BA 101 Midterm Review (Ch 1-5)

The quantity of a product or service that businesses will make available at various prices is called:

• Supply

• Demand

• Product

• Stock

Which of the following is NOT a component of the consumer price index?

• gas purchased by a commuter

• tickets to a sporting event

• lumber for a construction company

• food ordered for a birthday party

What are some reasons that 100% of US citizens are not employed?

• stay at home to raise children

• attending school for later employment

• in-between jobs

• all of the above

Which GDP takes inflation into account and uses adjusted market prices?

• real GDP

• frictional GDP

• Cyclical GDP

• none of these

What is the economic system under which basic industries are operated by the government or owned by the private sector under strong government control called?

• capitalism

• socialism

• communism

• public enterprise

How is the standard of living measured?

• output of goods and services people can afford

• types of goods that consumers want

• level of demand from industries

• based on the total consumption rate

A law office or doctors office provide customers with a ________________ while grocery stores and boutiques provide their customers with a _____________.

• good; service

• service; good

• item; appointment

• bill; bag

_______________ giving is when a business allocates specific materials/resources to support social or environmental goals that align with their values.

What contributes to an employee's self worth, contributing to increased productivity?

• micromanagement

• autonomy

• consumerism

• empowerment

What is the difference between stakeholders and stockholders?

• They are the same

• stakeholders is not a real term

• both are invested in the company, but stockholders are the only that hold stock

• stockholders are not invested in the company