Principles of Business, Marketing, Finance Final Exam Review

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

What is a service?

• A job
• Something someone does for you
• A need
• Something you do for another person

What is a good?

• A need
• A baseball game
• Things people do for money
• Things that people make or grow

What is a job?

• An activity
• A color
• Something you do to earn money
• Something you do for free

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

6. Societies are faced with which three basic questions about production of goods?

• what, how, and why
• what, where, and when
• what, how, and for whom
• when, where, and for whom

10. A nation's wealth is made up of

• all intangible items
• all goods and services
• all tangible items
• all tangible and intangible items

Oil, natural gas, and coal are called ________resources because they are not easy to replace.

• fossil fuels
• conservation
• natural resources
• nonrenewable

 The difference between a good and a service is that:

• Goods are available in unlimited quantaties and services are not 
• Goods are tangible and services are not 
• Services are available in unlimited quantaties and goods are not 
• goods help satisfy unlimited wants and services do not

Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test.  However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam.  What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.

• An A on the exam 
• making a B on the exam 
• Losing one hour of sleep
• gaining one hour of sleep