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Question 1 (1 point)

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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

GIVE ME ALL THE RIGHT ANSWERSS, NOWWWWWWWWWWWWWWWWWWWWW DONT EXPLAIN OR NOTHING JUST THE RIGHT ANSWERS AND IF I DONT GET AN 100% IM GONNA SUE YOU

1 answer

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