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Intro To Business Final Part I
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT a characteristic of capitalism?
A
competition among businesses
B
freedom of choice
C
profit motive
D
Government ownership of resources
2) The value of the next-best alternative that you did not choose it called
A
trade off cost
B
economic cost
C
scarcity
D
opportunity cost
3) The United States is best characterized as a command economy.
A
true
B
false
4) Products and money used in the production of goods and services are called natural resources.
A
true
B
false
5) Only final goods are counted when GDP is measured.
A
true
B
false
6) People with poor credit ratings pay a higher interest rate to borrow money than people with good credit ratings.
A
false
B
true
7) A period of economic recovery...
A
usually causes businesses to lower production
B
is characterized by a rise in GDP
C
is considered the high point of a business cycle
D
is marked by widespread unemployment.
8) Which type of business sells stock usually?
A
corporation
B
partnership
C
all businesses sell stock
D
proprietorship
9) Without foreign trade, many things you buy would cost more, or not be available.
A
false
B
true
10) A country's culture, traditions, and religion can act as informal trade barriers
A
true
B
false
11) Which of the following would likely cause the value of the dollar to RISE?
A
lower US inflation
B
Saudi Arabia double the price of the oil it sells to the US
C
higher US interest rates
D
an increased trade deficit
12) Infrastructure refers to a country's
A
legal system
B
educational system
C
transportation, communication, and utility systems
D
system of local government
*select an answer for all questions
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