Worksheets1-3 business
Total questions: 34
Worksheet time: 17mins
_________ is an example of a product of monopolistic competition.
Electricity
Aspirin
Cotton
Wheat
Marlon is an entrepreneur who sells homemade goods such as custom aprons and kitchen tools. Since his business is done exclusively online and he makes his goods at home, he saves on building and other brick-and-mortar costs, which allows him to pass that savings on to his customers. Reducing prices to customers is an element of
Demand
equilibrium pricing
supply
competition
During an economic recession, The United Provinces of Utopia government provided loans and took ownership positions the country’s primary financial institution, Bank Co. What economic system does this exemplify?
pure capitialism
socialism
modified capitalism
communism
A large grocery store chain uses a system that can track product history through the entire supply chain to the store, verify transactions, and handle payments. What technology is this system most likely based on?
A.I
Drones
big data
blockchain
Which of the following is true of economic expansion?
There is a decline in spending
The standard of living rises because more people are employed and have money to spend.
There is a decline in production, employment, and income.
The prices stagnate during this period.
Which of the following is NOT an example of a service?
telemedicine visit
smartphone
haircut
sports events
Which of the following is a characteristic of the marketing economy phase of the American economy?
Farm families who produced surplus goods sold or traded them for things they could not produce themselves.
Farm families who produced surplus goods sold or traded them for things they could not produce themselves.
People were self-sufficient and produced everything they needed at home, including food, clothing, and furniture.
People found natural resources, such as coal and iron ore, and used them to produce goods, such as horseshoes.
Alex bought a chain of salons and spas. He invested his wealth and time to enhance the salons with full-service bars, child care for employees and guests, and premium furniture. Since other salons and spas in the area are not offering these types of amenities, he expects this innovation will result in a profit. Alex is a(n)
Category captain
trade creditior
entrepreneur
risky investment
Which of the following is a characteristic of a service economy?
It is particularly important for enabling farmers to send their surplus crops and goods all over the nation for barter or for sale.
It is concerned with the indigenous production of food, clothing, and furniture.
It is devoted to producing services that make life easier for busy consumers.
It is significant for the development of factories along the railways to manufacture farm equipment.
A company is willing to sell its products for the same price that the consumers are willing to buy the product. This price represents the equilibrium price.
true
False
A firm’s ________ resources are also known as labor.
Human
intangible
economic
natural
Which of the following isnot one of artificial intelligence’s enablers?
Robotics
manufacturing
drone
blockchain
Morgan owns XYZ Corp., but after a year of operation the company has yet to earn a profit. Who has the most to lose if XYZ Corp. fails?
morgan
government bodies
XYZ Corp. Consumers
market experts
Which of the following is not true of the marketing mix
It is essential to select the right price for the product.
Marketers use promotion to increase sales.
Distribution involves making sure products are available in the right place at the right time.
Product management involves product adoption or deletion, branding, and product positioning.
Product management involves making sure products are available in the right place at the right time.
Drive & Co. is an auto repair company with a reputation for quality service and being socially responsible. Drive & Co.’s reputation is an example of
financial asset
intangible resource
intangible good
tangible good
Zoe’s responsibilities include developing plans, coordinating employees’ actions to achieve the firm’s goals, organizing people to work efficiently, and motivating them to achieve the business’s goals. Zoe’s role falls under marketing.
true
false
Contractions of the economy lead to inflatio
true
false
Contractions of the economy lead to
an increase in production.
an increase in production
recession
rising levels of employement
inflation
Which of the following is a true statement about a socialist system of economy?
Competition, supply, and demand determine which goods and services are produced and how they are produced.
All economic decisions are made without government intervention.
Central planning determines what basic goods and services are produced.
Consumers have a wide choice of goods and services.
David is an accountant for a small company. As such, he participates primarily in __________ activities.
management
marketing
operations
financial
Christina uses an email marketing platform that can analyze thousands of emails with customer service concerns and create a response that is faster and more accurate than Christina herself could respond. This email marketing platform likely uses
blockchain
drones
AI
Robotics
A positive relationship exists between a country’s employment rate and economic growth and between output and employment.
true
false
At one point in time, the United States balanced the money it spent for social, defense, and other programs with the amount of money it took in from taxes. This is an example of eliminating a
national debt
trade imbalance
budget surplus
budget deficit
________ measures changes in the prices of goods and services purchased for consumption by typical urban households.
trade balance
Consumer price index
GDP
worker productivity
In the airline industry, companies such as Southwest and United have control over airfare prices because each business supplies a large portion of the products sold in the marketplace. What type of market structure does this represent?
oligopoly
monopoly
government-granted monopoly
monopsony
Which of the following is a characteristic of a service economy?
It is devoted to producing goods and services rather than producing agricultural products.
It is particularly important for enabling farmers to send their surplus crops and goods all over the nation for barter or for sale
It is devoted to producing services that make life easier for busy consumers.
It is concerned with the indigenous production of food, clothing, and furniture.
Which of the following markets is most likely to be a monopoly?
automobile manufacters
agricultural commodities
utility companies
airlines
In a socialist economy,
demand and supply have no role to play in the pricing of products and services.
competition is restricted in major industries.
consumers have a wide choice of goods and services.
everyone works for government organizations.
The four P’s of marketing are product, purchasing, price, and promotion.
true
false
GDP measures only those goods and services made within a country.
true
false
A company is willing to sell its products for the same price that the consumers are willing to buy the product. This price represents the equilibrium price.
true
false
In a communist system, competition is restricted in basic industries but encouraged in other businesses.
true
false
The rate of unemployment in a country spiked. In the following weeks, the country experiences a reduction in consumer demand for goods and services, leading to
recovery
economic expansion
deflation
budget surplus
The wheat market in one particular country has a large number of sellers and buyers, and there is no difference in the products sold by each seller. As a result, prices are determined by the
absence of compeition
forces of supply and demand.
businesses that sell the corn.
government
