Question

Question 1 (1 point)
Saved
An economy is the organized way a nation provides for the needs and wants of its people.

Question 1 options:
True
False
Question 2 (1 point)
Name the factors of production necessary to create goods and services in an economy:

Question 2 options:

Land, Labor, Capital, Entrepreneurship


Market, command, and traditional


Capitalism, Socialism, Communism


Supply and Demand

Question 3 (1 point)
The four key phases of the business cycled include Expansion, Recession, Trough, and

Question 3 options:

Scarcity


Depression


Recovery


Inflation

Question 4 (1 point)
The three types of trade barriers are tariffs, quotas, and protectionism.

Question 4 options:
True
False
Question 5 (1 point)
Purchasing goods from a foreign country is called

Question 5 options:

Exporting


Licensing


Contract Manufacturing


Importing

Question 6 (1 point)
Hiring a foreign manufacturer to make your products, according to your specifications is called

Question 6 options:

Importing


Exporting


Licensing


Contract Manufacturing

Question 7 (1 point)
A free enterprise system encourages individuals to start and operate their own businesses in a competitive system, without government involvement.

Question 7 options:
True
False
Question 8 (1 point)
When supply exceeds demand, it is called a

Question 8 options:

Surplus


Shortage


Equilibrium


Profit

Question 9 (1 point)
Surplus exists when the amount of product supplied is equal to the amount of product demanded.

Question 9 options:
True
False
Question 10 (1 point)
A business that sells its products only in its own country is considered a

Question 10 options:

Global Business


Domestic Business


For-profit Business


Nonprofit Organization

Question 11 (1 point)
A business that sells its products in more than one country is considered a

Question 11 options:

Domestic Business


Global Business


For-profit Business


Nonprofit Organization

Question 12 (1 point)
The three major categories for classifying businesses are Consumer, Industrial, and Service Markets.

Question 12 options:
True
False
Question 13 (1 point)
The amount of goods producers are willing to make and sell is called the

Question 13 options:

Supply


Demand


Cost


Equilibrium

Question 14 (1 point)
Consumer willingness and ability to buy products is called

Question 14 options:

Supply


Demand


Cost


Equilibrium


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Answer 1

Sure! Here are the correct answers:

1. True
2. Land, Labor, Capital, Entrepreneurship
3. Recovery
4. False
5. Importing
6. Contract Manufacturing
7. True
8. Surplus
9. False
10. Domestic Business
11. Global Business
12. True
13. Supply
14. Demand