Business Chapters 1 and 4

Question 1

I can choose between a few different companies for my internet service, my mom only has one option. That is -

Accepted Answer

My market is oligopoly, Mom's is a monopoly

Question 2

Advantages of a franchise

Accepted Answer

recognized brand name, management and marketing assistance

Question 3

The risk/reward ratio...

Accepted Answer

Helps someone evaluate a business investment, Expected returns of an investment with the amount of risk they undertake

Question 4

Monthly statistics that measure the pace of inflation or deflation is called

Accepted Answer

Consumer Price Index (CPI)

Question 5

Gross domestic product (GDP)

Accepted Answer

is the total value of goods and services produced in a country in a year

Question 6

A general rise in the prices of goods and services over time is called

Accepted Answer

inflation

Question 7

The equilibrium point is

Accepted Answer

If you put both curves together, this is the point where they cross., The place where the quantity demanded and quantity supplied meet, In the long run, the market price will tend toward the equilibrium point

Question 8

Disadvantages of organizing as a corporation

Accepted Answer

Possible conflict with stakeholders and the board of directors, Double taxation, Extensive paperwork, Start-up cost

Question 9

Which of these can be a stakeholder of a business?

Accepted Answer

The government, A bank, Employees, People who live near the business

Question 10

Which item is considered to be a factor of production?

Accepted Answer

entrepreneurship, land, labor

Question 11

Advantages of Partnerships

Accepted Answer

No special taxes, Pooled/complimentary skills, More financial resources

Question 12

Some of the disadvantages of a sole proprietorship..

Accepted Answer

Unlimited liability, Managing the entire operation can be hard to juggle

Question 13

A business that is owned and controlled by the people who use it is called a

Accepted Answer

Cooperative

Question 14

This type of business controls about 80% of business revenue.

Accepted Answer

corporation

Question 15

Microeconomics studies

Accepted Answer

The price of a particular product in a specific market, Individual firms and markets

Question 16

The supply curve...

Accepted Answer

As the market price for an item goes up, more sellers will jump in

Question 17

If a farmer produces corn, what type of competition does he represent in a free market?

Accepted Answer

perfect competition

Question 18

Jill sells 10 bracelets for $50 each at a craft fair. After looking at all of her costs, she found she spent $650.

Accepted Answer

Her loss was $150., Her revenue was $500.

Question 19

The demand curve...

Accepted Answer

The lower the price of an item goes, the higher the quantity demanded

Question 20

When you look at all of the choices of dog food, you realize that they compete as

Accepted Answer

monopolistic competition

Business Chapters 1 and 4

Questions 20

Business Chapters 1 and 4

Questions 20