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Marketing Essentials Ch 3 Political & Economic Analysis Schaaf Flashcards | StudBud
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Marketing Essentials Ch 3 Political & Economic Analysis Schaaf
Marketing Essentials Ch 3 Political & Economic Analysis Schaaf
28 terms
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StudBud Administration
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marketing essentials book, chapter 3
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
Resource scarcity forces nations to make economic choices...
false
true
2
A period of economic slow-down that lasts for at least two quarters or six months.
depression
expansion
recovery
recession
3
Money to start and operate a business...
labor
capital
land
inflation
4
The term _____ refers to a period of renewed economic growth.
recovery
recession
peak
trough
5
Which of the following
is not
a phase of the Business Cycle?
Depression
Trough
Recovery
Recession
6
A period of prolonged recession.
depression
inflation
expansion
recession
7
The higher the ___________, the greater chances of an economic slowdown.
Producer Price Index (PPI)
Gross National Product (GNP)
Gross Domestic Product (GDP
Unemployment Rate
8
A tree growing in a forest is a factor of production called...
land
captial
sea
labor
9
In a command economy, who decides how products are produced?
businesses
consumers
government
labor
10
In economic terms, land , labor, and capital refers to ...
scarcity
factors of production
free enterprise system
infrastucture
11
Which economy would best describe that of the US?
command
mixed
traditional
market
12
In a traditional economy, who decides how products are produced?
businesses
tradition
consumers
government
13
Difference between wants and needs and available resources is called.
infrastructure
scarcity
factors of production
supply and demand
14
As a factor of production, the term labor refers to both skilled and unskilled workers?
false
true
15
The output of goods and services produced by labor and property located within a country.
productivity
gross national product (GNP)
consumer price index (CPI)
gross domestic product (GDP)
16
Germany is a socialist country, therefore, Germans pay less taxes than Americans?
true
false
17
A time when the economy is flourishing, sometimes referred to as a period of prosperity.
recovery
inflation
recession
expansion
18
Governments raise interest rates during this time...
trough
inflation
recovery
recession
19
Measurement of the amount of goods and services people have...
inflation
specialization
standard of living
capital
20
A country's infrastructure includes...
highways
sewers
phone lines
all of the above
21
In economic terms _____ refers to people who work in the public and private sectors.
sea
land
labor
captial
22
What is the organized way a nation provides for the needs and wants of its people?
purely command
economy
capital
resources
23
In a market economy, who decides whether a business will survive or fail?
the business itself
the government
the consumers
the competitiors
24
The money a firm raises is considered which factor of production?
entrepreneuership
labor
capital
land
25
Measures wholesale price levels in the economy.
gross national product (GNP)
gross domestic product (GDP)
consumer price index (CPI)
producer price index (PPI)
26
In a market economy, who decides how products are produced?
businesses
labor
consumers
government
27
The total dollar value of goods and services produced by a nation, including produced abroad.
productivity
gross domestic product (GDP)
consumer price index (CPI)
gross national product (GNP)
28
In a command economy, it is the consumers that decide what items will satisfy their wants/needs
true
false
