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Midterm Exam
Midterm Exam - Business
Question | Answer |
---|---|
You are a _______ when you select , purchase , use, or dispose of goods and services. a. Consumer b. Producer c. Competitor d. Owner | Consumer |
If a consumer is willing to purchase a product at a specified price, that is called____. (A) supply (B) economics (C) capitalism (D) demand | Demand |
The amount of good and services that producers will provide at various prices is called the ___________. (A) supply (B) demand (C) economics (D) Captalism | Supply |
What department would you contact if you had an employee relations issue? (A) natural resources (B) factors of production (C) human resources (D) business | Human Resources |
The form of ownership most common among U. S. businesses is a a. proprietorship b. corporation c. partnership d. nonprofit | Proprietorship |
A chart that shows how a business is structured and who is in charge of whom A. policis b. middle managers c. Organizational chart d. top-level managers | Organizational chart |
A grocery store is what type of business (A) Producer (B) Intermediary (C) Partnership (D) Proprietorship | Intermediary |
Raw materials supplied by nature. (A) Gross Domestic Product (GDP) (B) economic resources (C) natural resources (D) competition | Natural Resources |
A retailer that often emphasizes the sale of large quantities at reasonable prices is a (a) Full Service Wholesaler (b) Wholesaler (c) Limited-Service Wholesalers (d) Warehouse Club | Warehouse Club |
A distributor that moves goods from one business to another business. (a) Full Service Wholesaler (b) Wholesaler (c) Limited-Service Wholesalers (d) Wholesale Franchises and Cooperative | Wholesaler |
The production output in relation to a unit of input is a. Inflation b. Productivity c. Deflation d. Prosperity | Productivity |
_____ include tools and equipment used to produce goods and services. a. natural resources b. human resources c. consumer resources d. capital resources | Capital Resources |
When there are many competitors in a market, individual businesses are not able to easily raise their prices. True or False | True |
Economic decision making is the process of choosing _____. a. which needs and wants will be satisfied. b. whether to buy products now or later. c. how to spend your time. d. how to use your income. | which needs and want will be satisfied |
In a market economy, a marketplace is always a physical location where economic transactions take place. True or False | True |
How good will be produced is one of the three questions that must be answered by all nations. True or False | True |
A _____ occurs when a government spends less than it takes in. a. budget deficit b. budget over-run c. budget surplus d. budget shortage | budget surplus |
A bond represents a debt for an organization. True or False | True |
All people above 16 who are actively working or seeking work make up the _____. a. labor force b. unemployment rate c. creditor pool d. labor organization | Labor Force |
Gross domestic product (GDP) per capita is calculated by _____. a.multiplying GDP by the Consumer Price Index b. dividing GDP by the Consumer Price Index c. dividing GDP by the total population d. multiplying GDP by the total population | dividing GDP by the total population |
A(n) _____ is the value of a currency of one country compared with the value of another. a. exchange rate b. discount rate c. balance of payments d. inflation rate | Exchange rate |
The Constitution gives the federal government the power to regulate _____. a. intrastate and foreign commerce b.foregin and interstate commerce c. interstate and intrastate commerce d. interstate, intrastate, and foregin commerce | foreign and interstate commerce |
In a _____________________________, a marketplace is always a physical location where economic transactions take place. | market |
A period in which most people who want to work are working, business produce goods and services, wages are good. | Prosperity/ Peak |
A period in which demand begins to decrease, business lower production, unemployment begin to rise. | Recession/ Contraction |
A period marked by prolonged period of high unemployment, weak consumer sales, and business failure. | Depression/Trough |
A phase in which unemployment begins to decrease, demand for goods and services increase and GDP begins to rise again. | Recovery/Expansion |
Who will receive the profits earned when goods and services are produced is an economic question that must be answered by all nations. True or False | False |