BML Final Set 1 Question Preview (ID: 9447)


Final Exam Set 1. TEACHERS: click here for quick copy question ID numbers.

Which federal law prohibits job discrimination based on race, color, religion, gender and national origin?
a) Civil Rights Act of 1964
b) Equal Pay Act of 1963
c) Fair Labor Standards Act of 1938
d) Civil Rights Act of 1871

Goods and services are purchased by
a) individuals
b) businesses
c) both individuals and businesses
d) neither individuals nor businesses

The rivalry among businesses to sell their goods and services is known as
a) entrepreneurship
b) capitalism
c) cornering the market
d) competition

All economic resources have
a) limited supply
b) unlimited supply
c) no supply
d) unlimited demand

Most business activities occur
a) between several countries.
b) within one country's borders.
c) intergalactically.
d) illegally.

What is the first step in the decision-making process?
a) Reflect on your decision.
b) Act on your choice.
c) Choose an option.
d) Define the problem.

What is the correct order of the steps in the decision-making process?
a) Choose, Act on choice, Define problem, Identify choices, Evaluate choices, Reflect on decision
b) Define problem, Identify choices, Evaluate choices, Choose, Act on choice, Reflect on decision
c) Identify choices, Evaluate choices, Choose, Act on choice, Define problem, Reflect on decision
d) Evaluate choices, Identify choices, Choose, Act on choice, Define problem, Reflect on decision

Goods
a) are things you buy after your basic needs are met.
b) have no physical characteristics.
c) are intangible.
d) are things you can see and touch.

In the American system, you can own anything you can afford and decide what to do with it. This is
a) entrepreneurship.
b) the right of private property.
c) the profit motive.
d) competition.

Things that are required in order to live are called
a) wants.
b) needs.
c) gotta-have-'ems.
d) death and taxes.

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