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

Duplicate of POBF 5.01-5.02 Study Guide Flashcards | StudBud