Introduction To Business-quiz 1

34 Questions | By Vemalla | Last updated: Mar 20, 2022 | Total Attempts: 568

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1.
1. Which of the following is necessary to identify market needs that can and should be met?
- A.
  
  Market research
- B.
  
  Market trends
- C.
  
  Customer focus
- D.
  
  Buyers and sellers
2.

Stakeholder theorists believe that______.
- A.
  
  People outside of the business enterprise (e.g., consumers) ought to have a say in how the business operates
- B.
  
  A business is essentially someone's property, and, as such, that its owners have the right to dispose of it as they see fit
- C.
  
  The enterprise being run by employees and managers as a kind of representative democracy
- D.
  
  Business can be viewed to exist for the purpose of creative expansion
3.

Things that are required in order to live are known as wants
- A.
  
  True
- B.
  
  False
4.

Goods and services are purchased by businesses as well as by individuals.
- A.
  
  True
- B.
  
  False
5.

Buildings, equipment, and supplies are examples of natural resources.
- A.
  
  True
- B.
  
  False
6.

All economic resources have a limited supply.
- A.
  
  True
- B.
  
  False
7.

The basic economic problem results from not having enough resources to satisfy every need.
- A.
  
  True
- B.
  
  False
8.

Although all nations differ in the type and amount of economic resources they have, they all have the same economic needs
- A.
  
  True
- B.
  
  False
9.

Communism refers to the private ownership of resources by individuals, rather than by the government
- A.
  
  True
- B.
  
  False
10.

A person who buys and uses goods and services is called a consumer
- A.
  
  True
- B.
  
  False
11.

Generally, a lack of competition will result in lower prices for goods and services
- A.
  
  True
- B.
  
  False
12.

Which of the following is an economic need?
- A.
  
  a new television
- B.
  
  Water
- C.
  
  Concert tickets
- D.
  
  Air conditioner
13.

Goods.............................................................
- A.
  
  Are things you purchase only after your basic needs are met.
- B.
  
  Have no physical characteristics.
- C.
  
  Must be provided to you at the time you want to consume them.
- D.
  
  Are things you can see and touch
14.

The largest producer of goods and services in the world is...........................................
- A.
  
  Japan
- B.
  
  Russia.
- C.
  
  The United States
- D.
  
  China
15.

People producing goods and services are called..................................
- A.
  
  Human resources.
- B.
  
  Natural resources
- C.
  
  Capital resources
- D.
  
  Limited resources.
16.

If everybody had an unlimited supply of economic resources, which of the following would not exist?
- A.
  
  Wants
- B.
  
  Capitalism
- C.
  
  Scarcity
- D.
  
  Needs
17.

In every nation on Earth,..........................................................
- A.
  
  Economic resources are owned and controlled by the government.
- B.
  
  Workers have the ability to produce the same goods and services.
- C.
  
  Individuals have the same wants and needs.
- D.
  
  People must deal with the problem of scarcity. (correct answer)
18.

The government of ABC, owns and controls all economic resources and decides how those resources will be used. The government even assigns people specific jobs and careers. ABC uses which type of economic system?
- A.
  
  Market economy
- B.
  
  Command economy
- C.
  
  Traditional economy
- D.
  
  Mix market
19.

Who owns the economic resources in a market economy?
- A.
  
  The people of the country
- B.
  
  The tribal elders
- C.
  
  The government
- D.
  
  Business people and entrepreneurs but not consumers
20.

Which type of economy is usually centered mainly on meeting people’s basic needs?
- A.
  
  Market economy
- B.
  
  Command economy
- C.
  
  Mixed economy
- D.
  
  Traditional economy
21.

The rivalry among businesses to sell their goods and services is known as.........................
- A.
  
  Competition
- B.
  
  Entrepreneurship
- C.
  
  Capitalism
- D.
  
  Cornering the market
22.

Ethics are ______ principles by which people conduct themselves personally, socially, or professionally.
- A.
  
  Business
- B.
  
  Cultural
- C.
  
  Legal
- D.
  
  Moral
23.

Unethical behavior sometimes leads to the passage of legislation that makes the behaviors ______
- A.
  
  Acceptable
- B.
  
  Illegal
- C.
  
  Reprehensible
- D.
  
  Unconstututioanl
24.

A conflict of interest is a conflict between self-interest and ______ obligation.
- A.
  
  Legal
- B.
  
  Financial
- C.
  
  Professional
- D.
  
  Societal
25.

An example of a workplace issue that would likely be handled by OSHA is ______ .
- A.
  
  Consumer rights
- B.
  
  Pollution control
- C.
  
  Safety equipment
- D.
  
  Wage discrimination