4229757
Pregunta 1
Pregunta
When Bobby starts a business of his own he understands that he is taking a risk by doing this. What is Bobby’s reward if this works out for him?
Respuesta
-
a. business stays open longer
-
b. government gives him the highest honor
-
c. he gets to name the business after himself
-
d. earns profit
Pregunta 2
Pregunta
Every society has enough productive resources to produce everything people want and need.
Respuesta
- True
- False
Pregunta 3
Pregunta
What is the term called when the supply line and demand line meet? This is the price that businesses would like to have because it sells the maximum amount for the most profit?
Respuesta
-
Equilibrium
-
c
Pregunta 4
Pregunta
All of the following involve offering services except for which one?
Respuesta
-
a. cook
-
b. waitress
-
c. haircut
-
d. movie theatre
Pregunta 5
Pregunta
How does a person know how many wants he/she will be able to get?
Respuesta
-
a. all of the other answers are correct
-
b. the type of job a person has
-
c. by where a person lives
-
d. number of resources a person has
Pregunta 6
Pregunta
Competition among businesses hurts the consumers.
Respuesta
- True
- False
Pregunta 7
Pregunta
Countries rely on their natural resources for their main source of income from other countries through trading.
Respuesta
- True
- False
Pregunta 8
Pregunta
Of the four factors of production, the resource that must adapt to meet society's changing wants and needs is what?
Respuesta
-
a. capital
-
b. natural
-
c. entrepreneur
-
d. labor
Pregunta 9
Pregunta
Who tells the businesses what products to offer to the consumers?
Respuesta
-
a. consumers
-
b. stock holders
-
c. managers
-
d. employees
Pregunta 10
Pregunta
The Red Cross is a business that does not need to make a profit to survive?
Respuesta
- True
- False
Pregunta 11
Pregunta
Which of the following is NOT one of the three basic economic questions that companies have to ask themselves to meet the needs of their customers?
Respuesta
-
a. How should it be produced
-
b. Where should it be produced
-
c. What should be produced
-
d. Who should share in what is being produced?
Pregunta 12
Pregunta
Natural Resources can either be renewable or nonrenewable depending on what the item is.
Respuesta
- True
- False
Pregunta 13
Pregunta
An example of an entrepreneurial resource would be Ted Drew because he is the creator and owner of the ice cream shop: Ted Drews.
Respuesta
- True
- False
Pregunta 14
Pregunta
Give and explain two reasons why competition is important to us as consumers
Respuesta
-
Lower the prices of goods New products are created Better customer service Better quality of products produced
-
c
Pregunta 15
Pregunta
Which of the following is not a need that a person has to have?
Respuesta
-
a. water
-
b. shelter
-
c. food
-
d. car
Pregunta 16
Pregunta
Desks, Smart Boards, Klemm Stadium, and the School Building are all of examples of what to CBC?
Respuesta
-
a. short-term investments
-
b. labor resources
-
c. permanent assets
-
d. capital resources
Pregunta 17
Pregunta
When two companies sell the same products, which of the following does NOT effect the consumers choice?
Respuesta
-
a. customer service
-
b. price
-
c. quality of product
-
d. supply of the product
Pregunta 18
Pregunta
When developing a product or service, a business must do all of the following except for what thing?
Respuesta
-
a. evaluate the demand for the product or service
-
b. obtain start-up and operating capital
-
c. keep records to satisfy government requirements
-
d. create a need for the product or service
Pregunta 19
Pregunta
In a market economy, the higher the price, .........
Respuesta
-
a. the more profit the business will make
-
b. the higher demand for that product
-
c. the better the quality of the product offered
-
d. the less consumers will buy
Pregunta 20
Pregunta
What type of resource does the country rely on the most as far as making money through trade with other countries?
Respuesta
-
a. natural resources
-
b. capital resources
-
c. processed resources
-
d. labor resources
Pregunta 21
Pregunta
What must Burger King do in order to stay around and compete with other companies such as McDonalds and Jack N Box?
Respuesta
-
a. profit
-
b. have a catchy slogans
-
c. advertise
-
d. have a good product
Pregunta 22
Pregunta
Every type of business needs at least one type labor resources to produce goods and provide services.
Respuesta
- True
- False
Pregunta 23
Pregunta
In a Market Economy, when the government takes involvement with a public commany that is usually struggling that is called what?
Respuesta
-
Nationalization
-
v
Pregunta 24
Pregunta
The government sets the prices for all the goods at the grocery store.
Respuesta
-
Market Economy
-
Command Economy
-
Mixed Economy
Pregunta 25
Pregunta
Anybody can start up their own business with no interference form the government.
Respuesta
-
Market Economy
-
Mixed Economy
-
Command Economy
Pregunta 26
Pregunta
Resources are privately owned by individuals or groups of people
Respuesta
-
Market Economy
-
Command Economy
-
Mixed Economy
Pregunta 27
Pregunta
Economy is also called Free Enterprise System or Capitalism
Respuesta
-
Mixed Economy
-
Market Economy
-
Command Economy
Pregunta 28
Pregunta
All countries use some form of this economic system
Respuesta
-
Market Economy
-
Mixed Economy
-
Command Economy
Pregunta 29
Pregunta
The government tells you how much education you will receive and your profession.
Respuesta
-
Mixed Economy
-
Market Economy
-
Command Economy
Pregunta 30
Pregunta
An individual’s income depends on how many skills a person possess
Respuesta
-
Mixed Economy
-
Market Economy
-
Command Economy
Pregunta 31
Pregunta
No competition. No motive to make a better product.
Respuesta
-
Command Economy
-
Market Economy
-
Mixed Economy
Pregunta 32
Pregunta
Jon Moxon decided he needed to buy a new cell phone. His buddy Charlie Tweeder recommended an iPhone but his other friend Darcy Sears recommended a Samsung Galaxy phone. What things should Jon consider before buying either phone? (or any important decision when comparing two products) Hint: Do not be specific about the iPhone or the Galaxy.
Respuesta
-
Amount of money that goes into the decision How long you are going to have the product
-
c
Pregunta 33
Pregunta
A mixed economy has to be 50/50 between both the Command and the Market Economy in order to be called a Mixed Economy.
Respuesta
- True
- False
Pregunta 34
Pregunta
Which of the following is not a factor in production?
Respuesta
-
a. none of the other answers are correct
-
b. natural resources
-
c. entrepreneurial resources
-
d. capital resources
-
e. employee resources
Pregunta 35
Pregunta
A shortage of resources is called?
Respuesta
-
a. threat
-
b. scarcity
-
c. limitation
-
d. reduction
Pregunta 36
Pregunta
Explain how the USA’s economy has both Command and Market Economy characteristics in it. Give one example of each.
Respuesta
-
Government programs-people make their own choices as far as how they want to live Government has some controls over certain businesses. Anybody can start and own a business.
-
x
Pregunta 37
Pregunta
Which of the following resources cannot be privately owned by a person?
Respuesta
-
a. business
-
b. land
-
c. a school
-
d. home
Pregunta 38
Pregunta
Business owners do NOT decide which of the following things?
Respuesta
-
a. how much to charge for an item
-
b. how many items to produce
-
c. how much profit they will have
-
d. how to run a company
Pregunta 39
Pregunta
Market research provides information that can help a business do what?
Respuesta
-
a. all of the other answers are correct
-
b. respond to market goods and services
-
c. evaluate demand
-
d. identify opportunities
Pregunta 40
Pregunta
Which of the following is not a capital resource for the office building?
Respuesta
-
a. employees
-
b. computer
-
c. building
-
d. plasma televisions
Pregunta 41
Pregunta
In a market economy, producers set a price that ________________?
Respuesta
-
a. will cover their costs and result in a profit
-
b. consumers are willing to pay
-
c. the government will allow
-
d. consumers can afford
Pregunta 42
Pregunta
Teacher
Respuesta
-
physical resource
-
unskilled resource
-
intellectual resource
-
skilled resource
Pregunta 43
Pregunta
Plumber
Respuesta
-
physical resource
-
unskilled resource
-
intellectual resource
-
skilled resource
Pregunta 44
Pregunta
Bus Boy at a restaurant
Respuesta
-
physical resource
-
unskilled resource
-
intellectual resource
-
skilled resource
Pregunta 45
Pregunta
Construction Worker
Respuesta
-
physical resource
-
unskilled resource
-
intellectual resource
-
skilled resource
Pregunta 46
Pregunta
Scarcity or shortage occurs when what happens?
Respuesta
-
a. conservation is at an all-time high
-
b. demand exceeds supply
-
c. distribution breaks down
-
d. consumer’s needs exceed wants
Pregunta 47
Pregunta
To avoid failure, a business can modify what thing?
Respuesta
-
a. its business practices
-
b. all of the other answers are correct (excluding none of the answers are correct)
-
c. its products
-
d. its services
-
e. none of the other answers are correct
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