Business Mid Term Review: Question Preview (ID: 22643)

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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

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

What is the name of the decision making process we studied in chapter 1?
a) Diecar
b) Norad
c) Carom
d) Ditrel

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

Coca Cola researchers find that many people respond to new packaging on products so they create a Christmas coke can for the month of december. Which one of the functions of business does this demonstrate?
a) identify opportunities for products/services
b) manage production of goods and services
c) obtain start up money and operating capital
d) keep records to satisfy government requirements and improve processes

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

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

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

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 market and a 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

This phase of American economic history drastically changed america in the 1900's
a) information age/computers
b) industrial revolution
c) bartering and trading between the colonist
d) agriculture and farming

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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