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Midterm Exam

Midterm Exam - Business

QuestionAnswer
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
Created by: emjonesjohnson