Unit 1 Review - Full Set
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.Caveat EmptorLobbyingConsumerismBill of Rights30s
- Q2____ is the ability to produce a specific product more efficiently than any other product.Relative advantageSpecializationAbsolute advantageComparative advantage30s
- Q3____ is the study of how wealth is created and distributed.MarketingBusinessCapitalismEconomics30s
- Q4A business’ efforts to sustain the planet and their participation in ecological movements are part of a firm’ssocial responsibilityfree enterprise systembusiness cyclefactors of production30s
- Q5A major way technology affects land pollution is the potential forcreating resource scarcity.exploitation.decreasing pollution problems.worsening the problem.30s
- Q6A market or industry with only one seller is referred to asa limited command system.a monopoly.monopolistic competiion.an oligopoly.30s
- Q7A natural resource, as recognized by economists, would include which of the following?BuildingsMachineryToolsCrude oil30s
- Q8A 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 an unqualified advantage in the production of bows and arrows.The new country has a comparative advantage in the production of bows and arrows.The new country should try to produce its own crude oil, diamonds, and wool.30s
- Q9A plan designed to increase the number of minority employees within an organization is known asan affirmative action program.the Equal Employment Opportunity Commission.the Fair Labor Standards Act.the Better Business Bureau.30s
- Q10A tariff is a tax levied on a particular foreign product entering a country.TRUEFALSE30s
- Q11According to economists, inflation isa general rise in the level of pricesunavoidable and therefore something beyond the control of governmenta general decrease in the level of priceseliminated by the government30s
- Q12According to economists, natural resources, labor, capital, and entrepreneurship are calledFactory ResourcesFactors of ManufacturingFactors of ProductionCompetitive Resources30s
- Q13An affirmative action program is designed to ensure that minority employees are represented in about the same proportion as their representation within the community.FALSETRUE30s
- Q14An 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 theTrade Expansion Act.GATT.Tokyo Round.Kenedy Round.30s
- Q15An oligopoly is a market situation in which there is one producer and a few large buyers.TRUEFALSE30s