BUSINESS ESSENTIAL QUIZ双行版.docx

BUSINESS ESSENTIAL QUIZ双行版.docx

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BUSINESSESSENTIALQUIZ双行版

BUSINESSESSENTIALS

Chapter1UnderstandingTheContemporary

BusinessEnvironment

1.Whatareprofits?

A.totalmoneytakeninbyacorporation

B.differencebetweenrevenuesandexpenses

C.increasesinacorporation'sstockprice

D.increasesinincomefromyeartoyear

E.noneoftheabove

2.A（n）_________________isanation’sbasisforallocatingitsresourcesamongitscitizens.

A.capitalstructure

B.economicsystem

C.distributionnetwork

D.ownershipsystem

E.noneoftheabove

3.Thekeydifferencebetweeneconomicsystemsisthedifferentwaysinwhichtheymanagethe

A.factorsofproduction.

B.transportationofgoodswithintheirborders.

C.governmentalrulesandregulations.

D.paymentofworkers.

E.forestsandlakes.

4.A（n）_________isanindividualwhoacceptstherisksandopportunitiesentailedbycreatingandoperatinganewbusiness.

A.director

B.proprietor

C.entrepreneur

D.partner

E.officer

5.WhichofthefollowingisNOTanexampleofphysicalresources?

A.marketforecasts

B.officefacilities

C.computers

D.productionfacilities

E.land

6.Aplannedeconomyreliesonacentralizedgovernmentto

A.supportfreeenterpriseineverywaypossible.

B.controlallormostfactorsofproduction.

C.encouragecitizenstobuysharesofstockinsmallcorporations.

D.keepitscontrolactivitiestoaminimum.

E.noneoftheabove

7.Whichofthefollowingisidentifiedbythetextbookasbeingacommunistnation?

A.Vietnam

B.SriLanka

C.Indonesia

D.Malaysia

E.Iraq

8.Ina（n）__________market,firmsbuyresourcesfromsuppliers.

A.supply

B.input

C.output

D.buyer

E.open

9.FordMotorCompanysellsitscarsandtrucksina（n）

A.outputmarket

B.inputmarket.

C.supplymarket.

D.sellingmarket.

E.openmarket

10.Whicheconomicsystemprovidesfortheprivateownershipofthefactorsofproductionandalsoencouragesentrepreneurshipbyofferingprofitsasanincentive?

A.socialism

B.communism

C.fascism

D.statemedicalplan

E.capitalism

11.Theprocessofconvertinggovernmententerprisesintoprivatelyownedfirmsiscalled

A.supply.

B.demand.

C.privatization.

D.socialism.

E.communism.

12.Whichofthefollowingresponsesbestdefinesthetermdemand?

A.willingnessandabilityofbuyerstopurchaseaproduct,good,orservice

B.aninnerdesirethatmustbesatisfied

C.anordergiventoasupplierofamuch-neededproduct

D.awantandneedfeltbytheconsumingpublicinafree-marketsystem

E.noneoftheabove

13."Buyerswillpurchase（demand）moreofaproductasitspricedropsandlessofaproductasitspriceincreases."Thisisreferredtoas

A.thebuyers'codeofconduct.

B.theeternalpurchaseguideline.

C.the"askingfactor."

D.thelawofdemand.

E.thegreatersuckertheory.

14.Whichstatementbelowbeststatesthelawofdemand?

A.Asthepricegoesup,Ilikeitbetter.

B.WhenIwantit,pricemakesnodifferencetome.

C.Asthepricegoesdown,Ilikeitbetter.

D.Goodadvertisingaffectsmydesireforaproductmorethanprice.

E.Wellover90percentofshopperspaynoattentiontoprice

15.Underthelawofdemand,whichsituationsketchedbelowwillbeaccompaniedbymorepurchasingofaproduct?

A.theconsumer'sneedfortheproduct

B.loweringthepriceoftheproduct

C.raisingthepriceoftheproductasanindicationthatitishignquality

D.theso-called"popularity"oftheproduct

E.theknowledgethatpossessingsuchaproductcanaddtoaperson'spositiveimage

16.A__________showshowmanyofagivenproductwillbedemandedatdifferentprices.

A.demandcurve

B.supplycurve

C.pricelist

D.pricecontrol

E.noneoftheabove

17.Whenplottedonthesamegraph,thesupplycurveandthedemandcurvewillnormally

A.runparalleltooneanother.

B.onecurvepointup,onecurvepointdown

C.crossoneanotheratsomepoint.

D.befarapartduetothe"eruptionfactor"knownforyearsinsupplyanddemand.

E.getclosertogetherasdemandincreases,butneverintersect

18.Thepriceatwhichthequantityofgoodsdemandedandthequantityofgoodssuppliedareequalisreferredtoas

A.theequilibriumprice.

B.consumerequalityprice.

C.thedealmakerprice.

D.themotionpointprice.

E.marketequalityprice.

19.InthecityofWestminster,marketanalystshaveobservedthatallChristmastreesofferedforsalewillbepurchasedatapriceof$20.00andalldemandwillbesatisfied.Inthismarket,$20.00isthe

A.equilibriumprice.

B.demandprice.

C.supplyprice.

D.enterpriseprice.

E.marginprice.

20.InthecityofWestminster,Christmastreesarebeingsoldfor$25.00.Atthisprice,alltreesarebuyersareabletosatisfytheirdemandandsometreesremainunsold.Thisisthemarketconditionknownas

A.demanddeficit.

B.stoppage.

C.supplydeficit.

D.shortage.

E.surplus.

21.Whenthequantitydemandedexceedsthequantitysupplied,a__________willresult.

A.demanddeficit

B.stoppage

C.equilibriumpoint

D.shortage

E.surplus

22.Ofthefollowingstatements,whichbestcapturesthenotionofprivateenterprise

A.Individualspursuetheirowninterestswithoutgovernmentrestriction.

B.Certainbusinessactivitiesaretoremain"private."

C.Businessescandoanythingtheywant,freeofanylegalrestraints.

D.Smallbusinesseswilldobetterthanbigbusinesses.

E.Noneoftheabove.

23.WhichofthefollowingisNOToneofthefourelementsrequiredinprivateenterprise?

A.privatepropertyrights

B.stabilityofcashflow

C.freedomofchoice

D.profits

E.competition

24.Inperfectcompetition,whichofthefollowingconditionsmustprevail?

A.Allfirmsinagivenindustrymustbesmall.

B.Thenumberoffirmsintheindustrymustbelarge.

C.Theproductsofferedbythefirmsaresosimilarthatbuyerscan'ttellthedifference.

D.Alloftheabovearetrue.

E.Noneoftheabovearetrue.

25.WhichofthefollowingisNOTcharacteristicofperfectcompetition?

A.manyfirmsinindustry

B.firmsaresmall

C.greatsimilarityamongproductsofferedbydifferentfirms

D.easyentryintotheindustry

E.productsfromdifferentfirmsareeasilydifferentiatedfromoneanother

26.IntheUnitedStates,milkisproducedonthousandsoffarms,withnoproducerdominatingthemarket.Producerssellmilkatthegoingpriceandareunabletoinfluencethisprice.Millionsofgallonsofmilkarepurchasedeveryday.Themarketformilkisbestdescribedas

A.amonopoly.

B.anoligopoly.

C.perfectcompetition.

D.monopolisticcompetition.

E.passivecompetition.

27.Ofthefollowing,whichisawayinwhichmonopolisticcompetitiondiffersfromperfectcompetition?

A.Therearemoresellersinamarketcharacterizedbymonopolisticcompetition.

B.Itiseasierforsellerstoenteramarket/industrycharacterizedbymonopolisticcompetition.

C.Inaperfectlycompetitivemarket,productsaremoredissimilar.

D.Inamarketcharacterizedbymonopolisticcompetition,individualfirmshavesomecontroloverprice.

E.Noneoftheabove.

28.__________existswhenanindustryhasonlyahandfulofsellers,mostofwhicharelarge.

A.Amonopoly

B.Anoligopoly

C.Perfectcompetition

D.Monopolisticcompetition

E.Noneoftheabove

29.WhichofthefollowingisNOTtrueofanoligopoly?

A.Competingfirmshaveverysimilarpricesforproducts.

B.Therearefewsellers.

C.Pricesdiffergreatlyamongsellers.

D.Entryintotheindustryisdifficult.

E.Theactionsofonefirmwillsignificantlyaffectthesalesofotherfirms.

30.Inanoligopoly,whenonefirmreducesitsprices,howdotheothermembersoftheoligopolyreact?

A.Thereisnoreaction--usually.

B.Othersreducetheirsalso--usuallyquitequickly.

C.Othersmayreducetheirprices,too,butonlyvery,verygradually.

D.Othercompaniesarenotevenaware

thatachangeinpricehastakenplace.

E.Noneoftheabove.

31.Whichofthefollowingseemsthemost

likelypricingapproachforamonopoly?

A.Chargecustomerswhateveryouplease.

B.Givecustomersarealbargainonprice.

C.Chargeapricethatwillnotcauseconsumerdemandtodrop.

D.Undercutthepricesofthecompetition.

E.Concentrateonqualityandservice,andnotonprice.

32.Whichofthefollowingisanexampleofanaturalmonopoly?

A.automobiles

B.sportinggoods

C.motionpictures

D.electriccompanies

E.airlines

33.__________referstothetotalquantityofgoodsandservicesproducedbyaneconomicsystemduringagivenperiod.

A.Thebusinesscycle

B.Aggregateoutput

C.Thestandardofliving

D.Theconsumerpriceindex

E.Thenationaldebt

34.Increasesinaneconomicsystem’sstandardoflivingresultsprimarilyfromincreasesin

A.balanceoftrade

B.realGNP.

C.productivity.

D.nominalGDP.

E.imports.

35.Anation’s___________istheeconomicvalueofalloftheproductsthatacompanyexportsminustheeconomicvalueofitsimports.

A.standardofliving

B.balanceoftrade

C.balanceofpayments

D.nationaldebt

E.noneoftheabove

36.Thechiefgoalofaneconomicsystemis

A.stability.

B.growth.

C.productivity.

D.equality.

E.freedomofchoice.

37.Whichofthefollowingstatementsaboutin