Chapter 1 Practice Quiz
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A market or industry with only one seller is referred to as
a monopoly
An example of a command economy is
communism
According to economists, natural resources, labor, capital, and entrepreneurship are called
factors of production
A business' efforts to sustain the planet and their participation in ecological movements are part of a firm's
social responsibility
As Rachel Smith and her friends prepare to graduate from college, the are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago. Based on this information, which stage of the business cycle would the economy be in?
Peak
