Unit 2.00 Study Guide

When employees are working faster or better, they are increasing their

• Wages

• Benefits

• Value

• Effiency

A hurricane that destroys a business is an example of a(n) _______ risk.

• Operational

• Financial

• Strategic

• Hazard

The automobile industry,the pharmaceutical industry, and the oil industry are all examples of

• Market structures

• Perfect competition

• Oligopolies

• Monopolistic competition

What motivates businesses to produce efficienctly and sell effectively

• The desire to spend moneyb

• The hope of making a profit

• The need for recognition

• The chance to start a trend

A gap between unlimited wants and limited rescources creates

• Economics

• Rescources

• Wants

• Scarcity

Seeing a movie at a theater would be considered a(n) _________ want.

• Economic

• Unlimited

• Limited

• Non economic

Which of the following represents a primary business activity

• Scheduling

• Designing

• Marketing

• Supervising

Which of the following statements about perfect competition is correct

• There is a limited supply of goods and services

• Businesses have a good deal of control over the market.

• Products vary from seller to seller

• It is used as a benchmark to compare real market structures against.

Offering high quality, large assortments, and free shipping are examples of

• Rebates

• Non price competition

• Price fixing

• Price competition

When a business keeps a risk because management is unaware of it, the business is _______ the risk.

• Avoiding

• Preventing or controlling

• Retaining

• Transferring