Marketing Principles Ch. 3: Question Preview (ID: 11543)

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Land, Labor, Capital and Entrepreneurship, in economic terms, are all known as...
a) Forces of Nature
b) Factors of Production
c) Economic Properties
d) Factors of Economies

This term refers to the skills of people who are willing to invest their time and money to run a business.
a) Land
b) Labor
c) Entrepreneurship
d) Capital

Traditions and rituals answer the basic questions of what, how, and for whom in this type of economy.
a) Mixed
b) Market
c) Command
d) Traditional

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) Mixed
b) Market
c) Command
d) Traditional

There is no government involvement in economic decisions in this type of economy.
a) Mixed
b) Market
c) Command
d) Traditional

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) Output Rate
b) GDP
c) Manufacturing Speed
d) Productivity

This refers to a period of rising prices.
a) Inflation
b) Rising GNP
c) Increased unemployment
d) Increased worker output

The output of goods and services produced by labor and property located within country is known as...
a) GDP
b) GNP
c) Inflation
d) Recession

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 Price Index
c) Gross National Product
d) Consumer's Percent of Income

The recurring changes in economic activity are called...
a) Recession
b) Expansion
c) Business Cycle
d) Trough

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