Introduction to Business - Quiz 1 Review

The difference between a good and a service is that a good ___________.

• is physical

• is intangible

• provides access to something

• makes life easier in some way

Standard of living refers to how much one can buy with the money one earns.

• True

• False

Which of the following is correct?

• Revenue - Cost = Profit

• Revenue = Profit

• Revenue + Cost = Profit

• Profit - Cost = Revenue

At Landmark College, professors are an example of what factor of production?

• Natural Resource

• Capital

• Human Resource

Wendy's needing to compete with McDonald's is an example of Wendy's ________________.

• External Business Environment

• Internal Business Environment

Capitalism's economy is characterized by:

• a free market

• a controlled market

• high regulation

• government ownership

The _____________ is where supply and demand are most balanced.

• point of equilibrium

• demand curve

• supply curve

• microeconomy

A fish market is an example of perfect competition because of:

• the products offered are all the same

• free entry and exit of sellers

• a lot of buyers and sellers

• All of these

Console gaming is an example of a monopoly because there are three major companies: Microsoft, Sony, and Nintendo

• True

• False

A high-context culture is where people typically express exactly what they mean with words.

• True

• False