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
