Podcast
Questions and Answers
What is the best definition of productivity?
What is the best definition of productivity?
- Decisions made by individuals
- Many buyers and many sellers
- The average level of output per worker per hour (correct)
- It is unlikely because over half of all new small businesses fail.
Which of the following would be considered capital or capital goods?
Which of the following would be considered capital or capital goods?
- Marion should sell his stock.
- money market places
- business (correct)
- capitalistic
What term describes the attempt by a seller to set its product apart from the competition to obtain limited control over the price of the product?
What term describes the attempt by a seller to set its product apart from the competition to obtain limited control over the price of the product?
- Perfect competition
- Product differentiation (correct)
- Monopoly
- Oligopoly
In which market structure do Ford, Chevrolet, and Dodge operate due to the large investment requirements and few large sellers?
In which market structure do Ford, Chevrolet, and Dodge operate due to the large investment requirements and few large sellers?
What term is used for the efforts of individuals to produce and sell products and services that satisfy societal needs through the Internet?
What term is used for the efforts of individuals to produce and sell products and services that satisfy societal needs through the Internet?
What is the term for the total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period?
What is the term for the total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period?
During what economic period is the economy at its highest point, unemployment low, total income high, and consumers willing to buy products and services?
During what economic period is the economy at its highest point, unemployment low, total income high, and consumers willing to buy products and services?
Which term describes businesses that operate in an environment where there are few large sellers, such as Ford, Chevrolet, and Dodge?
Which term describes businesses that operate in an environment where there are few large sellers, such as Ford, Chevrolet, and Dodge?
