Ch 2- The Character Of The Market
50 Questions
| Total Attempts: 422
Questions and Answers
- 1.Something that is required to live.
- A.
Want
- B.
Need
- C.
Like
- D.
Good
- 2.An unfulfilled consumer desire.
- A.
Want
- B.
Need
- C.
Like
- D.
Good
- 3.The economic condition caused by unlimited needs and wants but limited resources to fill those needs and wants.
- A.
Scarcity
- B.
Supple
- C.
Demand
- D.
Goods
- 4.People who choose to spend resources on goods and services intended for personal use and not for manufacture or resale.
- A.
Producers
- B.
Consumers
- C.
Companies
- D.
Competitors
- 5.Individuals or companies who create valued products and exchange these products with consumers for scarce resources (money).
- A.
Producers
- B.
Consumers
- C.
Companies
- D.
Competitors
- 6.The resources of labor, capital, land, and entrepreneurship used to produce goods and services that consumers want.
- A.
Factors of production
- B.
Scarcity
- C.
Economic utility
- D.
Law of demand
- 7.A factor of production that refers to human effort, or work.
- A.
Capital
- B.
Land
- C.
Labor
- D.
Entrepreneurship
- 8.A factor of production that includes those items necessary to produce goods and services such as buildings, tools, and machines.
- A.
Capital
- B.
Land
- C.
Labor
- D.
Entrepreneurship
- 9.A factor of production that includes the ground itself, as well as natural resources, such as water and minerals, used in production.
- A.
Capital
- B.
Land
- C.
Labor
- D.
Entrepreneurship
- 10.A factor of production that refers to the ability to envision new opportunities and undertake them.
- A.
Capital
- B.
Land
- C.
Labor
- D.
Entrepreneurship
- 11.Someone who organizes the start-up and takes the risks necessary to get a business started.
- A.
Producer
- B.
Consumer
- C.
Entrepreneur
- D.
President
- 12.The amount of satisfaction a person gets from using a product or service.
- A.
Need
- B.
Economic utility
- C.
Export
- D.
Import
- 13.An organization that uses labor, capital, land, and entrepreneurship to produce goods and services at a profit.
- A.
Business
- B.
Entrepreneur
- C.
Consumers
- D.
Customer
- 14.A time of higher incomes, increased production and lower unemployment. Job opportunities abound during this period.
- A.
Recovery
- B.
Recession
- C.
Prosperity
- D.
Scarcity
- 15.A time of increasing unemployment, when consumers decrease their spending and businesses have fewer opportunities to sell their products. Job opportunities are scarce during this period.
- A.
Recovery
- B.
Recession
- C.
Prosperity
- D.
Scarcity
- 16.Occurs when employment and business opportunities begin to increase again and consumers start spending more money.
- A.
Recovery
- B.
Recession
- C.
Prosperity
- D.
Scarcity
- 17.A good that is bought in the United States but produced abroad.
- A.
Export
- B.
Import
- C.
Supply
- D.
Demand
- 18.Goods produced in this country and sold abroad.
- A.
Export
- B.
Import
- C.
Supply
- D.
Demand
- 19.Using people, material resources and technology to get an organization’s work done.
- A.
Business
- B.
Entrepreneur
- C.
Management
- D.
Prosperity
- 20.Theory X – A management style theory that assumes that employees dislike work, need direction and must be coerced or controlled into working. This theory has a negative view of employees.
- A.
True
- B.
False
- 21.Theory Y – A management style theory that assumes people do not inherently dislike work but view it as a part of life and can become committed to organizational objectives. This theory has a more positive view of employees.
- A.
True
- B.
False
- 22.Theory Z – A management style theory that assumes people are committed to their jobs and can work together effectively. Managers with this style focus on the organization and long-term employment. This theory has a very positive view of employees.
- A.
True
- B.
False
- 23.Human Resources – A management movement that stresses the importance of relationships in organizations.
- A.
True
- B.
False
- 24.Interpersonal Role – Involves gathering relevant information and making it available to employees.
- A.
True
- B.
False
- 25.Top Managers are not considered a Level of Management.
- A.
True
- B.
False
Chapter 3 quiz
Questions: 10 | Attempts: 1726 | Last updated: Apr 9, 2021
-
Sample QuestionWhich theory states that a nation should produce and sell goods to other countries that it produces most efficiently, and buy goods produced more efficiently by other countries?
Questions: 10 | Attempts: 930 | Last updated: Jun 4, 2020
-
Sample QuestionA Dodge Caravan is best suited for:
Review for McConnell and Brue 15 ed.
Questions: 25 | Attempts: 570 | Last updated: Nov 29, 2018
-
Sample QuestionIn a market system, the government owns most of the property resources (land and capital).
Back to top