Intro to Business Test 1 with Verified Answers 100% Pass
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Course
Intro to Business
Institution
Intro To Business
Intro to Business Test 1 with Verified Answers 100% Pass
false
true
false
true
true
false
false
false
true
false
water
things you can
see and touch
U.S.
Things that are required in order to live are known as
wants
Goods and services are purchased by businesses as well
as by indivi...
Intro to Business Test 1 with Verified Answers 100% Pass
1. false Things that are required in order to live are known as
wants
2. true Goods and services are purchased by businesses as well
as by individuals
3. false Buildings, equipment, and supplies are examples of nat-
ural resources
4. true All economic resources have a limited supply
5. true The basic economic problem results from not having
enough resources to satisfy every need
6. false The final step in the decision-making process is to select
the best choice from among the alternatives
7. false Although all nations differ in the type and amount of
economic resources they have, they all have the same
economic needs
8. false Communism refers to the private ownership of resources
by individuals, rather than by the government
9. true A person who buys and uses goods and services is called
a consumer
10. false Generally, a lack of competition will result in lower prices
for goods and services
11. water Which of the following is an economic need? - a new
television, water, concert tickets, or a loaded SUV
12. things you can Goods: are things you purchase only after your basic
see and touch needs are met, have no physical characteristics, must be
provided to you at the same time you want to consume
them, or are things you can see and touch
13. U.S. The largest producer of goods and services in the world
is: Japan, Russia, the U.S., or China?
1/5
, Intro to Business Test 1 with Verified Answers 100% Pass
14. human re- People producing goods are services are called: human
sources resources, natural resources, capital resources, or limited
resources
15. scarcity If everybody had an unlimited supply of economic re-
sources, which of the following would not exist: wants,
capitalism, scarcity, or needs
16. made an eco- Jonah had $25 to spend. He decided to buy a new shirt
nomic tradeoff instead of going to the amusement park with his friends,
Jonah has: purchased a service, made an economic
tradeoff, made a poor economic decision, or ignored the
concept of scarcity
17. define the prob- What is the first step in the decision-making process: iden-
lem tify the choices, define the problem, evaluate the choices,
or act on your choice
18. review your deci- What is the final step of the decision-making process: act
sion on your choice, make a decision, review your decision, or
define the problem
19. people must deal In every nation on Earth: economic resources are owned
with the problem and controlled by the government, workers have the ability
of scarcity to produce the same goods and services, individuals have
the same wants and needs, and people must deal with the
problem of scarcity
20. all of the above All nations must decide: what combination of resources
will best suit its circumstances, which wants and needs
are most critical, which goods and services to produce, or
all of the above
21. command econo- The government of Erewhon owns and controls all eco-
my nomic resources and decides how those resources will
be used. The government even assigns people specific
jobs and careers. Erewhon uses which type of economic
system: market economy, command economy, traditional
economy, or laissez-faire economy
2/5
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