Mr. A's Business Essentials Test Prep 11-20

What is the name for markets with only a few sellers, such as the markets for automobiles, pharmaceuticals, or oil?

• oligopolies

• monopolies

• 
  perfect competition

• monopolistic competition

What is the economic basis for the private enterprise economic system?

• competition

• 
  the marketplace

• 
  the motive of profit

• 
  manufacturer supply chain

Competition helps create a healthy society by:

• 
  creating new jobs.

• 
  increasing the money supply.

• 
  making new government regulations.

• 
  replacing small businesses with large businesses.

What do service businesses sell?

• raw goods and services

• 
  retail goods and services

• 
  intangible goods and services

• wholesale goods and services

The two main divisions of the trade industry are:

• 
  producers and retailers.

• wholesalers and retailers.

• wholesalers and producers.

• 
  manufacturers and wholesalers.

A large retailer wants to contribute to the well-being of society. It donates 10% of its proceeds to a charity that helps the environment. The retailer is demonstrating:

• e-tailing.

• 
  wholesaling.

• 
  social responsibility.

• voluntary merchandise.

A business that buys goods or services and sells them to the ultimate consumer is a:

• 
  manufacturer.

• 
  producer.

• 
  retailer.

• wholesaler.

The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters?

• The price will increase, and the supply will increase.

• The price will decrease, and the supply will increase.

• The price will increase, and the supply will decrease.

• 
  The price will decrease, and the supply will decrease.

To prepare for effective decision-making that ensures the efficient delivery of products to the marketplace, one should study:

• marketing.

• economics.

• 
  job outlooks.

• 
  supply chains.

A form of demand for products in which changes in price correspond to changes in demand is:

• consumer.

• elastic.

• equilibrium.

• 
  inelastic.