Business and Marketing Review

Logo Name

(a)  

John has two hours before having to go to his part-time job. He is deciding between studying for a math exam and taking a nap. If John chooses to take a nap, the opportunity cost of his decision is

• the wages from his part-time job

• the rest he is getting

• all of the responses are correct

• the score he will earn on the math exam

What is the first step in the consumer decision-making process?

• gather information

• select alternatives

• evaluate alternatives

• recognize a need

__ is something of value that someone owns.

• Asset

• Loss

• Capital Good

• Lossing lottery tickets

Services are

• easier than products to examine to see if they will meet your needs

• consumed at the same time they are produced

• the same no matter who provides them

• easier than products to store

• slurpies from Buck ee's

Personal economic freedom is most limited in a

• command economy

• market economy

• traditional economy

• McDonald's Funland

Telecommuting refers to

• the use of computers to design products

• going to the beach

• driving to

  Buck ee's

• working at home by computer

People choosing various jobs and careers in a society is an example of the

• division of labor

• long division.

• fractions.

• a travel agent.

____ is the amount of a good or service an individual or group of individuals is willing to provide, given one specific price.

• Quantity Supplied

• Quantity Demanded

• Aggregate Demand

• Free Krispie Kreme donuts

What has/have been considered "monies"?

• Tea

• Gold and Silver

• Breads

• All have been considered money at some point

• None have been considered money at some point.