Intro to Bus Final Exam Review

Which of the following is an example of a business?

• clothing store for young children

• Target

• law offices

• All of the above

Which of the following is the best example of a service?

• getting your haircut
• the tires you purchased for your car

• the pizza you bought for lunch

• the liter of soda you purchased at the convenience store

Which of the following is the best example of a good?

• getting your taxes done
• the birthday candles for a cake

• the airplane flight you took to go on a vacation
• the driving lessons you took

Which of the following businesses provides its customers with a service?

• a walnut grower

• a corn farmer

• a golf club manufacturer

• a law office

Which of the following businesses provides its customers with a good?

• law firm
• hair salon
• accounting firm
• bicycle manufacturer

Which of the following is the BEST example of a not-for-profit business?

• American Cancer Society
• McDonald's
• Kellogg's
• FedEx delivery service

As one of the factors of production, natural resources includes all of the following EXCEPT:

• farmland
• coal
• water
• machinery

Labor, as a factor of production, refers to:

• all workers in business
• wages

• full employment
• tools

Which of the following is a characteristic of pure competition?

• large number of firms

• all the firms in the market sell similar products

• entry into and exit from the market is easy

• buyers and sellers in the market are well-informed about the product

• all of these choices

Not-for-profit organizations have the same goals as for-profit organizations.

• True
• False