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Intro to Business Exam 1 GEB: 1011Questions with Correct Answers
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Intro to Business Exam 1 GEB: 1011Questions with Correct Answers
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Intro to Business Exam 1 GEB: 1011Questions withCorrect Answers
The ________ for a particular product is the quantity that buyers are
willing to purchase at each varying price. Correct Answer-Demand
A system of business where the key industries are owned and controlled
by the government with private ownership of some business is known as
capitalism. Correct Answer-False
Approximately 45 percent of small businesses fail within the first seven
years. Correct Answer-False
Material resources include sand, water, wood, dump trucks, and
computers. Correct Answer-True
If a company's sales are higher than its expenses, the company has
earned what is known as revenue. Correct Answer-False
When a firm is lacking financing, inventory, or time, it is dealing with
issues of scarcity. Correct Answer-True
The "invisible hand" was a term coined by Adam Smith. Correct
Answer-True
, Approximately 70 percent of U.S. production consists of goods and
services purchased by individuals for personal or household
consumption. Correct Answer-True
In a socialist economy, the distribution of goods and services - who gets
what - is controlled by the government. Correct Answer-True
The health of a nation's economy is actually quite unrelated to the
amount of interest consumer's pay for homes, automobiles, and credit
card purchases. Correct Answer-False
Generally, the business cycle consists of four phases: the peak,
recession, the trough, and recovery. Correct Answer-True
Which of the following government agencies issues guidelines on the
use of labeling that advertisers have an obligation to follow? Correct
Answer-Federal Trade Commission
The ________ investigates illegal trade practices. Correct Answer-
Federal Trade Commission
For more than fifty years, women's salaries have consistently been only
about ________ for each dollar earned compared to men's. Correct
Answer-77
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