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Principles of Business Flashcards | StudBud

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Principles of Business

10 terms·StudBud Administration·52 plays

#Lesson 1.01-1.03

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Questions 10

Answers

1
What is CPI?
The comparison of prices from one year and a previous year.
Initial price
Inflation
The change in price
2
What are the types of economic systems?
Market, Control, Capital, Mixed
Market, Traditional, Mixed
Socialism, Mixed, Capitalism
Market, Control, Traditional, Mixed
3
What is GDP?
The amount of products produced in a country over a year.
The amount of product a person produces in a country over yr
The amount of products bought per person over a year.
The amount of products bought in a country over a year.
4
What is not a step in the decision making process?
Act on the problem
Act on the choice
Identifying Problem
Pick the choice
5
What is a reason behind trade barriers?
Protect from sensitive products
To influence business activities
To protect domestic products from international competition
To regulate supply and prices
6
A produces 50 cars, B produces 120 cars. Who has the Comparative advantage?
Company A
Company B
7
Which is not an economic activity?
Buying and Selling
Stocks
Signing a waiver
Transferring money
8
What is NOT a question used to determine a countries economic system?
When to produce?
How to produce?
What to produce?
Who to produce for?
9
Which statement is false?
Need is something required for survival
A want is something required for survival
A want is a leisure, not required for survival
10
What is included in retail sales?
Investment income
Wages and salaries
Government payments
Goods and services purchased