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WorksheetsMarket Structures and Economic Principles
Total questions: 22
Worksheet time: 11mins
What is the name for markets with only a few sellers, such as the markets for automobiles, pharmaceuticals, or oil?
Oligopolies
Monopolies
Perfect Competition
Monopolistic Competition
What is the economic basis for the private enterprise economic system?
Competition
The Marketplace
The motive of profit
Manufacturer supply chain
Competition helps create a healthy society by:
Creating new jobs
increasing the money supply
making new government regulations
replacing small businesses with large businesses
Elastic demand is more likely when the good is:
A luxury
imported
lower price
inexpensive
Gasoline prices increased 30 cents per gallon. Raylee continued to purchase gasoline because her demand and need to commute to work had no changed. This is an example of what type of demand?
complementary
discretionary
elastic
inelastic
Deciding to stay home and study, instead of going to a basketball game, is an example of a/an:
capital good.
trade off.
economic service.
economic want.
ABC corporation bought a new conveyor belt. What type of good is the conveyor belt?
natural good
public good
consumer good
capital good
In 1890, congress passed a law that prevents monopolies from forming and hinders price fixing. What law is this?
clayton act
sherman antitrust act
robinson-patman act
celler-kefauver antimerger act
A characteristic of an economic service is that it is:
Useful
Tangible
Nontransferable
Free to everyone
The brooks Company produces sneakers and studies trends in the marketplace to price their sneakers. The Brooks Company supplied as many sneakers as consumers demanded to create which market condition?
Equilibrium
Rationing
Shortage
Surplus
What is a want that can be satisfied by spending money to consume a good, service, or leisure activity?
Economic
Limited
Noneconomic
Unlimited
The economic system that adopts the fewest new ideas or improvements is:
Communist
Market
Socialist
Traditional
The economic system that adopts the fewest new ideas or improvements is:
market
socialist
communist
traditional
In some places, a company can have exclusive control of supply of a good or service such as the trash service. this is an example of :
price competition
a regulated monopoly
price discrimination
non price competition
R & R Real estate company buys errors and omissions liability insurance. What form of risk management is this
transfer
avoidance
reduction
retention
In the human resource management process, what is the first task to be completed for staffing
recruiting
screening and selecting applicants
determining need
determining job descriptions
what is the primary reason customers give for not returning to a business?
lack of available parking
lack of advertised merchandise
lack of courtesy from salespeople
lack of customer-service personnel
which behavior best describes the primary business activity of operations
hiring qualified employees
planning for future success
producing goods and services
keeping accurate financial records
why is information management necessary for strategic information in a business?
to write an annual report
to make long term decisions
to create sales presentations
to develop a short term advertising campaign
which is a true statement about making promises to customers?
it is better to over-deliver
it is better to over-promise
customers do not remember broken promises
businesses should not make promises to customers
when Caring Companions and Smiling Pets merged two years ago, what was the most likely effect on the primary business activities of both companies?
all of the primary business activities were unaffected
each primary business activity became two smaller business activities
all of the primary business activities combined into two distinct activities
each primary business activity combined with the matching activity of the other firm
shannon is the manager and he ensures proper work effort by setting:
job standards
diversity quotas
hiring objectives
expense budgets
