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Intro to Business: Ch. 2

Total questions: 59

Worksheet time: 30mins

Name
Class
Date
1.
Entrepreneurial resources meet society’s changing wants and needs.
a)
True
b)
False
2.
The higher the price for goods and services, the more consumers will buy.
a)
True
b)
False
3.
Which is NOT a factor of production?
a)
natural resources
b)
labor
c)
capital
d)
the marketplace
4.
Which statement about natural resources is true?
a)
Water is renewable because it can be reproduced.
b)
Lumber is not renewable because it takes a long time to grow new trees.
c)
Coal is renewable because there is so much of it still in the ground.
d)
Agricultural products are renewable because new crops can be grown each season.
5.
Which means the same as human resources?
a)
capital resources
b)
service providers
c)
labor resources
d)
unskilled workers
6.
What are two basic types of economic systems?
a)
supply and demand
b)
competition and profit
c)
private enterprise and free enterprise
d)
market economy and command economy
7.
All the economic resources necessary to produce a society's goods and services
a)
alternate sources
b)
renewable resources
c)
unskilled labor
d)
factors of production
8.
Things used to produce goods and services
a)
entrepreneurship
b)
capital resources
c)
entrepreneur
d)
capital goods
9.
Used by the people who recognize a business opportunity and start a business
a)
entrepreneurial resources
b)
conservation
c)
phyical labor
d)
supply
10.
When developing a product or service, a business must do all of the following except
a)
create a need for the product or service.
b)
evaluate the demand for the product or service.
c)
obtain start-up and operating capital.
d)
keep records to satisfy government requirements.
11.
An economy that contains both private and public enterprise
a)
Command economy
b)
Entrepreneurship
c)
Mixed economy
d)
Market economy
12.
How many factors of production are there?
a)
3
b)
8
c)
4
d)
5
13.
Some nations can produce more goods with fewer workers than other countries that have more workers due to technology used in the country with fewer workers, increasing worker productivity
a)
True
b)
False
14.
The amount or quantity of goods and services that consumers are willing to buy at various prices
a)
Demand
b)
Supply
c)
Mixed economy
d)
Market economy
15.
The cost of using a resource for one purpose, which means giving up the opportunity to use it for something else
a)
economics
b)
profit motive
c)
mixed economies
d)
opportunity cost
16.
Most nations have _____________________, which combines elements of capitalism and socialism
a)
economic systems
b)
command economies
c)
moderate command economy
d)
mixed economies
17.
Which is true of resources?
a)
Resources are unlimited.
b)
Businesses and governments lack resources.
c)
Insurance and tourism are examples of resources.
d)
Resources are limited.
18.
What is scarcity?
a)
unlimited wants and needs
b)
a shortage of resources
c)
a lack of goods and services
d)
limited expenses
19.
Which is NOT a factor of production?
a)
natural resources
b)
labor
c)
capital
d)
the marketplace
20.
Which is most important in determining the price of a product or service?
a)
profit and competition
b)
business owners' preferences
c)
equilibrium pricing
d)
supply and demand
21.
An economy that contains both private and public enterprises
a)
Market economy
b)
Mixed economy
c)
Command economy
d)
Choice economy
22.
In which economy system does the central authority make the key decisions?
a)
Mixed economy
b)
Choice economy
c)
Demand and supply
d)
Command economy
23.
All the economic resources necessary to produce a society’s goods and services
a)
renewable resources
b)
factors of production
c)
scarcity
d)
raw materials
24.
Entrepreneurship and entrepreneur are not defined as the same thing.
a)
True
b)
False
25.
Labor that does not require specialized knowledge or training
a)
Unskilled labor
b)
Skilled labor
c)
Entrepreneurial
d)
Trained forklift driver
26.
Wheat and Cattle are forms of ___________ resources
a)
Renewable resources
b)
Supply
c)
Nonrenewable resources
d)
Scarcity
27.
Are people who make the goods and services for which they are paid
a)
natural resources
b)
labor
c)
buyer
d)
business
28.
The three basic economic questions are
a)
what should be produced?
b)
How should it be produced?
c)
Who should share in what is produced?
d)
all of the above
29.
Coal, iron and oil are nonrenewable resources which can be reproduced.
a)
True
b)
False
30.
All of the following are resources except
a)
money
b)
transportation
c)
fuel
d)
labor
31.

How many basic economic questions are there?

(a)  

32.

Name two countries that are examples of market economies.

(a)  

33.

The process of recognizing a business opportunity, testing it in the market, and gathering the resources necessary to start and run a business. What is the key term?

(a)  

34.
Which means the same as human resources?
a)
capital resources
b)
service providers
c)
labor resources
d)
unskilled workers
35.
Which refers to how people satisfy their needs and wants by making choices?
a)
entrepreneurship
b)
economics
c)
equilibrium
d)
opportunity
36.
Which is a characteristic of capitalism?
a)
resources are shared equally
b)
there is an even distribution of income
c)
prices are determined by government planners
d)
resources are privately owned
37.
Which is most likely to happen when the price for a good or service is high?
a)
profit rise
b)
demand falls
c)
supply increases
d)
competition decreases
38.
Which is most important in determining the price of a product or service?
a)
profit and competition
b)
business owner’s preferences
c)
supply and demand
d)
equilibrium pricing
39.
Profit is not considered an incentive in a market system?
a)
True
b)
False
40.
Is profit considered an incentive in a market system?
a)
True
b)
False
41.
Because all nations must deal with the scarcity of economic resources, each country must set up an economic system that determines what and how much will be produced, how items will be produced, and who will receive what is produced.
a)
True
b)
False
42.
North Korea is an example of a command economy.
a)
True
b)
False
43.
Which is an example of a natural resource?
a)
A delivery truck
b)
A factory worker
c)
Oil
d)
A business owner
44.
Which statement best describes the relationship between supply and demand?
a)
They are unrelated concepts
b)
They work together to determine equilibrium price
c)
Supply always equals demand
d)
Demand controls supply but not vice versa
45.
Labor resources can be intellectual.
a)
True
b)
False
46.

Which of the following is NOT considered a factor of production?

a)

Land

b)

Entrepreneurship

c)

Labor

d)

Money

47.

What is the main purpose of opportunity cost in economics?

a)

To measure profit

b)

To determine the price of goods

c)

To compare different resources

d)

To evaluate the value of the next best alternative given up

48.

In a market economy, who primarily determines what goods and services are produced?

a)

Consumers and producers

b)

Government agencies

c)

International organizations

d)

Nonprofit organizations

49.

Which of the following best describes a mixed economy?

a)

An economy controlled entirely by the government

b)

An economy with both private and public sector involvement

c)

An economy based only on supply and demand

d)

An economy with no government intervention

50.

What is the primary role of capital resources in production?

a)

To provide labor for businesses

b)

To supply raw materials

c)

To fund and equip the production of goods and services

d)

To regulate market prices

51.

Which of the following is an example of opportunity cost?

a)

Setting a fixed price for a service

b)

Increasing the supply of a product

c)

Earning a profit from selling goods

d)

Choosing to buy a new phone instead of saving the money

52.

Which point on the graph represents market equilibrium?

a)

E

b)

D

c)

C

d)

A

53.

A business may stop manufacturing because

a)

of government taxes.

b)

it can't keep up with demand.

c)

there's a decrease in demand.

54.
Which of the following would be a natural resource?
a)
TV announcers
b)
bankers
c)
fish
d)
farmers
55.

Which of the following best describes labour as a factor of production?

a)

The natural resources used in production.

b)

The human effort used in the creation of goods and services.

c)

The machinery and tools used in production.

d)

The financial capital invested in a business.

56.

Which of the following is an example of a capital resource?

a)

A factory building

b)

A plot of land

c)

A worker's skills

d)

A natural forest

57.

Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?

a)

The supply went up.

b)

The supply went down

58.

If the store has 100 packs of toilet paper and 200 people want to buy it, is it a shortage or surplus?

a)

shortage

b)

surplus

59.

A product is in high demand but low supply. That means...

a)

It is cheaper

b)

No one wants it

c)

It is easy to find

d)

It has a higher price

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