Intro to business quiz 1

Upward and downward changes in aggregate economic activity, as measured by GDP, are called: business standards business cycles cyclical adjustments economic yields standards of business deviation

Business cycles

Iris Souza started the summer with $30. She took $10 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125left. Calculate Souza's costs for her summer job? $30 $50 $80 $125 $175

$80

What is the primary difference between a good and a service? A good costs more to produce than a service. A service is tangible, and a good is intangible. A good is tangible, and a service is intangible. A good costs more to market than a service The development costs for a service is higher than for a prod

A good is tangible and a service is tangible

A(n)_____ occurs if a country's total expenditures are higher than the revenues received from the taxes it gathers. national surplus federal budget deficit annual expenditure surplus national priority deficit expenditure-tax gap

Federal budget deficit

The _____ of any country is measured by the output of goods and services people can buy with the money they have. standard of living consumer productivity input per person quality of life total consumption rate

Standard of living

The quantity of a product or service that businesses will make available at various prices is called: market potential demand supply capacity market share

Supply

In a mixed economy, the government is involved in the economic system through: the management of nonprofit organizations ownership of media its determination of standard of living scales taxing, spending, and welfare activities none of the above

Taxing, spending, and welfare activities

Which of the following is NOT an example of a good that would be sold in a department store? wedding dress white linen table clothes the advice of a wedding planner silk flower bouquets book on wedding etiquette

The advice of a wedding planner

A "mixed economy" is an economic system that:

Combines private and government ownership

There are a large number of small firms that provide entertainment for children's birthday parties. There is little difference between one company's inflatable slide and another company's. Clowns and magicians do similar tricks. Both the sellers and the parents buying the entertainment are well informed as to price and sources although sometimes it is difficult to hire the same entertainer two years in a row because the business is so easy to open and close. What type of market structure do local party entertainers depict? perfect competition monopolistic competition imperfect competition a pure monopoly an oligopoly

Perfect competition

A decline in real GDP that lasts for two consecutive quarters is called a(n): economic downsizing depression recession resource divestment economic regression

Recession

Archer Daniels Midland Co. (ADM) has joined with Baron Spices and Seasonings to market spices, seasonings and herbs to the foodservice industry. ADM will provide the raw materials, and Baron will act as the distributor and use its already existing relationships with participants in the food service industry to make a success of this: strategic alliance transactional partnership economic merger economic partnership exchange relationship

Strategic alliance

The quality of life is: measured by subtracting the supply of goods and services from the demand for goods and services determined by the money left over after all expenses are paid the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time measured by the output of goods and services people can buy with the money they have higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

The general level of human happiness

The government does not consider full employment to mean 100 percent of its citizens are employed because: some people are preparing for later employment by attending school some people choose to stay home to raise children rather than have a job outside the home some people are temporarily unemployed while they wait to start new jobs some people are not working because jobs are limited, and competition for jobs is intense. all of the above conditions can and do exist

All of the above

In 2005, the government of Bangladesh spent $8.59 billion on government programs, and had revenues of $5.993 billion. This indicates that Bangladesh like the United States can have a(n): expansionary policy low GDP high CPI low PPI budget deficit

Budget deficit

If you were told the output of goods and services produced in Tajikistan, a former Soviet Republic had increased by eight percent in 2006, you would correctly refer to this increase as: growth standardization economic growth nationalized growth an example of recessionary growth output maximization

Economic growth

Corrine Attlee has always enjoyed cooking more than doing anything else. Atlee has decided to quit her job as a college professor and invest her life savings in starting a restaurant. Attlee is an example of a(n): production worker sales manager entrepreneur monetary manager fiscal manager

Entrepreneur

The implementation of a contractionary policy by the Federal Reserve would result in: lower interest rates increased economic growth lower unemployment increased spending lower inflation

Lower inflation

The Federal Reserve System can do all of the following EXCEPT: sell government securities raise interest rates tighten money supply lower taxes print money

Lower taxes

Those people designated by demographics as _____ are defined as Americans born between about 1981 and 1997. baby boomers Generation X latchkey kids Millennials tweens

Millennials

Because the government owns the factors of production in public lands, postal service, and some water resources, Great Britain is considered a(n): mixed economy quasi-public economy socialistic economy semi-socialistic economy unified-socialistic economy

Mixed economy

Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of production? capital natural resources entrepreneurship labor expense

Natural resources

For most agricultural products, farmers produce homogeneous products, sell them to a common market, and generally cannot affect prices greatly. This is an example of which kind of market structure? perfect competition monopolistic competition imperfect competition a pure monopoly an oligopoly

Perfect competition

Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans? demographic change social change global competition emerging technology evolving economic systems

Social change

The slope of the supply curve is: downward and to the right upward and to the right downward and to the left downward and to the right horizontal

Upward and to the right