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- 1. Multiple Choice
Why is a knowledge of basic economic principles important for businesses?
It will help them lose more profit
It can help them make better decisions about meeting consumer needs.
It will prevent them from needing the services of a financial advisor
It can guarantee business success
- 2. Multiple Choice
Which of the following is the best example of a business's economic decision?
hiring part-time employees to save on costs
Endorsing an independent candidate in state elections
updating directions to your office on the company website
Following up with a customer after she exchanged an item
- 3. Multiple Choice
Which of the following is not a factor of production?
Entrepreneurship
Human Capital
land
Money
- 4. Multiple Choice
In most businesses, what is the most costly factor of production?
Entrepreneurship
Land Capital
Human Capital
Capital Stock
- 5. Multiple Choice
What is the role of the entrepreneur in the modern economy?
To preserve natural resources
To create jobs
To generate wealth
to take big risks
- 6. Multiple Choice
If a customer shops at your store because it is on his way home from work, which utility is involved
Place
Form
Possession
Time
- 7. Multiple Choice
Which condition is a result of open competition in a free market system?
government regulation
higher quality goods
higher prices
poor customer service
- 8. Multiple Choice
What is the term that describes when the amount of goods produced is about the same as the number of consumers who are willing to buy the product?
risk
supply
demand
equilibrium point
- 9. Multiple Choice
What is the principle that producers are entitled to make more money from a business than they invest
profit motive
free enterprise
capital stock
risk and reward
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