Chapter 1 Business Quiz

______ is the quantity of a good or service that people are willing to buy at various prices

Demand

jarvis Washington recently quit his job as a vet assistant and is now trying to find a new job with another vet. This is an an example of ______ unemployment.

Frictional

Hudson Kling mows yards durning the summer. which of the following is an example of revenue for Kling.

The 10$ tip Mrs. Pierre gave him for doing such a fine job of mowing her yard

In perfect competition, there is

a large number of sellers producing nearly identical products

In Canada, the government owns the communications, transportation, and utilities industries, while most other activity is carried on by a private enterprise. Canada is an example of:

a mixed economy

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

a persons age

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

capitalism

The _____ represents the prices of ta market basket of goods and services as measured monthly by the Department of Labor.

consumer price index(CPI)

When demand and supply meet, the price of the product or service is established. this is a point of:

equilibrium

When the Federal Reserve implements an ______, it increases the growth of the money supply

expansionary policy

Because the government owns the factors of production in public lands, postal service, and some water resources, Great Britain is considered a

mixed economy

Think about all the restaurants that are located near your campus. You 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

Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of production?

natural resources

A decline in real GDP that lasts for two consecutive quarters is called a

recession

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

relationship management

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

The economic system under which basic industries are operated by the government or owned bu the private sector under strong government control is called

socialism

The laborers displaced die 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

Which of the following countries has a high standard of living?

the United States

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

the pleasure you derive from seeing a good play

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

At prices below equilibrium, demand exceeds supply

Labor, as a factor of production, refers to:

all workers in business

members of millennial generation: a. are not accurately described by any of the above b. cherish savings and cling to their money c. are more likely to be unemployed or underemployed than any other generation d. represent the first generation of latchkey children e. were born between 1946 and 1964

are not accurately described by any of the above

When the Federal Reserve implements a ______, it tightens the money supply by selling government securities or raising interest rates.

contractionary policy

______ inflation is triggered by increases in production costs which increase the costs of final goods and services

cost-push

The Department of Natural Resources spent money to promote the use of national parks as perfect sites for a summer vacation causing motels, campgrounds and other tourist attractions in the private sector to become less attractive to consumers. Consequently consumers spent more money on trips to the national parks and less money in the private sector for their vacations resulting in_____

crowding out

The implementation of an expansionary policy by the Federal Reserve would result in:

lower interest rates

The standard of living in any country is:

measured by the output of goods and people can buy with the money they have

Which of the following is an example of a business? All of the Above Jack and Jill Ford Motor Company Walmart Lawson and Tyler offices

All of the Above

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

the birthday candles you purchases to go on your sister's birthday cake