QUESTIONS
Question 1
(CO 1) Not-for-profit organizations have the same goals as for-profit organizations.
- True
- False
Question 2
(CO 1) Demography is the study of how people use their free time, how people integrate their hobbies and their vocations, and how people make their purchase decisions.
- True
- False
Question 3
(CO 1) Belinda Asher works in a vegetable processing plant and is out of work about six months a year due to the periodic harvest times. She can be described as seasonally unemployed.
- True
- False
Question 4
(CO 1) Monopolistic competition is a market structure in which entry is easy.
- True
- False
Question 5
(CO 1) Which of the following is the best example of a good?
- The physical examination you received from your doctor
- The birthday candles you purchased to go on your sister’s birthday cake
- The airplane flight you took to attend a funeral
- The driving lessons you took
- The life guarding class you took last summer
Question 6
(CO 1) The standard of living in any country is:
- measured by subtracting the supply of goods and services from the demand for goods and services
- determined by the money left over after all expenses are paid
- the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time
- measured by the output of goods and services people can buy with the money they have
- higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.
Question 7
(CO 1) Curtiss Anaya is planning to sell kites on the beach this summer to pay for next year’s school expenses. _____ refers to the potential that Curtiss will lose money and waste his time and end up at the end of the summer with not enough money to cover his expenses.
- Profit
- Risk
- Revenue
- Opportunity
- Cost
Question 8
(CO 1) As one of the factors of production, capital includes all of the following EXCEPT:
- Tools
- Machinery
- Equipment
- Money
- Delivery Trucks
Question 9
(CO 1) Members of millennial generation:
- represent the first generation of latchkey children
- are more likely to be unemployed or underemployed than any other previous generation
- cherish saving and cling to their money
- were born between 1946 and 1964
- are not accurately described by any of the above
Question 10
(CO 1) Members of Generation X:
- Were born between 1965 and 1980
- Represent the last generation of demography
- Have fueled the growing demand for home delivery
- Are driving the educational software industry
- Are the over the age of 65
Question 11
(CO 1) What is the primary difference between goods and services?
Question 12
(CO 1) List the two types of inflation
Question 13
(CO 1) Technology is one external factor that has a strong impact on business. Choose a company that you are familiar with and give two examples of how technology has changed that company’s business practices.
ANSWERS
Question 1
(CO 1) Not-for-profit organizations have the same goals as for-profit organizations.
- True
- False
Correct Answer: False
Question 2
(CO 1) Demography is the study of how people use their free time, how people integrate their hobbies and their vocations, and how people make their purchase decisions.
- True
- False
Correct Answer: False
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