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Unit 1 Quiz Review (Chapters 1-3)

Quiz by Alan Kirby

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87 questions
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  • Q1
    ____ is all activities undertaken to protect the rights of consumers.
    Lobbying
    Consumerism
    Caveat Emptor
    Bill of Rights
    30s
  • Q2
    ____ is the ability to produce a specific product more efficiently than any other product.
    Relative advantage
    Comparative advantage
    Specialization
    Absolute advantage
    30s
  • Q3
    ____ is the study of how wealth is created and distributed.
    Marketing
    Economics
    Capitalism
    Business
    30s
  • Q4
    A business’ efforts to sustain the planet and their participation in ecological movements are part of a firm’s
    factors of production
    social responsibility
    free enterprise system
    business cycle
    30s
  • Q5
    A major way technology affects land pollution is the potential for
    worsening the problem.
    creating resource scarcity.
    decreasing pollution problems.
    exploitation.
    30s
  • Q6
    A market or industry with only one seller is referred to as
    a monopoly.
    a limited command system.
    an oligopoly.
    monopolistic competiion.
    30s
  • Q7
    A natural resource, as recognized by economists, would include which of the following?
    Crude oil
    Buildings
    Machinery
    Tools
    30s
  • Q8
    A new country is formed in central Africa. It has no absolute advantage in crude oil, diamonds, or wool. However, it does manufacture high-quality bows and arrows for specialized safari adventures. Which of the following statement is true?​
    The new country has a determined advantage in the production of arrows.
    The new country has a comparative advantage in the production of bows and arrows.
    The new country has an unqualified advantage in the production of bows and arrows.
    The new country should try to produce its own crude oil, diamonds, and wool.
    30s
  • Q9
    A plan designed to increase the number of minority employees within an organization is known as
    an affirmative action program.
    the Equal Employment Opportunity Commission.
    the Fair Labor Standards Act.
    the Better Business Bureau.
    30s
  • Q10
    A tariff is a tax levied on a particular foreign product entering a country.
    FALSE
    TRUE
    30s
  • Q11
    According to economists, inflation is
    a general decrease in the level of prices
    eliminated by the government
    unavoidable and therefore something beyond the control of government
    a general rise in the level of prices
    30s
  • Q12
    According to economists, natural resources, labor, capital, and entrepreneurship are called
    Factors of Production
    Factors of Manufacturing
    Factory Resources
    Competitive Resources
    30s
  • Q13
    An affirmative action program is designed to ensure that minority employees are represented in about the same proportion as their representation within the community.
    FALSE
    TRUE
    30s
  • Q14
    An international organization formed at the end of World War II by the United States and twenty-two other countries whose goal was to reduce or eliminate tariffs and other barriers to world trade is called the
    GATT.
    Kenedy Round.
    Tokyo Round.
    Trade Expansion Act.
    30s
  • Q15
    An oligopoly is a market situation in which there is one producer and a few large buyers.
    FALSE
    TRUE
    30s

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