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PBMF (5th) Semester Exam Review Flashcards | StudBud
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PBMF (5th) Semester Exam Review
PBMF (5th) Semester Exam Review
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1
What is the rivalry between businesses called?
Capitalism
Competition
Cornering the market
Entrepreneurship
2
Which of the following is NOT a want?
Car
iPhone
Water
Movie Tickets
3
If you purchase a government bond, that makes you a (n)
Entrepreneur
Stockholder
Creditor
Partner
4
It is difficult to define economies in terms of borders
True
False
5
The __ curve for a product illustrates the relationship between the price of a product and the quantity produced
Little
Big
Supply
Demand
6
How many countries does the US conduct trade with?
100
180
50
10
7
Joint venture is an agreement among countries to remove trade barriers on products traded among them
False
True
8
Which of the following is not included in GDP
Consumer spending for food
Business spending for equipment
The value of work you do for yourself
Government spending to pay employees
9
If the GDP growth slows for at least ____ quarter(s) of a calendar year the economy is in a recession
3
1
4
2
10
If a nation imports more than it exports it has a . . .
Trade Deficit
Budget Deficit
Budget Surplus
Trade Surplus
11
Which of the following is NOT a public utility company?
Cable Company
Water Company
Electric Company
Natural Gas Company
12
The principle of ___ means you can own whatever you want and decide how you want to use it
The right of private property
The command economy
Scarcity
Competition
13
All of the following are important principles of the US economy EXCEPT
Tradition
Profit
Freedom of choice
Private property
14
All economic resources have a limited supply
True
False
15
Which of the following countries has an absolute advantage in coffee production?
Brazil
Ireland
Saudi Arabia
United States
16
Business cycles are the recurring ups and downs of GDP
True
False
17
Things that are required in order to live are known as?
Goods
Needs
Services
Wants
18
A nation with a trade surplus has a favorable trade positions
True
False
19
Retail sales...
Usually remain stable in times of economic growth
Include the sales of services bought by business
Indicate general consumer spending patterns in the economy
Are the best part of black friday
20
limit on the quantity of a product that may be imported/exported
export selection
tariff
embargo
quota
21
A nation's plan for answering the three economic questions is called its
Recovery plan
Evacuation plan
Panic button system
Economic system
22
Interstate commerce involves moving products within a state's own borders.
False
True
23
Some countries limit the amount of money citizens can take out of the country when they travel
True
False
24
____ refers to the production output in relation to unit of input (Ex: a worker)
Productivity
Heavy output
Industrialization
The "In and Out" principle
25
Intrastate commerce is
trade among the states.
trade with foreign countries.
trade with state alliances.
trade within a state's own borders.
26
What is A monopoly
A government program
A single strain of a virus
A single company that has no competition.
A financial board game
27
The salaries and wages as well as investment income and government payments to individuals is referred to as
Personal income
Taxes
The banking system
Checks and balances
28
The accepted behaviors, customs, and values of a society
Culture
Standards
Domestic entitlement
Demand
29
Dividing GDP by total country population results in that country's
Personal income per capita
Unemployment rate
GDP per capita
Gross GDP rate
30
Governments provide assistance to businesses through
All of the above
Bureau of Labor Statistics
Census Data
Department of Agriculture
31
Personal economic freedom is most limited in what economic system
Enterprise
Command
Capital
Market
32
What is the first step in the decision making process
Define the problem
Identify the choices
Evaluate the choices
Act on the choice
33
What is another name for the economic system of the US
Capitalism
Free enterprise
Private enterprise
All of the above
34
A set of rules about how businesses and employees act at work.
Social responsibility
Intellectual Property
Code of Ethics
Code of Diversity
35
In what way does a business demonstrate social responsibility?
All of the above
Workplace Diversity
Employee Wellness
Job Safety
36
What is an example of a cultural influence?
Climate
Natural Resources
Religion
Inflation
37
Inflation...
Discourages economic growth
Increases the buying power of the dollar
Decreases wages
Is most harmful to people on fixed incomes
38
Goods and services are also purchased by business
False
True
39
Which of the following occurs at the peak of a business cycle
Recession
Recovery
Depression
Prosperity
40
A lack of competition will result in lower prices for goods and services
False
True
41
The point at which supply and demand are equal
Inflation
Market price
Checks and Balances
Stock
42
In the graph, the equilibrium price is approximately
$10
$6
$4
$8
43
The difference between the amount of money that comes into a country and goes out
Balance of trade
Distillation
Foreign debt
Balance of payment
44
In what type of economy does the government control all economic resources and decides how they're used
Traditional Economy
Command Economy
Laissez-faire Economy
Market Economy
45
The money for capital spending and projects come from:
bonds
all of the above
personal savings
investments
46
Which of the following protects a logo, phrase, word or slogan?
patent
contract
trademark
copyright
47
All countries use the same banking system?
False
True
48
Which of following is a way the United States government gets involved in
business activities
?
It orders certain people to take specific jobs.
It owns almost all of the factors of production.
Tells businesses what they should make and what to charge.
It attempts to prevent unfair business practices.
49
A 14 year old would be considered part of the labor force in the US
True
False
50
GDP measures a country's economic output during
one month
one week
one year
five years
51
How long does a copyright last?
12 months
The life of the creator plus 70 years
10 years
24 hours
52
OSHA is a federal agency that is designed to protect...
oceans
patrons
employees
management
53
Who owns the resources in a market economy
The people of the country
The trible elders
Import
World trade
54
How long is a patent good for when registered with the patent office?
15 years
Lifetime of the product
10 years
20 years
55
Buildings, equipment, and supplies are examples of ______?
Capital resources
Natural resources
Human resources
Government resources
56
Who makes all of the decisions in a command economy?
The president
The pope
The people
The government
57
In the US, anyone over the age of 21 who does not have a job is considered unemployed
True
False
58
What does a copyright protect?
Any restaurant or company that sells other products.
Anything that you want.
A new line of food.
literary works, musical works, artistic works, and software
59
All nations have the same economic needs
True
False
60
Which item would be counted when measuring GDP
Sheets of steel
Rolls of raw fabric
A fully assembled washing machine
Tomatoes still growing on a vine
61
During periods of deflation, prices drop so demand increases
True
False
62
What is true about every nation?
Economic resources are owned and controlled by government
People must deal with scarcity
Workers have the ability to produce the same goods and services
Individuals have the same wants and needs
63
Goods and services sold to other countries.
Comparative advantage
Tariff
Exports
Infrastructure
64
People producing goods and services are called
Natural resources
Capital resources
Limited resources
Human resources
65
Businesses offering very similar products to the same customers
Competitors
Twinsies
Mixed Businesses
Targets
66
____ are individuals and organizations that determine what products will be available for sale
Producers
The mob
Consumers
Executives
67
Which of the following countries has an absolute advantage in coffee production?
Brazil
Saudi Arabia
the United States
Ireland
68
What is the most likely effect of wages going up faster than prices?
A time of economy recovery will soon begin
A period of deflation will begin
Consumers will begin to buy fewer products
Unemployment will worsen because businesses will not hire
69
A trade ___ is a restriction to free trade
Deduction
Price
Disagreement
Barrier
