Introduction To Business - Chapter 1 Test and anwers
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Course
Introduction To Business
Institution
Introduction To Business
Are businesses, individuals, and the government all consumers? - Yes, all of the above.
How do you make a personal choices between satisfying your wants and needs? - Being a kid, I don't
have to worry much about needs because my parents provide for me. But, very soon I will need to worry
about m...
Introduction To Business - Chapter 1 Test
Are businesses, individuals, and the government all consumers? - ✔✔Yes, all of the above.
How do you make a personal choices between satisfying your wants and needs? - ✔✔Being a kid, I don't
have to worry much about needs because my parents provide for me. But, very soon I will need to worry
about my needs and I will then do a lot of planning. This will set a place for needs and a place for wants.
In which situation is demand MOST likely to be reduced? - ✔✔Customers see a number of products they
believe will satisfy.
List an example of something that isn't a need - ✔✔fine jewelry
Personal economic freedom is most limited in a - ✔✔command economy
T/F - If heavy competition for a product keeps its price low, businesses will be very motivated to offer
the product for sale. - ✔✔False
T/F - If many consumers want a particular service, its price will probably go up. - ✔✔True
T/F - In a market economy, buying decisions are made by consumers. - ✔✔True
T/F - Products and money used in the production of goods and services are called natural resources. -
✔✔False
T/F - The first step in economic decision-making process is to evaluate the advantages and
disadvantages of each choice. - ✔✔False
T/F - The higher the price, the higher the producer's profits. - ✔✔False
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