BIZPOL500REVIEW

The usefulness of a product to consumers is referred to as product:

• Utility

• Consumption

• Liability

Which change provides the most time utility for a consumer?

• shopping for a product in the morning

• shopping during your lunch break

• staying open for business on the weekend

Equilibrium price of a good is achieved when the amount supplied is _________________the amount demanded.

• less than

• greater than

• equal to

Which is an external factor that affects market price?

• consumer buying power

• location of items in store

• larger sales tags

The business that begins selling Christmas decorations in late autumn is creating the utility of

• function

• form

• time

A local dry cleaner that also launders and presses shirts is selling:

• industrial supplies

• consumer services

• lottery tickets

_________ are a natural resource that can be renewed through people's efforts.

• Trees

• Mineral deposits

• Cars

The desire for which item would be considered a noneconomic want?

• a car

• a walk

• a boat

Inadequate pay level is a factor that might limit the human resources available for certain jobs.

• T

• F

In business terms, what is profit?

• a risky venture

• a monetary reward

• sales tax