Intro to Bus. Unit 1 Updated 2020

Question 1

Which of these is not a characteristic of a depression?

Accepted Answer

Lots of new businesses are opening

Question 2

Business is any commercial activity that seeks ___.

Accepted Answer

Profit

Question 3

The total amount the US government owes is referred to as ____.

Accepted Answer

national debt

Question 4

When dealing with scarcity, it is important to identify the best way to use the item that is __

Accepted Answer

In short supply

Question 5

The decision to stop manufacturing products is often because of decreased ______ .

Accepted Answer

demand

Question 6

Which of these is a characteristic of a recession?

Accepted Answer

All of these are characteristics of a recession

Question 7

The rise and fall of economic activity over time is called the ___.

Accepted Answer

Business cycle

Question 8

In a command economy, key economic decisions are made by ___.

Accepted Answer

The government

Question 9

Barbershops are an example of a business that provides ___.

Accepted Answer

A service

Question 10

The plant and equipment owned by a manufacturing business are examples of ___.

Accepted Answer

Capital resources

Question 11

The amount of money given or asked for when a service is bought or sold is called its ___.

Accepted Answer

Price

Question 12

A person who uses goods or services is called ___.

Accepted Answer

A consumer

Question 13

The economic resources needed to make a society's goods and services are called ___.

Accepted Answer

Factors of production

Question 14

Tasks that businesses perform for consumers are known as ___.

Accepted Answer

Services

Question 15

Economic systems are the methods societies use to distribute ______ .

Accepted Answer

resources

Question 16

Resources limit the number of needs and wants people can ___.

Accepted Answer

Satisfy

Question 17

The total value of goods and services produced in a country in a given year is called its ___.

Accepted Answer

Gross domestic product

Question 18

All of the following were likely causes of the Great Depression except ___.

Accepted Answer

Opening of new businesses

Question 19

Why is the unemployment rate always understated?

Accepted Answer

It doesn't include people who've stopped looking for a job

Question 20

When a government makes more than it spends in taxes in a year, it has a ____.

Accepted Answer

budget surplus

Question 21

Items that people can use to make or obtain what they want or need are called ___.

Accepted Answer

Resources

Question 22

Companies thrive on ___.

Accepted Answer

Competition

Question 23

An increase in the unemployment rate indicates an economy is ___.

Accepted Answer

Slowing down

Question 24

How are labor resources and entrepreneurial resources alike?

Accepted Answer

Both are provided by people.

Question 25

A lack of resources needed to go into producing goods or services is called ___.

Accepted Answer

Scarcity

Question 26

People paid to make goods are services are called ___ resources.

Accepted Answer

Labor

Question 27

What causes a country to answer the 3 basic economic questions?

Accepted Answer

Scarcity of resources

Question 28

Which is not a factor of production?

Accepted Answer

Land resources

Question 29

In a market economy, economic decisions are made by ___.

Accepted Answer

The marketplace

Question 30

Competition is possible because companies have the freedom to produce the products they think will be most ___ .

Accepted Answer

profitable

Question 31

What are the factors of production?

Accepted Answer

natural, labor, capital, and entrepreneurial resources

Question 32

Which of the following is a renewable resource?

Accepted Answer

Wind energy

Question 33

During a time of inflation, a person's buying power ___.

Accepted Answer

Decreases

Question 34

Ethics are __ principles for how people conduct themselves personally, socially, professionally

Accepted Answer

Moral

Question 35

The phase of economic improvement following a recession is ___.

Accepted Answer

Recovery

Question 36

When a government spends more than it makes in taxes in a year, it has a ____.

Accepted Answer

budget deficit

Question 37

Which of the following would you likely NOT see during a time of economic peak or prosperity?

Accepted Answer

Low standard of living

Question 38

Which term best describes the economies of most countries?

Accepted Answer

Mixed economy

Question 39

Which of the following does not help measure economic activity?

Accepted Answer

Environmental awareness

Question 40

In which system does a central authority make key economic decisions?

Accepted Answer

a command economy

Question 41

Economic activity slows down during a ___.

Accepted Answer

Recession

Intro to Bus. Unit 1 Updated 2020

Questions 41

Intro to Bus. Unit 1 Updated 2020

Questions 41