Intro to Business Final Assessment

A tax that government places on certain imported goods is called a (an)

• embargo

• quota

• tariff

• trade deficit

When a country buys more than it sells, they have a

• trade surplus

• trade deficit

A decrease in the general level of prices is called _________

• inflation

• balance of payments

• deflation

• price index

A limit on the quantity of a product that may be imported or exported is called a (an)

• embargo

• tariff

• quota

Business dealings involving companies that do business in only one state is called

• interstate commerce

• intrastate commerce

A number that compares prices in one year with some earlier year is called a price index.

• True

• False

Those who determine which products and services will be produced in a market economy is called

• consumers

• producers

A natural resource that cannot be replaced when used up is called a

• renewable resource

• factors of production

• nonrenewable resources

• economic resources

A __________ protects the creative work of authors, composers, and artists.

• patents

• copyrights

• trademarks

When an individual or company's actions result in an unfair benefit, a ______________ occurs.

• comparative advantage

• conflict of interest

• trade deficit

• trade surplus