win customers?
A
competition
B
demand
C
monopoly
D
monopolistic competition
9) sending surveys to fellow students about their demand for your product
A
accounting
B
market research
C
manufacturing
D
entrepreneurship
10) any commercial activity that seeks profit by providing goods and services to others in exchange for money
A
investment
B
profit
C
revenue
D
business
11) The 4 P's of the Marketing Mix are Product, ___________, Place, and _______________
A
percent, pride
B
production, price
C
price, promotion
D
placement, profit
12) Which of the following is not one of the 3 economic questions every nation must answer?
A
For whom should the goods and services be produced?
B
What goods and services should be produced?
C
Why should goods and services be produced?
D
How should goods and services be produced?
13) Which of the following is not an element of a market economy?
A
competition
B
private property
C
freedom of choice
D
centralized decision making
14) be prepared to give an explanation of the good and bad of both a market economy and a command economy
A
ok I will
B
whatever
C
surely Mr. Smith wouldn't fail me
D
I will think about it
15) most nations of the world fall somewhere between a pure market and a pure command economy
A
true
B
santa claus
C
elf
D
false
16) nations that are moving from a command economy to a market economy are called...
A
custom based economy
B
static economy
C
transition economy
D
iron curtain economy
17) In a ________________ economy, freedom of the people is always limited
A
market
B
transition
C
command
D
custom based
18) a command economy generally gives people more freedom than a market economy
A
false
B
true
C
snowball
D
frosty
19) Profit Margin is found by diving profit by ____________
A
net margin
B
expenses
C
sales
D
giving
20) Which of the following is NOT a good indicator of how well a country is performing economically?
A
unemployment
B
business failures
C
gdp
D
natural resources
*select an answer for all questions
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