Intro To Business Final Part I Question Preview (ID: 22965)
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Which of the following is NOT a characteristic of capitalism?
a) freedom of choice
b) Government ownership of resources
c) profit motive
d) competition among businesses
The value of the next-best alternative that you did not choose it called
a) opportunity cost
b) trade off cost
c) scarcity
d) economic cost
The United States is best characterized as a command economy.
a) false
b) true
c)
d)
Products and money used in the production of goods and services are called natural resources.
a) false
b) true
c)
d)
Only final goods are counted when GDP is measured.
a) true
b) false
c)
d)
People with poor credit ratings pay a higher interest rate to borrow money than people with good credit ratings.
a) true
b) false
c)
d)
A period of economic recovery...
a) is characterized by a rise in GDP
b) is considered the high point of a business cycle
c) usually causes businesses to lower production
d) is marked by widespread unemployment.
Which type of business sells stock usually?
a) corporation
b) partnership
c) proprietorship
d) all businesses sell stock
Without foreign trade, many things you buy would cost more, or not be available.
a) true
b) false
c)
d)
A country's culture, traditions, and religion can act as informal trade barriers
a) true
b) false
c)
d)
Which of the following would likely cause the value of the dollar to RISE?
a) an increased trade deficit
b) higher US interest rates
c) lower US inflation
d) Saudi Arabia double the price of the oil it sells to the US
Infrastructure refers to a country's
a) transportation, communication, and utility systems
b) educational system
c) system of local government
d) legal system
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