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Unit 1 Review - Introduction to Business

Quiz by Amy Whitlatch

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39 questions
Show answers
  • Q1
    The government has control of what is produced, how it's produced, and who it's produced for.
    market economy
    mixed economy
    command economy
    45s
  • Q2
    What are the three basic economic questions?
    what to produce, how much will it be sold for, who will purchase
    What to produce, how to produce, for whom to produce it for
    what to produce, when to produce, who to produce for
    45s
  • Q3
    The United States is what type of economy?
    command economy
    mixed economy
    market economy
    45s
  • Q4
    The first step to the decision making process is to evaluate the advantages and disadvantages of each choice
    false
    true
    45s
  • Q5
    The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.
    true
    false
    45s
  • Q6
    Things that add comfort and pleasure to your life
    goods
    needs
    luxuries
    wants
    45s
  • Q7
    People producing goods and services
    manufacturers
    producers
    consumers
    45s
  • Q8
    Things that are required in order to live
    needs
    wants
    luxuries
    money
    45s
  • Q9
    When you give up something to have something else
    scarcity
    trade-offs
    45s
  • Q10
    Not having enough resources to satisfy every need
    trade-offs
    scarcity
    45s
  • Q11
    Economic resources are sometimes referred to as factors of ______________________________
    servicing
    production
    manufacturing
    45s
  • Q12
    ______________________ involves spending by businesses for items such as land, capital, buildings, equipment, and new projects
    capital projects
    productivity
    Budgeting
    45s
  • Q13
    The unemployment rate is the portion of the people in the labor force who are not working.
    true
    false
    45s
  • Q14
    ___________________________ is an increase in general level of prices
    inflation
    deflation
    price index
    45s
  • Q15
    Another way to measure economic growth is _____________________________ or output per person.
    productivity
    GDP per capita
    gross domestic product (GDP)
    45s

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