Test Bank for Principles of Business, 10th Student Edition, 10th Edition Dlabay (All Chapters included)
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Course
Introduction To Business
Institution
Introduction To Business
Complete Test Bank for Principles of Business, 10th Student Edition, 10th Edition by Les Dlabay, Brad Kleindl ; ISBN13: 9780357545010. (Full Chapters included Chapter 1 to 20)....
1. Economic Decisions and Systems.
2. Economic Activity.
3. Business in the Global Economy.
4. Social Responsibilit...
Principles of Business,
10th Student Edition,
10th Edition
by Les Dlabay
Complete Chapters Test Bank
are included (Ch 1 to 16)
** Immediate Download
** Swift Response
** All Chapters included
,Name: Class: Date:
Ch 01 Economic Decisions and Systems
1. Things that are required in order to live are known as wants.
a. True
b. False
ANSWER: False
RATIONALE: Needs are things required in order to live. Wants are things that add to the comfort and
pleasure of your life.
POINTS: 1
REFERENCES: Needs and Wants
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.1 - Compare and contrast needs and wants.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/24/2022 2:33 PM
2. Goods and services are purchased by businesses as well as by individuals.
a. True
b. False
ANSWER: True
RATIONALE: Both businesses and consumers purchase goods and services.
POINTS: 1
REFERENCES: Goods and Services
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.2 - Distinguish between goods and services.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/26/2022 10:52 AM
3. Buildings, equipment, and supplies are examples of natural resources.
a. True
b. False
ANSWER: False
RATIONALE: Raw materials supplied by nature are natural resources, while capital resources include
buildings, equipment, and supplies.
POINTS: 1
REFERENCES: Economic Resources
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.3 - Describe the types of economic resources.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/24/2022 2:36 PM
4. All economic resources have a limited supply.
a. True
Page 1
, Name: Class: Date:
Ch 01 Economic Decisions and Systems
b. False
ANSWER: True
RATIONALE: Economic resources are scarce, meaning they have a limited supply.
POINTS: 1
REFERENCES: Economic Resources
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.3 - Describe the types of economic resources.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/26/2022 10:51 AM
5. The basic economic problem results from not having enough resources to satisfy every need.
a. True
b. False
ANSWER: True
RATIONALE: Individuals and businesses have unlimited wants and needs. However, the economic
resources they can use to meet their needs are limited. The gap between unlimited wants and
needs and limited economic resources is known as the basic economic problem.
POINTS: 1
REFERENCES: The Basic Economic Problem
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.2.1 - Describe the basic economic problem.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/24/2022 2:40 PM
6. The final step in the decision-making process is to select the best choice from among the alternatives.
a. True
b. False
ANSWER: False
RATIONALE: In the decision-making process, after choosing the best alternative, the next steps are to act
on your choice and then to review the decision.
POINTS: 1
REFERENCES: The Decision-Making Process
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.2.2 - Explain the steps in the decision-making process.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 7/1/2022 4:48 PM
7. Although all nations differ in the type and amount of economic resources they have, they all have the same economic
needs.
a. True
Page 2
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