Introduction to Business Chapter 1 Test

An example of a public want is a family wanting a new car.​ ​ ​ (a)  

• Ture
• False

Unlike goods, services are performed for free.​ ​ ​ (a)  

• True
• False

Resources are items used to make and provide goods and services.​ (a)  

• True
• False

Competition among businesses hurts the consumer.​ ​ (a)  

• False
• True

Most people have unlimited wants for goods and services.​ (a)  

• True
• False

Wants that are shared by many people are

• group wants

• shared wants

• public wants

• multiple wants

All of the following involve offering services except

• banking

• sports and entertainment

• DVDs

• tourism

The reward for satisfying the needs and wants of consumers and businesses is

• wealth

• profit

• revenue

• dividends

Competition forces businesses to

• file for bankruptcy

• drive their competitors out of business

• decide how to best use and conserve their resources

• lower their prices

For businesses to stay successful, they must offer

• quality products

• competitive prices

• outstanding service

• all of the above