Business final part 1

_____ inflation is inflation that occurs when the demand for goods and services is greater than the supply.

Demand-pull

The two types of inflation are:

Demand-pull and cost-push

Jarvis Washington recently quit his job as a veterinarian's assistant and is now trying to find a job with another veterinarian. This is an example of _____ unemployment.

Frictional

Which of the following statement about oligopolies is true?

In an oligopoly, three or four firms usually dominate the marketplace.

Last year, a mother in a small African nation could buy a pound of flour for the U.S. equivalent of $1.30. Six months ago, an identical pound of flour costs $3.40. Today she would need $5.60 to buy that pound of flour. This example of the general upward movement of prices is called:

Inflation

Which of the following is an example of a factor of production?

Labor

As one of the factors of production, capital includes all of the following EXCEPT:

Money

Laws passed by the U.S. Congress concerning how U.S. businesses trade with Cuba would be an example of _____ factors that influence the business environment.

Political and legal

The laborers displaced due to assembly line automation at the textile plant may not have the skills needed to operate the computerized machines that replaced them. This is an example of _____ unemployment.

Structural

The quantity of a product or service that businesses will make available at various prices is called:

Supply

Which of the following is NOT an example of a good that would be sold in a department store?

The advice of a wedding planner

The national debt is

cumulative total of past national deficits

The quality of life is:

the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

Which of the following is the best example of a service?

the pleasure you derive from seeing a good play

_____ is the amount of money remaining from a firm's sales revenue after it deducts production costs, interest costs, and taxes.

Profit

The _____ GDP takes inflation into account and uses adjusted market prices.

Real

Today companies are focusing on _____, which involves building, maintaining, and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships.

Relationship management

Which of the following businesses provides its customers with a service?

A law office

The unemployment rate is the percentage of the total work force that is not working but is:

Actively looking for work

Labor, as a factor of production, refers to:

All workers in business

Think about all the restaurants that are located near your campus. You have probably noted some new ones appearing, and others closing because of lack of business. What type of competition exists in the restaurant business?

Monopolistic competition

In a(n) _____, a few sellers can exert substantial control over prices.

Oligopoly

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:

Capitalism

An economic system based on complete freedom of trade and little, if any, government control is known as:

Capitalism

In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.

Communist economic system