Chapter 12 Test 10th Grade

The total value of goods and services produced by a country during a year?

• Gross National Product (GNP)

• Balance of Trade (BOT)
• Consumer Price Index (CPI)
• Net National Product (NNP)

What does laissez-faire mean?

• Laissez-faire means that government should interfere as little as possible in the nation's economy.

• Laissez-faire is a term for mandatory regulations in business.
• Laissez-faire refers to a system of heavy taxation.
• Laissez-faire means strict government control over the economy.

one who organized, manages, and assumes the risks of a business?

• Entrepreneur
• Investor
• Shareholder
• Manager

a geographic region in which the same standard time is kept?

• Latitude
• Time zone
• Longitude
• Altitude

a Grant of land by the federal government?

• Land grant
• Real estate contract
• Property deed
• Land lease

an organization that is authorized by law to carry on an activity but treated as though it were a single person?

• Non-profit organization
• Sole proprietorship
• Corporation

• Natural person

What is economies of scale?

• Economies of scale are the cost advantages that arise when production becomes efficient, leading to a reduction in per-unit costs as output increases.
• Economies of scale describe the benefits of reducing workforce size in a company.
• Economies of scale are the financial losses incurred when production is too high.
• Economies of scale refer to the increase in product quality with higher production.

total control of a type of industry by one person or one company?

• Monopoly
• Monopsony
• Duopoly
• Oligopoly

what is a trust?

• A trust is a legal arrangement for managing assets on behalf of beneficiaries.
• A trust is a type of bank account.
• A trust is a government program for social welfare.
• A trust is a form of insurance policy.

What is a holding company?

• A holding company is a type of investment bank.
• A holding company is a business that only provides services.
• A holding company is a government entity that regulates businesses.
• A holding company is a business entity that owns other companies' outstanding shares.