Chapter 1 Practice Quiz

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A market or industry with only one seller is referred to as

a monopoly

An example of a command economy is

communism

According to economists, natural resources, labor, capital, and entrepreneurship are called

factors of production

A business' efforts to sustain the planet and their participation in ecological movements are part of a firm's

social responsibility

As Rachel Smith and her friends prepare to graduate from college, the are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago. Based on this information, which stage of the business cycle would the economy be in?

Peak


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