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