What situation would cause prices to rise?

insects destroy a large cotton crop

Which change provides the most time utility for a consumer

staying open for business on the weekend

Which is a reason that natural resources are considered limited?

The Earth has certain boundaries

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POBF 5.01-5.02 Study Guide

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Principles of Business and Finance Study Guide Questions 5.01-5.02

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Questions 20

Answers

1
When prices increase, producers usually:
increase supply
decrease supply
increase demand
decrease profits
2
Which is a problem associated with communist command economies?
There is no competition
Supply and demand control what will be produced
individuals run the rick of losing their business
There are high taxes
3
Which group of words best describes wants?
unlimited, changing, competing
unlimited, unchanging, compensating
limited, changing, compensated
limited, unchanging, competing
4
Killing frost destroys 80% of Florida's citrus crop. This will most likely create:
pure competition
inelastic demand
a buyer's market
a seller's market
5
In business terms, what is a profit?
a monetary reward
a good investment
a holiday bonus
a risky venture
6
The basic role of the United States government is to:
increase productions
limit business startups
protect U.S. citizens
maintain control of prices
7
The desire for which item(s) would be considered for a non-economic want?
new clothing
a walk
a car
nutritious food
8
A major characteristic of a market economy is which type of ownership of property?
government
limited
private
monopolistic
9
Which is an example of an economic service?
tennis shoes
baseball gloves
concert ticket
car stereo
10
For a business, income remaining after payment of expenses is:
loss
profit
capital
debt
11
What situation would cause prices to rise?
animal rights activists march in front of a fur store
the corn crop is unusually large one summer
insects destroy a large cotton crop
a newspaper article describes poor service provided by hotel
12
A local dry cleaner that also launders and presses shirt is selling:
tangible items
consumer services
specialty goods
industrial supplies
13
The usefulness of a product to consumers is referred to as product:
utility
allocation
scarcity
consumption
14
A business selects goods or services to sell. What type of risk is this business using?
avoiding risk
transferring risk
controlling risk
bypassing risk
15
Which represents a natural risk for a owner of a delivery service?
accident
rising prices
snowstorm
government intervention
16
Which change provides the most time utility for a consumer
shopping for a product in the morning
staying open for business on the weekend
arriving at a product trade show early
asking for early delivery of a prduct
17
Which is a natural resource that can be renewed through people's efforts?
trees
crude oil
water
mineral deposits
18
Which is an external factor that affects market price?
consumer buying power
number of items in stock
location of items in store
available credit terms
19
One factor that might limit the human resources available for jobs is a/an:
inadequate pay level
organized training program
appealing company image
good safety record
20
Which is a reason that natural resources are considered limited?
Some countries are able to manufacture them
Technology has advanced faster than training
The Earth has certain boundaries
People lack training or skills needed to do the job

POBF 5.01-5.02 Study Guide Flashcards | StudBud