Marketing Chapter 3: Economy

Question 1

Measures the output of product, per worker hour.

Accepted Answer

productivity

Question 2

Which of the following is NOT an economic question?

Accepted Answer

When should we make them?

Question 3

Which economy do we live in?

Accepted Answer

mixed

Question 4

Consumer confidence refers to people feeling comfortable about:

Accepted Answer

spending

Question 5

The owner of the company an example of:

Accepted Answer

Entrepreneurship

Question 6

The phase of the business cycle where the economy is flourishing.

Accepted Answer

expansion

Question 7

The computer in the office is an example of:

Accepted Answer

Capital

Question 8

Measures goods/services produced by US businesses ONLY WITHIN the US.

Accepted Answer

GDP

Question 9

For a healthy economy, we need to decrease

Accepted Answer

unemployment

Question 10

"Prosperity" refers to which phase of the business cycle?

Accepted Answer

expansion

Question 11

An economic measurement based on the quantity and quality of goods that the average people own:

Accepted Answer

standard of living

Question 12

The ocean and coastline is an example of:

Accepted Answer

Land

Question 13

The phase of the business cycle where the economy is slowing down.

Accepted Answer

recession

Question 14

The difference between people's wants and needs, and the resources available to meet them:

Accepted Answer

scarcity

Question 15

The waitress at Olive Garden is an example of:

Accepted Answer

Labor

Question 16

"Trough" refers to which phase of the business cycle?

Accepted Answer

depression

Question 17

A rise in prices, etc:

Accepted Answer

inflation

Question 18

The phase of the business cycle where the economy has been bad for more than 6 months.

Accepted Answer

depression

Question 19

Measures goods/services produced by US businesses OUTSIDE of the US, as well as those within.

Accepted Answer

GNP

Question 20

The phase of the business cycle where the economy is getting stronger.

Accepted Answer

recovery

Questions 20