Font size
WorksheetsChapter 5 : SME Development & Heavy Industry
Total questions: 50
Worksheet time: 27mins
The factor market includes which of the following as factors of production?
land, labor, capital, and entrepreneurship
land, labor, and capital
land only
land and labor only
A group of firms that work together to reduce competition is referred to as
entrepreneurship
private sector
trust
monopoly
Which of these is where households buy goods and services that firms produce?
private sector
labor market
factor market
product market
When two or more people come together to share resources and responsibility over a business, it is referred to as a
nonprofit
sole proprietorship
partnership
corporation
According to the circular flow model of the private sector, what do businesses contribute to the factor market?
buying goods and services
selling land, labor, and capital
selling goods and services
buying land, labor, and capital
Which of these are examples of monopolistic competition?
The Standard Oil Company purchases smaller competitors, eventually cornering 90% of the petroleum market
McDonald's, Burger King, Wendy's, and Jack in the Box offer a variety of burgers, chicken, fish, and sides at comparable prices
Levi's, Wrangler, Old Navy, and H & M sell blue jeans, varying in price based on the style
Consumers can choose between cable, satellite, or streaming services like Hulu for television
Which of these are examples of oligopoly?
A group of gas station owners in a town work together to keep their prices similar, hoping to drive away competitors
Hundreds of farmers across the nation grow and sell corn and allows for consumers to compare prices
Large automakers like GM, Ford, Chrysler, Toyota and Honda dominate the American markets, making it hard for smaller automakers to have an impact
A Wal-Mart opens in a small town, forcing many small businesses to close in the months following
Movement of people from rural areas to cities
Americanization
Urbanization
Immigration
Populism
Which factor prompted the Americanization movement of the early twentieth century?
The increasing numbers of immigrants from Eastern and Southern Europe
The strengthening of Jim Crow laws in the southern United States
The rising tensions between the United States and the Soviet Union
The growing concern about environmental issues in the western United States
How did the completion of the Transcontinental Railroad contribute to the settlement of the West?
By providing people with access to essential goods
By raising money to build factories along the routes
By giving funds to local leaders to build schools
By establishing military forts along the routes
How did Andrew Carnegie contribute to civic and social life in the United States?
By promoting spiritual and moral values in public schools
By supporting conservative ideals in federal legislation and foreign policy
By establishing philanthropic organizations dedicated to education and the arts
By creating a charitable foundation to end hunger
Which of these best defines unemployment?
those that cannot provide basic necessities from themselves
those that are able to work but unable to obtain a job
those that are retired or unable to work because of disability
The part of the economy that is owned by individuals and is operated for their personal benefit is known as.....
Private Sector
Public Sector
Profit
Individual Decision Making
Growth in the field of iron and steel, heavy engineering, petroleum and natural gas happens in the
Public sector
Private sector
Inadequate power supply is a ———————- cause of industrial sickness
Exogenous
Endogenous
Economic depression is an endogenous cause of industrial sickness
True
False
In relation to the "agricultural improvements" is CORRECT to say that:
enclosures increased the production
new machines and technologies were introduced
agricultural mechaning led to rural migration towards the cities.
all of them are correct
Which economic system prefers market freedom over government involvement?
Socialism
Capitalism
Which word best explains the changes shown in these photographs?
Immigration
Assimilation
Nullification
Nativism
In comparison to large businesses, small businesses
can usually charge lower prices
can be more responsive to customer demands
are less flexible and adaptive to external changes
have less frequent contact with their customers
An improvement that increases the usefulness of a product or service
innovation
planning
organisation
invention
Main reason an entrepreneur may fail
lack of money
working long hours
not planning well enough
good managerial skills
What are the BENEFITS of being a sole proprietor of a business? CHOOSE TWO.
complete control over the business
you can work from home which is convenient
some people may not want to buy from you if you work at home
there can be a lot of business expenses
What are the DRAWBACKS of being a sole proprietor of a business? CHOOSE TWO.
complete control over the business
you can work from home which is convenient
some people may not want to buy from you if you work at home
there can be a lot of business expenses
When Firestone says they don't have pricing for a tire, just request their ________ price and authorize that amount
cost
retail
sale
special
When initiating a claim you are to input the ______ in the repair facility search.
dealer number
store address
dealer name
customer zip code
You should offer to set a repair appointment at Pep Boys or Firestone at least _______ during claim initiation.
once
twice
three times
four times
