Business Mid Term Review Question Preview (ID: 22643)


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anything necessary for survival is considered a
a) need
b) want
c) good
d) service

something not necessary for survival but add comfort and pleasure to your life
a) wants
b) goods
c) services
d) needs

economic resources are also called...
a) factors of production
b) supply and demand
c) goods and services
d) capital resources

God promises us in Phillipians 4:19 that He will supply all our wants
a) false
b) true
c) christmas
d) break

The United States economy has more service jobs than goods jobs
a) true
b) false
c) eggnog
d) chex mix

The vehicle that transports christmas trees for the lumber company is considered which type of resource?
a) capital
b) natural
c) human
d) holiday

the tuna that starkist(the canning company) cans would be considered a _________________ resource
a) natural
b) human
c) capital
d) economic

what is the contest between businesses to win customers?
a) competition
b) monopoly
c) monopolistic competition
d) demand

sending surveys to fellow students about their demand for your product
a) manufacturing
b) entrepreneurship
c) market research
d) accounting

any commercial activity that seeks profit by providing goods and services to others in exchange for money
a) business
b) profit
c) revenue
d) investment

The 4 P's of the Marketing Mix are Product, ___________, Place, and _______________
a) percent, pride
b) price, promotion
c) placement, profit
d) production, price

Which of the following is not one of the 3 economic questions every nation must answer?
a) Why should goods and services be produced?
b) For whom should the goods and services be produced?
c) What goods and services should be produced?
d) How should goods and services be produced?

Which of the following is not an element of a market economy?
a) centralized decision making
b) private property
c) freedom of choice
d) competition

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) surely Mr. Smith wouldn't fail me
d) whatever

most nations of the world fall somewhere between a pure market and a pure command economy
a) true
b) false
c) santa claus
d) elf

nations that are moving from a command economy to a market economy are called...
a) transition economy
b) static economy
c) custom based economy
d) iron curtain economy

In a ________________ economy, freedom of the people is always limited
a) command
b) market
c) custom based
d) transition

a command economy generally gives people more freedom than a market economy
a) false
b) true
c) snowball
d) frosty

Profit Margin is found by diving profit by ____________
a) expenses
b) sales
c) net margin
d) giving

Which of the following is NOT a good indicator of how well a country is performing economically?
a) natural resources
b) business failures
c) gdp
d) unemployment

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