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Marketing Principles Ch. 3
Test Description: Marketing Principles Ch. 3
Instructions: Answer all questions to get your test result.
1) Land, Labor, Capital and Entrepreneurship, in economic terms, are all known as...
A
Factors of Production
B
Factors of Economies
C
Economic Properties
D
Forces of Nature
2) This term refers to the skills of people who are willing to invest their time and money to run a business.
A
Capital
B
Labor
C
Entrepreneurship
D
Land
3) Traditions and rituals answer the basic questions of what, how, and for whom in this type of economy.
A
Command
B
Traditional
C
Market
D
Mixed
4) In this type of economy, a country's government makes economic decisions and decides what, when and how much will be produced and distributed.
A
Traditional
B
Market
C
Command
D
Mixed
5) There is no government involvement in economic decisions in this type of economy.
A
Traditional
B
Mixed
C
Market
D
Command
6) The output per worker hour that is measured over a defined period of time, such as a week, month or year is known as...
A
Productivity
B
GDP
C
Manufacturing Speed
D
Output Rate
7) This refers to a period of rising prices.
A
Inflation
B
Increased unemployment
C
Rising GNP
D
Increased worker output
8) The output of goods and services produced by labor and property located within country is known as...
A
Recession
B
GDP
C
GNP
D
Inflation
9) This measures the change in price over a period of time of some 400 specific retail goods and services used by the average urban household.
A
Gross Domestic Product
B
Consumer's Percent of Income
C
Gross National Product
D
Consumer Price Index
10) The recurring changes in economic activity are called...
A
Trough
B
Business Cycle
C
Recession
D
Expansion
*select an answer for all questions
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