Government can prevent unqualified persons from operating a business by

refusing to grant them a license

One reason a physicians' practice might form a partnership as an LLP is to

protect innocent partners from malpractice of other partners

Businesses can protect themselves from the risk associated with lost shipments by

purchasing transportation insurance.

Which one of the following groups of words best describes wants:

Unlimited, changing, and competing

Which change provides the most time utility for a consumer?

Staying open for business on the weekend

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Principles of Business-f

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Prin of Business Review-3

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Questions 14

Answers

1
Lack of economic growth is a major problem for __________ economic systems.
market
traditional
communist command
socialist command
2
Government can prevent unqualified persons from operating a business by
raising their taxes
closing their bank accounts
helping their competitors
refusing to grant them a license
3
One reason a physicians' practice might form a partnership as an LLP is to
protect innocent partners from malpractice of other partners
permit the public to purchase licensing in the practice.
take advantage of higher dividend returns on its stock.
ensure that the business experiences unlimited liability.
4
The federal government awards patents to businessess that have invented new products
To restrict monopolies
To encourage research
To monitor advertising
To protect consumers
5
Businesses can protect themselves from the risk associated with lost shipments by
training receiving personnel.
purchasing transportation insurance.
selecting resale items carefully.
inspecting shipments of goods
6
Which of the following is a disadvantage of private enterprise:
Equal distribution of income
Elimination of poverty
Careful use of resources
Periods of unemployment
7
Alex owns a guitar, several books, a car, and a telescope. Alex's possessions are examples of
private property
economic resources
equal distribution
capital goods
8
Which one of the following groups of words best describes wants:
Unlimited, changing, and competing
Limited, changing, and compensating
Limited, unchanging, and competing
Unlimited, unchanging, and compensating
9
Which change provides the most time utility for a consumer?
Arriving at a product show early
Shopping for a product in the morning
Asking for early delivery of a product
Staying open for business on the weekend
10
Most businesses put their greatest competitive efforts into competing
locally
with direct competitors
with indirect competitors
nationally
11
Producers respond to consumers' positive economic votes by
classifying their goods and services
decrease production
increasing production
producing more industrial goods
12
Gross profit shows business owners the difference between what they've...
received and billed
spent and received
paid and risked
estimated and invoiced
13
Which of the following is a public good that is provided by the government:
Marketing research
interstate highways
New automobiles
Private schools
14
Which economic resource combines other resources to produce goods and services:
Capital goods
Human resources
Natural resources
Nonrenewable resources

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