Business & Marketing - Post Test

Question 1

GDP does not measure the value of work you do for yourself.

Accepted Answer

True

Question 2

Which of the following would be included in a measure of GDP?

Accepted Answer

Finished Domestic Automobiles

Question 3

Infrastructure refers to a country's ____.

Accepted Answer

transportation, communication, and utility systems

Question 4

A set of rules guiding the actions of employees in a business organization is referred to as a ____.

Accepted Answer

Code of Ethics

Question 5

The right to use a company name or business process in a specific way is called a ___.

Accepted Answer

Franchise

Question 6

People are "underemployed" if they have been without work for at least six months.

Accepted Answer

False

Question 7

A patent provides the inventor the sole right to make, use, or sell the item for ___.

Accepted Answer

20 years

Question 8

There are 4 P's of marketing: Price, Product, Promotion, and ____.

Accepted Answer

Place

Question 9

For a contract to be valid, a measurable value must be exchanged by the parties involved. This is the principle of ____.

Accepted Answer

Consideration

Question 10

The means through which goods and services are produced are called _____.

Accepted Answer

Economic Resources

Question 11

A bond represents ownership in a corporation.

Accepted Answer

False

Question 12

Capitalistic economies do not have much ____.

Accepted Answer

Government ownership

Question 13

The results of when a government spends less than it takes in is called a ___.

Accepted Answer

Budget Surplus

Question 14

Clauses in labor contracts that relate to employee well-being are called right-to-work clauses.

Accepted Answer

False

Question 15

Comparative advantage exists when a country can produce a good or service at a lower cost than other countries.

Accepted Answer

True

Question 16

All of the following are characteristic of a depression except___.

Accepted Answer

Rapidly rising GDP

Question 17

The interest rate banks make available to their best business customer is call the...

Accepted Answer

Prime Rate

Question 18

The balance of payments is the value of a currency in one country compared with the value in another.

Accepted Answer

False

Question 19

A mixed economy combines elements of ______.

Accepted Answer

Command & Market

Question 20

The difference between a country's total exports and total imports is called the ____.

Accepted Answer

Balance of Trade

Questions 20