BF10 Module 2 modified test

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

• wages

• benefits

• efficiency

What motivates businesses to produce efficiently and sell effectively?

• The desire to spend money

• The hope of making a profit

• The need for recognition

A gap between unlimited wants and limited resources creates

• economics

• wants

• scarcity

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

• economic

• limited

• non-economic

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

• nonprice competition

• price fixing

What is the heart of economics?

• decision-making

• wants

• needs

What are the three basic economic questions?

• What will be produced, how will it be produced, who will get the products (how will they be allocated)

• Where will products be produced, when will products be produced, and what products will be produced

In business terms, what is profit?

• a monetary reward

• a holiday bonus

• a risk

Which one of the following groups of words best describes wants:

• unlimited, changing, and competing

• limited, unchanging, and competing

When a business donates money to charity, it is demonstrating ________________

• social responsibiiity

• wholesaling

• e-tailing