Chapter 1 Quiz

JeffBezoe, Elon Must, and Beyonce's risked their time, effort, and money to establish and operate business in this case, they best described as

entraprenuers

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

factors of production

When the federal government takes steps, such as reducing or increasing spending levels, that affect savings and spending by consumers and businesses, it is called _______.

fiscal policy

For U.S. Government to provide the services expected by its citizens, it collects revenue___

from both households and businesses in various forms of taxes

Which of the following is not a feature of laisser-faire captialism

Guaranteed income

Which of the Following would least likely be considered as a consumer product?

Hight- oowered drill press

Which of the following is not one of the four states included in a typical business cycle?

Repression

Which of the following would you use to determine the extent to which a nation is experiencing economic growth on an annual or quarterly basis?

The GDP growth rate

The consumer price index (CPI) _______.

is a monthly index that tracks the prices paid by consumers

When Apple copyrighted its iOS software for smartphones, it established a(n) _______ monopoly.

legal

For Dell Peet's Coffee, or Yahoo, stakeholders are best described as ___

all the different people or groups who are affected by the business

The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs is called

business

Fluctuations in a nation's economy are referred to as its _______.

business cycle

When scientists study the impacts of inflation, unemployment, government spending, and taxes on the national economy, they are using a(n) _______ approach.

macroeconomics

The total of all federal deficits in the United States is called the _______.

national debt

Economists define a _______ as two consecutive three-month periods of decline in a country's gross domestic product.

recession

IN 2021, Jenelle;s Jewelry has sales revenues of $1,500,000. The retail also had expenses totaled $800,000. What is the firm's profit or loss amount

$700,000 profit

_______ is a loose, subjective measure of how well off an individual or society is in terms of obtaining want-satisfying goods and services.

Standard of living

Which of the Following is not a powerful motivation to study business?

To get better grades

According to economists, inflation is _______.

a general rise in the level of prices

InGen Corp. combines raw materials, machinery, labor to produce robots and related products, in gen is best described as a(n)___

manufacturing business

Perfect competition is characterized by _______.

many buyers and many sellers

An economic system that gives decision-making power about what to produce and what to buy to individuals and businesses, and in which the market determines how much is sold and at what prices, is best called a _______ economy.

market

Raw materials, buildings and machinery are ___ resources

material

Analysis of an Individual's economic choices would be part of

microeconomics

Most countries in the world today have economies that demonstrate aspects of both capitalism and socialism; they are therefore characterized as _______ economies.

mixed

When the Federal Reserve takes steps, such as raising or lowering interest rates, that help stimulate employment and calm prices, it is called _______.

monetary policy

The ultimate objective of every company-from giant Starbucks with thousands of stores to Jo's Coffee with just two stores -must be to___

satisfy the needs of its customers