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Chapter Quiz
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1
When people or machines provide or process something of value to customers, it known as:
A)capital.
B)a tangible resource.
C)a factor of production.
D)a service.
E)an intangible resource.
2
The focus of all marketing activities is to:
A)satisfy customer needs.
B)ensure operating efficiency.
C)facilitate manufacturing.
D)enable healthy competition.
E)provide resources for the operation of a business.
3
Which of the following statements is true with regard to resources associated with a business?
A)A firm's good reputation for quality products is a resource.
B)Being socially responsible does not constitute a resource.
C)Human resources are the products that are made by people.
D)The funds used to acquire land can be classified as natural resources.
E)Intangible resources are those that do not provide a competitive advantage.
4
In a capitalist economy:
A)most businesses are owned and operated by the government.
B)individuals are free to keep profits and use them as they wish.
C)consumers have a limited choice of goods and services.
D)excess income goes to the government.
E)all decisions regarding production are taken by the government.
5
Which of the following statements is true of a free-enterprise system?
A)In a free-enterprise system, there is no constraint of society's laws.
B)Individuals have the right to choose what career to pursue in a free-enterprise system.
C)In a free-enterprise system, businesses succeed or fail on the basis of central government planning.
D)A free-enterprise system is independent of competition.
E)There is no government regulation in a free-enterprise system.
6
The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time is known as the _____ price.
A)value-based
B)stabilizing
C)mark-up
D)balance
E)equilibrium
7
The market for a product would be considered to be an oligopoly if:
A)there is only a single buyer for the product.
B)there are many sellers of the product.
C)there are very few businesses selling the product.
D)there are many buyers for the product.
E)there is only a single business selling the product.
8
_____ is a condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced.
A)Inflation
B)Depression
C)Hyperinflation
D)Deflation
E)A budget deficit
9
The gross domestic product (GDP) is defined as:
A)the difference between exports and imports of a country.
B)the increase in price of consumer goods and services over specified periods of time.
C)the changes in prices of goods and services purchased for consumption by typical urban households.
D)the sum of all goods and services produced in a country during a year.
E)the amount of goods and services produced for each hour worked.
10
Which of the following statements is true of the agricultural economy that existed in America before the Industrial Revolution?
A)Money for the colonies' burgeoning industries was supplied exclusively from within the American territory.
B)The construction of railroads allowed farmers to send their surplus crops and goods all over the nation for barter or for sale.
C)Farmers began to move to cities to find jobs in factories and have a higher standard of living.
D)Factories began to spring up along the railways to manufacture farm equipment and a variety of other goods to be shipped by rail.
E)Abundant natural resources and a moderate climate nourished industries such as fishing, shipping, and fur trading.





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