Chapter 1-3 Review
Quiz by Meredith Schwartzlose
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34 questions
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- Q1Amazon.com has the following rights: to make a profit for its stockholders; to market a wide variety of products; to compete with other online retailers. Amazon.com operates in a(n) _________.domestice-businessfree-enterprisesocialistic30s
- Q2Cultural diversity represents_______________.a business theory that is no longer validthe differences among people in the workforcea technical skilla statistical method used to project sales revenues and profits for global companies30s
- Q3________ resources include the funds needed to pay wages, purchase raw materials, and operate a business.HumanInformationalFinancialMajor30s
- Q4_______ is the study of how wealth is created and distributed.capitalismbusinesseconomicsmarketing30s
- Q5The U.S, whose economy exhibits elements of both capitalism and socialism, has what is known as a ______ economy.mixedplannedutilitariannationalized30s
- Q6During which phase do high unemployment rates decline and levels of income increase?RecoveryRecessionRepressionTrough30s
- Q7Perfect competition is characterized byfew buyers and many sellersmany buyers and few sellersfew buyers and few sellersmany buyers and many sellers30s
- Q8Monopolistic competition is a market situation in whichthe same price is charged for all productssimilar but not identical products are availableonly one product is availableseveral identical products are available30s
- Q9_______ is the process of developing and promoting the differences between one's products and other similar products.BrandingAdvertisingMonopolistic CompetitionProduct Differentiation30s
- Q10Productivity can best be described asa country's total outputthe efficiency of a company's operationsthe average level of output per worker per houreconomic growth in a country30s
- Q11The total dollar value of all goods and services produced by all people within the boundaries of a country is called ________.gross national productproductivitygross domestic productinflation factor30s
- Q12The Consumer Price Index (CPI)measures increases or decreases in the level of worker performanceis the price of metals, lumber, and raw materialsis a monthly index that tracks the prices paid by consumersmeasures prices paid during periods of deflation30s
- Q13Which of the following is false in regards to the unemployment rate?According to the Bureau of Labor Statistics, the country loses goods and services that could have been produced.The unemployment is the percentage of a nation's labor force not working at any one time.According to the Bureau of Labor Statistics, families lose wages due to unemployment.A nation benefits from unemployment due to a lower level of wages required to be paid by employers.30s
- Q14During which phase of the business cycle would a company like Sony introduce new products?DepressionPeakRecessionRepression30s
- Q15Which of the following is most aligned with the Occupy Wall Street protests?increasing the national debtfortifying wall street firmsreducing the number of home foreclosuresreducing inequality of income and wealth30s