5.04 Economics And Government

A major characteristic of a market economy is ____________ ownership of property.a. privateb. monopolisticc. limitedd. government

Which of the following is a problem associated with communist command economies?a. There are high taxes.b. There is no competition.c. Supply and demand control what will be produced.d. Individuals run the risk of losing their business.

Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as ________________ states.a. militaryb. capitalistc. welfared. consumer

The basic role of the United States government is to:a. limit business startups.b. maintain control of prices.c. increase production.d. protect U.S. citizens.

In a private enterprise economic system, the interaction of supply and demand primarily determines:a. product prices.b. the extent of pollution.c. government regulation.d. economic choices.

Who decides how goods and services will be marketed in a private enterprise economic system?a. Legislatorsb. Business peoplec. Competitorsd. Consumers

Which of the following provides government protection of business property?a. Consumer-protection lawsb. Economic incentivesc. Patentsd. Revenues

One of the reasons that has caused government's role in business to expand is that:a. competition in the marketplace has increased.b. costs of production have continued to increase.c. products have become very technical.d. people's attitudes have changed.

Which of the following is a way that government can borrow money from the private sector in order to pay the costs of regulation?a. By issuing bonds.b. By setting prices.c. By raising taxes.d. By selling licenses.

Which of the following items would be considered a non-economic want: New clothing A car A walk Nutritious food

A business that begins selling winter holiday decorations in late autumn is creating __________ utility. time place possession form

A major characteristic of a market economy is ____________ ownership of property .limited government private monopolistic

Which of the following is a problem associated with communist command economies? There is no competition. There are high taxes. Supply and demand control what will be produced. Individuals run the risk of losing their business.

Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as ________________ states. consumer capitalist welfare military

The basic role of the United States government is to: protect U.S. citizens. limit business startups. maintain control of prices .increase production.

In a private enterprise economic system, the interaction of supply and demand primarily determines: product prices .economic choices .government regulation. the extent of pollution.

Who decides how goods and services will be marketed in a private enterprise economic system? Consumers Business people Competitors Legislators

What do economists call the intersection of a Demand curve and a Supply curve? Surplus Rationing Shortage Equilibrium price

The three economic questions each organization must answer are; What should be produced? How should it be produced? and: For whom should it be produced? Where should it be produced? Why should it be produced? When should it be produced?

For a business, income remaining after payment of expenses is: profit. loss. capital. debt.

Which of the following is an example of a speculative business risk? A cashier gives unauthorized discounts to friends. A special promotion fails to increase sales. A supplier's shipment is lost in transit. A customer is injured at a business and sues the company.

What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods? $471,350 $523,820 $232,420 $368,730

Which of the following represents a natural risk for the owner of a delivery service? Accident Rising prices Government intervention Snowstorm

In business terms, what is profit? A good investment A monetary reward A risky venture A holiday bonus

carefully selecting goods or services to sell is an example of handling business risks by _______________ the risk. controlling bypassing avoiding transferring

Which of the following is a reason that a U.S. company would decide to offer its products in other countries? To sell obsolete, outdated products To provide jobs to people in other countries To expand to new, untapped markets To subsidize developing countries

Which of the following factors has aided the most in creating a global business environment?Government Technology Exhange rates Cultural changes

Which of the following is an outside factor that affects the business environment? Staff organization Industry competition Conflict negotiation Information management

Which of the following is an example of an economic factor that affects the business environment? Management style Business cycle Employee morale Long-term goals

Which of the following affects the business environment because it provides the most options for consumers? Global competition Monopoly International sanctions Command economy

Business ethics involve considering issues about what is: safe and unsafe. positive and negative. right and wrong. legal and illegal.

Which of the following is an example of unethical business behavior? Questioning standards Persuading others Misleading customers Identifying target markets

Which of the following is an example of ethical business behavior? Using advertisements to confuse customers Testing products to ensure they are safe to use Disclosing partial information about products Accepting a bribe from a prominent customer

Businesses that successfully adapt to current market situations often realize that: more financing is necessary. diversification is the key .cutting costs is important. change is an opportunity.

Which of the following situations would most likely indicate the need to adapt to changes in the business environment? The supply of materials used in manufacturing a product has decreased. The demand for your product is stable.The business has experienced little employee turnover during the past year. The number of your business's competitors has decreased.

Which of the following provides government protection of business property? Revenues Economic incentives Patents Consumer-protection laws

One of the reasons that has caused government's role in business to expand is that: products have become very technical. people's attitudes have changed. costs of production have continued to increase. competition in the marketplace has increased.

Which of the following is a way that government can borrow money from the private sector in order to pay the costs of regulation? By selling licenses. By raising taxes. By setting prices. By issuing bonds.

Which of the following is a way that the productivity of an individual worker can be measured? By dividing the total number of products by the number of production steps By dividing the number of customers served by the number of hours an employee worked By dividing the dollar totals of sales by the number of salespeople who made the sales By dividing the dollar totals of sales by the costs of making all of those sales

The formula that is generally used to measure productivity is: labor divided by resources .inputs divided by labor. goods divided by time. outputs divided by inputs.

If three employees each work 35 hours a week and produce a total of 9,764 items, what is their total hourly productivity level? 105 93 31 67

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