15683009
Question 1
Question
Select two best reasons as to why somebody would start a business:
Answer
-
Because they cannot get a job working for somebody
-
Because they know somebody else in a business and want to compete
-
To impress a possible love interest
-
To make profit
Question 2
Question
A car is an example of a [blank_start]good[blank_end]
Answer
-
good
-
service
Question 3
Question
A doctor would be an example of a [blank_start]service[blank_end]
Answer
-
service
-
good
Question 4
Question
The four factors of production are:
- Land
- Labour
- Capital
- Enterprise
Answer
- True
- False
Question 5
Question
[blank_start]Enterprise[blank_end] is the art of bringing together the factors of production in order to produce a good or service.
Answer
-
Enterprise
-
Land
-
Capital
-
Labour
Question 6
Question
What is the non-monetary opportunity cost of attending college?
Answer
-
Money spent for tuition
-
Saving for a car
-
Getting a job
-
Less time to spend with friends
Question 7
Question
What is the definition of opportunity cost?
Answer
-
All the choices you could have made but didn't
-
The next best alternative that you give up
-
The chance that you will lose your money
-
The money you spend to buy something
Question 8
Question
You can purchase one of the following: a candy bar, a soda or a magazine. You rank your choices as:
1) The candy bar
2) The magazine
3) The soda
What is the opportunity cost of buying the candy bar?
Answer
-
Your cash
-
The soda
-
Both the magazine and the soda
-
The magazine
Question 9
Question
A famous economic saying is, "there is no such thing as a free lunch". What does this statement mean?
Answer
-
You must always pay for lunch
-
Everything has a cost
-
Never accept a free lunch
-
None of these options
Question 10
Question
Who determines your opportunity cost?
Answer
-
Your friends
-
Your teachers
-
You
-
Your parents
Question 11
Question
The [blank_start]primary[blank_end] sector is the first stage of production. It produces raw materials for other businesses and sectors to use. An example would be farming.
Answer
-
primary
Question 12
Question
The [blank_start]secondary[blank_end] sector takes raw materials and makes them into manufactured goods and products. An example would be a food processing plant.
Answer
-
secondary
Question 13
Question
The [blank_start]tertiary[blank_end] sector is also known as the service sector. It involves the selling of goods or providing a service.
Answer
-
tertiary
Question 14
Question
Pestle stands for:
P - [blank_start]Political[blank_end]
E - [blank_start]Economic[blank_end]
S - [blank_start]Social[blank_end]
T - [blank_start]Technological[blank_end]
L - [blank_start]Legal[blank_end]
E - [blank_start]Environmental[blank_end]
Answer
-
Political
-
Economic
-
Social
-
Technological
-
Legal
-
Environmental
Question 15
Question
An example of a political factor that could influence a business would be:
Answer
-
A change in taxes
-
A change in Prime Minister
-
A change in party running the country
-
A change in constituencies
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