BUS009 Study Guide
As a factor of production, capital includes money.
False
Economics is the study of a society's financial institutions.
False
Some global corporations are large enough to create major changes in the external environment.
False
Many people consider knowledge to be a fifth factor of production.
True
Monopolistic competition is a market structure in which entry is easy.
True
People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs.
True
The higher the price of a good or service, the greater the amount a producer is willing to supply.
True
_____ refers to a government's programs for controlling the amount of money in circulation.
monetary policy
As one of the factors of production, capital includes all of the following EXCEPT:
money
Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans?
social change
_____ inflation is triggered by increases in production costs which increase the costs of final goods and services.
Cost-push
_____ is the quantity of a good or service that people are willing to buy at various prices.
Demand
Labor, as a factor of production, refers to:
all workers in business
In terms of economic trends, the complete opposite to communism is:
capitalism
A "mixed economy" is an economic system that:
combines private and government ownership of the factors of production
In a(n) _____, a few sellers can exert substantial control over prices.
oligopoly
Within the music industry, four companies (UMG, Sony-BMG, EMI, and Warner) control 90 percent of the music you hear. The music industry operates in a(n) _____ market structure.
oligopoly
Demography is the study of
people's vital statistics
Forty-five percent of the labor force in Armenia is involved in the agricultural sector, but the economic growth in the nation comes from industry and tourism. What type of unemployment would such a mismatch of ability and job requirements cause?
structural
Structural unemployment is unemployment that results from:
the changing structure of an industry