Have an account?
Skip to Content
Build your own quiz
Suggestions for you
21 questions
Show Answers
See Preview
- 1. Multiple ChoiceEconomic system where government controls everything.MarketCommandMixedFree Enterprise
- 2. Multiple ChoiceEconomic System where there is limited technology and ideas are passed down from generation to generationCommandTraditionalMixedMarket
- 3. Multiple ChoiceType of Economy that is half command and half marketTraditionalCommandMarketMixed
- 4. Multiple Choice
Capitalism is most closely related to which type of economic system?
Command
Traditional
Free Enterprise
Mixed
- 5. Multiple ChoiceWhich of these jobs is involved in production?SecretaryFactory workerTruck driverZoo keeper
- 6. Multiple ChoiceWhat is consumption?How a good is movedHow a good is createdHow a good is usedHow a good is destroyed
- 7. Multiple Choice
A not-for-profit business exists to achieve some goal other than profit.
the American Cancer Society
McDonald's
Kellogg's
FedEx Delivery Service
- 8. Multiple Choice
Inputs, such as natural resources, labor, capital, and entrepreneurship, are known as:
elemetnal factors
factors of production
social factors
political factors
- 9. Multiple Choice
As one of the factors of production, natural resources includes all of the following EXCEPT:
farmland
coal
water
machinery
- 10. Multiple Choice
As one of the factors of production, capital includes all of the following EXCEPT:
tools
machinery
money
equipment
- 11. Multiple Choice
Labor, as a factor of production, refers to:
all worker in business
rent and wages
full employment
only hourly wage earners
- 12. Multiple Choice
Which of the following is NOT an example of a factor of production?
entrepreneurship
capital
competition
natural resources
- 13. Multiple Choice
Which of the following is an example of a factor of production?
economy of scale
competition
free market
labor
- 14. Multiple Choice
Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of production?
Capital
Labor
Natural Resources
Entrepreneurshp
- 15. Multiple Choice
Successful owners and managers must continually study which of the following elements of the environment to remain successful?
Demographic change
Social change
Evolving Economic Systems
All of the aboe
- 16. Multiple Choice
Understanding the external business environment requires marketers to be aware of:
their customers' wants and needs
how employees are interacting with customers
changes in the law which impact how business is conducted
how managers interrelate with employees
- 17. Multiple Choice
Which of the following words best describes the business environment?
tangible
static
dynamic
fixed
- 18. Multiple Choice
Inflation and interest rates are most closely associated with __________ within the external business envrionment.
cultural factors
economic forces
competitive trends
technological trends
- 19. Multiple Choice
Laws passed by the US Congress concerning how US businesses trade with China would be an example of ________ factors that influence the business environment.
social and cultural
demographic
legal
economic
- 20. Multiple Choice
Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence or integrate into business plans?
Demographic Change
Social Change
Global Competiition
Emerging Technology
- 21. Multiple Choice
In a mixed economy, the government is involved in the economic system through:
the management of nonprofit organizations
ownership of media
its determination of standard of living scales
taxing, spending and welfare activities
- Answer choicesTagsAnswer choicesTags