Ch 2- The Character Of The Market

50 Questions | Total Attempts: 422

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Market Quizzes & Trivia

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