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WorksheetsIntroduction to Economics / Business Law Midterm Review
Total questions: 80
Worksheet time: 2hrs 41mins
The quantity demand curve is upward sloping
True
False
the Y axis represents Quantity
True
False
Income and _ have an impact on Demand
Price
Supply
Taste
Quality
Prices in a capitalistic society is set by the Government
True
False
Price is set by a few factors
1- the market
2- Cost of ____
Materials
Production
Employees
Supply
When a good or service is in a very competitive market ( many supplies and consumers ) the producer does not have a lot of control over price
True
False
When a persons income increase their quantity demand for a product will decrease
True
False
When a product is in a monopolistic market then producers have more influence on prices
True
False
When demand and Supply are equal and intersect on a graph that is called _
Cost
Price Point
Price
Equilibrium
When demand outstrips supply , price will _ as long as all other things remand constant
Decrease
Stay the same
Increase
When talking about quantity supply , when there is is a change in price that change is reflected in a new Supply curve
True
False
When graphing a supply curve an increase in price will be reflected on the graph with a new supply curve
True
False
profits that are distributed in cash to shareholders are known as ___
Incentives
Dividends
Bonuses
Tips
IPO ( inital public offering ) is when stocks are sold to the public for the 1st time
True
False
a Corporation that is limited to 100 or less stockholders and is taxed like a partnership is know as _ corporation
S
Private
X
Public
Y
Private corporations issue stock to the general public
True
False
Explain the Law of demand and also explain how income can effect demand
Taste can change the demand curve
True
False
A legal document used to verify the agreement between partners is called articles of (a)
Define a Sole proprietorship and list the advantages and disadvantages of the sole proprietorship
Economics is the study of the use of _ resources which have alternative uses
(a)
_ ? Involves the functions of planning, organizing, leading, and controlling
Finance team
Management team
Marketing team
Human resources
In Chapter 4 the textbook list keys to success in a Partnership. List 4 of them
When graphing demand curve a change in price is reflected by a new demand curve
True
False
Explain the law of supply and why producers will bring more goods and service to the market if price of their goods and services increase
Businesses try to earn profits by providing products that satisfy people’s needs
True
False
List the 4 Factors of Production and define them
(a)
Supply will _ when the factors of production decrease as long as all other things remain constant
(a)
In Chapter 4 the textbook list keys to success in a Partnership. List 4 of them
gasoline is a ? good
Elastic
Complementary
Inelastic
Substitute
Inflation is when the prices of goods and service decrease
True
False
(a) team Involves the functions of planning, organizing, leading, and controlling
List the 4 Factors of Production , define them and explain which one is the most important in an market economy
Economics is the study of the use of _ resources which have alternative uses
(a)
Taste can change the demand curve
True
False
In a well written and detailed essay ( minimum 2 paragraphs ) explain what concept you have learn in class that you think is very important to you and why
a good that is very sensitive to a change in price is know as an _ good
(a)
If a price of a good increases supply will _ as long as all other factors remain constant
(a)
profits that are distributed in cash to shareholders are known as _
(a)
Explain the Law of demand and also explain how and increase in income can effect demand
Explain the law of supply and how an increase in labor cost could effect supply
List 2 types of good and define them
Define a Sole proprietorship and list the advantages and disadvantages of the sole proprietorship
50% of small business fail within the 1st 5 years
True
False
In an essay format discuss what you thought was the most important idea in this chapter and why it is relevant to you
_ are the main financial funding for small business
(a)
List the advantages of a small business- a sole proprietorship
Explain what an Entrepreneur is and why the play an important role in a capitalistic society
An entrepreneur with 5 or fewer employees is known as a_ entrepreneur
(a)
Another growing trend in entrepreneurship is _ entrepreneur which is someone who focuses their business on addressing social problems
(a)
_ is a license to use another company's name or sells its product
(a)
All successful business start with having a _ plan
(a)
Since 1977 the Fed 2 main goals are to maximize employment and _ prices
(a)
A business cycle, sometimes called a "trade cycle" or "_ cycle
(a)
However, given the increased _ , business cycles tend to happen at similar times across countries more often than they did before.
(a)
technically a business cycle is the same as a market cycle.
True
False
Explain what an expansionary monetary policy
Explain what a business cycle is and list and define the 4 business cycles
The Feds power comes from its ability to issues _
(a)
Business cycles are universal to all nations that have command economies
True
False
The Fed is one of a few central banks in USA
True
False
A supply chain is a _ between a company and its suppliers to produce and distribute a specific product to the final buyer
(a)
Supply chain _ is a crucial process because an optimized supply chain results in lower costs and a faster production cycles
(a)
Supply chain management is a not that important part of the business process
True
False
_ management begins with the raw materials and ends with the delivery of the final product.
(a)
A supply chain involves a series of steps involved to get a product or service to the customer
True
False
The entities involved in the supply chain include producers, vendors, and name the other 4 entities ?
Transportation companies
Retailers
Distribution centers
Warehouses
All of the Above
Their are 6 key steps in a supply chain include: name 3 of them
Companies develop supply chains so they can reduce their ? and remain competitive in the business landscape
Labor
Cost
Choices
Time
The evolution and increased efficiencies of supply chains have played a significant role in curbing _
(a)
A supply chain management system can reduce the cost and complexity of the manufacturing process, particularly for a manufacturer who uses many parts.
True
False
Companies that manufacture seasonal or holiday merchandise often use the continuous flow model.
True
False
According to the " classical theory of motivation " money is the sole motivator for workers
True
False
In surveys managers agree that employees are most valuable resource a company has
True
False
What motivates employees to perform on the job is the focus of _ relations
(a)
explain what intrinsic and extrinsic rewards are , cite examples
Explain in detail Maslow's hierarchy of needs- your answer should include explanations of the 4 needs plus the concept of Self actualization explain in his pyramid
Theory _ is a management philosophy that stresses employee participation in all aspects of company decision making
(a)
According to McGregor , managers adopting Theory _ assumes that workers generally dislike work and must be forced to do their jobs
(a)
_ is an inner drive that directs a person's behavior towards goals
(a)
