Intro to Business - Chapter 1

Which of the following is an example of a factor of production?

The money a company earns from providing services or selling goods to customers.

_____ is the situation that occurs when government spending replaces spending by the private sector.

The fifth factor of production identified by many managers and academicians is:

Which of the following is the best example of a good?

The national debt is the:

What is the primary difference between a good and a service?

Which of the following is NOT an example of a factor of production?

Labor, as a factor of production, refers to:

As one of the factors of production, capital includes all of the following EXCEPT:

Which of the following is NOT a form of unemployment?

Which of the following businesses provides its customers with a good?

Which of the following is an example of a demographic factor?

Which of the following statements about a socialist economic system is true?

The most basic measure of economic growth is the:

Which of the following businesses provides its customers with a service?

Demography is the study of:

Individual ownership of property is a key element in:

Upward and downward changes in aggregate economic activity, as measured by GDP, are called:

The _____ prints money and controls its circulation.

As one of the factors of production, natural resources includes all of the following EXCEPT:

Which of the following is the BEST example of a not-for-profit business?

With a communist economy system:

_____ are workers who create, distribute, and apply knowledge.

_____ is the quantity of a good or service that people are willing to buy at various prices.

The new employee that Dunn Photographic Services hired is an example of which factor of production?

Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of production?

A decline in real GDP that lasts for two consecutive quarters is called a(n):

Inputs, such as natural resources, labor, capital, and entrepreneurship, are known as:

Which of the following is an example of a business?

Which of the following countries has a high standard of living?

The amount of money remaining from a firm’s sales revenue after it deducts production costs, interest costs, and taxes.

A "mixed economy" is an economic system that:

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

Which of the following is NOT an example of a good that would be sold in a department store?

_____ combine the inputs in the production of goods and services for what are intended to be profitable ventures.

When demand and supply meet, the price of the product or service is established. This is the point of:

Which of the following is the best example of a service?

The unemployment rate is the percentage of the total work force that is not working but is:

The standard of living is low in Honduras. This means: