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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
mixed economy
C
command economy
D
market economy
2) Market price is determined by all of the following except _______________.
A
competition
B
supply
C
demand
D
opportunity cost
3) The primary reason why businesses invest resources and take risks is to ______________.
A
provide jobs
B
produce goods and services
C
improve their products
D
earn a profit
4) The easiest form of a business to start is a
A
proprietorship
B
nonprofit group
C
partnership
D
corporation
5) Profit is __________________________________________________.
A
the money made after the sale of a product
B
the money made after taxes are paid
C
the rivalry among businesses to sell goods and services
D
the money left from sales after all of the costs of operating a business have been 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
none of the above
C
the rest that he is getting
D
the vegetables could rot
7) The management team for Apple is considered what type of resource for that company?
A
natural resources
B
human resources
C
unlimited resources
D
capital 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
Depression
C
Recovery
D
Recession
9) The basic economic problem is
A
high unemployment.
B
too many needs; not enough resources.
C
the value of the next best alternative that you were not able to choose.
D
too much control by government.
10) An increase in the general level of prices.
A
deflation
B
opportunity cost
C
market price
D
inflation
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
trade off
B
deflation rate
C
opportunity cost
D
economic problem
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 be lawful.
B
it should not be an embarrassment to the company if the actions were to become public.
C
it should make money.
D
it should follow the company's values and policies.
14) The way people get along with each other is called _____________.
A
ethical behavior
B
human relations
C
human resources
D
core values
15) Who decides the supply in the market?
A
government
B
consumers
C
corporations
D
producers
16) Who decides the demand for products?
A
Producers
B
Consumers
C
Corporations
D
Government
17) Cuba and North Korea are examples of this type of government
A
command
B
traditional
C
capitalism
D
market
18) The period where unemployment is highest in the business life cycle is _______.
A
recovery
B
prosperity
C
recession
D
depression
*select an answer for all questions
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