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