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Quiz #1

Topics: Communism, Capitalism, Economics, Supply and demand, Economic system, Monopoly / Pages: 2 (388 words) / Published: Oct 25th, 2013
Quiz #1 BSAD131 Fall 2013

1. Businesses differ from nonprofit organizations in that a business's focus is on
A. Price
B. Plans
C. Goods
D. Profit
E. Organization

2. What is the primary lesson to be learned from the economic scandals of the early 21st century?
A. Businesses' reputations depend on their profits
B. Public confidence in corporate America depends on companies' bottom lines
C. Most businesses can focus on their bottoms lines to the exclusion of other factors
D. Ethical conduct and corporate social responsibility are very important
E. Executives who engage in misconduct are likely to get away with it if it enhances their firms' profits

3. Customers, employees, and investors are examples of
A. Entrepreneurs
B. Stockholders
C. Stakeholders
D. Entities
E. Organizations

4. _________________ is the study of how resources are distributed for the production of goods and services within a social system.
A. Financial resources
B. Human resources
C. Economic systems
D. Communism
E. Economics

5. In a socialist economic system, people are free to choose an occupation of their choice, but many people work in ___ jobs.
A. Self-employed
B. Government
C. High-paying
D. Poverty-wage
E. Part-time

6. The American economic system is best described as _______ because the government regulates business to preserve competition and protect consumers and employees.
A. Socialism
B. Laissez-faire capitalism
C. Modified capitalism
D. Communism
E. Stifled compatriotism

7. ____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time.
A. Supply
B. Demand
C. Elasticity
D. Equilibrium
E. Economics

8. The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.
A. Supply price
B. Demand price
C. Elasticity price
D. Equilibrium price
E. Determinable price

9. Agricultural commodities are usually sold under which competitive environment?
A. Modified competition
B. Monopoly
C. Oligopoly
D. Monopolistic competition
E. Pure Competition

10. Economic expansion occurs when
A. Fewer goods and services are produced than consumers demand
B. An economy is growing and people are spending more money
C. A nation's standard of living drops quickly
D. Employment levels decline over time
E. Prices begin to rise and incomes begin to fall

Bonus Question: (all or nothing!)
Name a socialist and a communist economy (in that order). Put your answer on the answer sheet.

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