Intro to Business chapter 1- test review

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Which of the following statements about a socialist economic system is true?

The government owns or controls the major industries.

Full employment means 94-96 percent of the working force is employed.

True

What is the primary difference between a good and a service?

What is the primary difference between a good and a service?

_____ combine the inputs in the production of goods and services for what are intended to be profitable ventures.

Entrepreneurs

No true examples of a pure monopoly exist today.

False

Not-for-profit organizations have the same goals as for-profit organizations.

False

The most basic measure of economic growth is the:

Gross Domestic Product

In terms of economic trends, the complete opposite to communism is:

capitalism

Understanding the external business environment requires marketers to be aware of:

changes in the law which impact how business is conducted

Which one characteristic most clearly defines a market structure?

the number of suppliers in a market

Monopolistic competition is a market structure in which entry is easy.

true

The slope of the supply curve is:

upward and to the right

Tyron Lewis has recently quit his job in the administrative offices at the nearby hospital and is currently seeking a retail management position. He would be described as structurally unemployed.

False

Which of the following statement about oligopolies is true?

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

Fiscal policy is concerned with:

taxation and spending

In a mixed economy, the government is involved in the economic system through:

taxing, spending, and welfare activities

Which of the following is the BEST example of a not-for-profit business?

the American Cancer Society

changes in the law which impact how business is conducted

the United States

Which of the following statements about the interaction of demand and supply is true?

At prices below equilibrium, demand exceeds supply.

What is the primary difference between a good and a service?

A good is tangible, and a service is intangible.

_____ are workers who create, distribute, and apply knowledge.

Knowledge workers

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

a law office

When a single firm accounts for 100 percent of industry sales, it is an example of:

a pure monopoly

Labor, as a factor of production, refers to:

all workers in business

A farmer's market where sixty farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition.

false

The key element in socialism is:

governmental control

The implementation of a contractionary policy by the Federal Reserve would result in:

lower inflation

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

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

money

When determining the GDP in 2006 for Chile, the economists adjusted the current market prices by 3.1 percent to correct for inflated values. This adjusted GDP is called the nation's _____ GDP.

real

On the island of Martha's Vineyard, jobs are plentiful during the summer months, but difficult to find in September once the tourist season ends and many restaurants and inns close. What kind of unemployment do people who work in the island's restaurants experience annually?

seasonal

The government owns or controls the major industries.

At prices below equilibrium, demand exceeds supply.

Upward and downward changes in aggregate economic activity, as measured by GDP, are called:

business cycles

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

Structural unemployment is unemployment that results from:

the changing structure of an industry


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