Business Quiz

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

The two main divisions of the trade industry are:

• producers and retailers

• wholesalers and retailers

• wholesalers and producers

• manufacturers and wholesalers

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

• manufacturer

• producer

• retailer

• wholesaler

A characteristic of a seller's market is:

• lower profits.

• higher prices.

• larger supply.

• smaller demand.

The economic resource where people work to produce goods or services are:

• capital goods.

• human resources.

• natural resources.

• noneconomic goods.

What do service businesses sell?

• raw goods and services

• retail goods and services

• intangible goods and services

• wholesale goods and services

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.

New Gear studied trends in the marketplace to price their jerseys. There was an abundance of jerseys remaining after meeting the demand creating which market condition?

• equilibrium

• rationing

• shortage

• surplus

Economic resources that help people be more productive are:

• human resources.

• natural resources.

• capital goods resources.

• nonrenewable resources.

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

• consumer.

• elastic.

• equilibrium.

• inelastic.