Business and Everyday Life

What is the primary purpose of a business in a capitalist economy?

• To provide jobs

• To generate profit

• To support community

• To innovate

Which of the following is a key characteristic of a market economy?

• Government control

• Private property

• Central planning

• Fixed prices

What is the term for the money a business earns after all expenses are paid?

• Revenue

• Profit

• Loss

• Investment

Which of the following is an example of a non-renewable resource?

• Solar energy

• Wind energy

• Coal

• Hydropower

What is the role of a consumer in an economy?

• To produce goods

• To regulate prices

• To purchase goods and services

• To enforce laws

Which economic system is characterized by collective ownership of resources?

• Capitalism

• Socialism

• Feudalism

• Mercantilism

What is the main function of banks in everyday life?

• To print money

• To provide loans and savings options

• To regulate trade

• To enforce laws

Which of the following is a direct tax?

• Sales tax

• Income tax

• Value-added tax

• Excise duty

What is the term for a market structure with only one seller?

• Monopoly

• Oligopoly

• Perfect competition

• Monopsony

Which of the following is a benefit of using public transportation?

• Increased pollution

• Higher costs

• Reduced traffic congestion

• Limited accessibility