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Unit 1 Review - Set #1

Quiz by Alan Kirby

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29 questions
Show answers
  • Q1
    ____ is all activities undertaken to protect the rights of consumers.
    Bill of Rights
    Consumerism
    Caveat Emptor
    Lobbying
    30s
  • Q2
    ____ is the ability to produce a specific product more efficiently than any other product.
    Comparative advantage
    Absolute advantage
    Relative advantage
    Specialization
    30s
  • Q3
    ____ is the study of how wealth is created and distributed.
    Business
    Marketing
    Capitalism
    Economics
    30s
  • Q4
    A business’ efforts to sustain the planet and their participation in ecological movements are part of a firm’s
    social responsibility
    factors of production
    business cycle
    free enterprise system
    30s
  • Q5
    A major way technology affects land pollution is the potential for
    decreasing pollution problems.
    exploitation.
    creating resource scarcity.
    worsening the problem.
    30s
  • Q6
    A market or industry with only one seller is referred to as
    a limited command system.
    a monopoly.
    monopolistic competiion.
    an oligopoly.
    30s
  • Q7
    A natural resource, as recognized by economists, would include which of the following?
    Buildings
    Tools
    Crude oil
    Machinery
    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 an unqualified advantage in the production of bows and arrows.
    The new country should try to produce its own crude oil, diamonds, and wool.
    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.
    30s
  • Q9
    A plan designed to increase the number of minority employees within an organization is known as
    the Fair Labor Standards Act.
    the Better Business Bureau.
    an affirmative action program.
    the Equal Employment Opportunity Commission.
    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
    unavoidable and therefore something beyond the control of government
    a general decrease in the level of prices
    eliminated by the government
    a general rise in the level of prices
    30s
  • Q12
    According to economists, natural resources, labor, capital, and entrepreneurship are called
    Competitive Resources
    Factors of Manufacturing
    Factors of Production
    Factory 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.
    TRUE
    FALSE
    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
    Tokyo Round.
    Trade Expansion Act.
    Kenedy Round.
    GATT.
    30s
  • Q15
    An oligopoly is a market situation in which there is one producer and a few large buyers.
    TRUE
    FALSE
    30s

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