Intro to Bus: Unit 1 Exam

Question 1

The general level of human happiness based on such things as life expectancy, educational, health, and leisure time is

Accepted Answer

quality of life

Question 2

A decline in GDP that lasts for two consecutive quarters is called a _____. _____ is a drop in annual GDP of 10% or more

Accepted Answer

recession / depression

Question 3

What staff positions may be similar to company operations in non-profit & for-profit organizations?

Accepted Answer

all of the above

Question 4

Who combines inputs of resources labor & capital to produce goods/services to make a profit or accomplish a NPO goal?

Accepted Answer

Entrepreneurs

Question 5

What is the accumulated total of past deficits, which as of May 2024 is about $35 trillion?

Accepted Answer

National debt

Question 6

The rate of inflation is most commonly measured by looking at changes in the ____________________.

Accepted Answer

CPI (consumer price index)

Question 7

Today the world’s major economic systems fall into two broad categories: free market and planned economies

Accepted Answer

True

Question 8

What are the building blocks of business?

Accepted Answer

Factors of production

Question 9

What is the quantity of a good or service that people are willing to buy at various prices.

Accepted Answer

Demand

Question 10

What are commodities that are useful inputs in their natural state are known as?

Accepted Answer

Natural resources

Question 11

An organization that strives for a profit by providing goods and services desired by its customers is

Accepted Answer

a business

Question 12

There is generally a direct relationship between risks and profit

Accepted Answer

True

Question 13

What refers to a government’s programs for controlling the amount of money circulating in the economy & interest rates?

Accepted Answer

Monetary policy

Question 14

What is at the heart of many business decisions?

Accepted Answer

Demographics

Question 15

An increase in a nation’s output of goods and services is _________ __________.

Accepted Answer

Economic growth

Question 16

What is the study of how a society uses scarce resources to produce and distribute goods and services?

Accepted Answer

Economics

Question 17

The situation in which the average of all prices of goods and services is rising is called ________.

Accepted Answer

inflation

Question 18

Frictional, structural, cyclical, and seasonal are types of what?

Accepted Answer

Unemployment

Question 19

Intangible offerings of businesses that can’t be held, touched, or stored are called

Accepted Answer

services

Question 20

What is one of the most important external influences on businesses?

Accepted Answer

Economical

Question 21

What part of economics is concerned with large-scale economic factors, such as interest rates & national productivity.

Accepted Answer

Macroeconomics

Question 22

Talented employees, donations, limited volunteer time, are ways FOR-profit organizations compete with each other-chk box

Accepted Answer

False

Question 23

Define the 4 phases in the business cycle. Tell me which one you think we're in now & why? This is a written question

Accepted Answer

TROUGH--high unemployment, low productivity.This is the KAHOOT answer

Question 24

What is it called when a company's costs are greater than its revenues?

Accepted Answer

Loss

Question 25

The combination of policies laws & choices that determine what goods & services are produced & how they are allocated is

Accepted Answer

Economic system

Question 26

Of any country, what is measured by the output of goods and services people can buy with the money they have.

Accepted Answer

standard of living

Question 27

The attempt to develop a means for determining the value of society is known as

Accepted Answer

Ethics

Question 28

The focus of not-for-profits (non-profit) businesses allows them to pursue

Accepted Answer

Both

Question 29

How does a government attempts to stimulate or curtail the level of economic activity?

Accepted Answer

All of the above

Question 30

At what point, where the quantity demanded equals the quantity supplied.

Accepted Answer

The point of equilibrium

Question 31

The level of economic activity is constantly changing. These upward and downward changes are called _____ ______.

Accepted Answer

Business cycles

Intro to Bus: Unit 1 Exam

Questions 31

Intro to Bus: Unit 1 Exam

Questions 31