Business 1201 Test: Product Differentiation and Economic Terms

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What is the term for the attempt by a seller to set its product apart from the competition to obtain limited control over the price of the product?

Product differentiation

Which term refers to the efforts of individuals to produce and sell products and services that satisfy societal needs through the Internet?

E-commerce

What is the subjective measure of how prosperous a society or individual is in terms of obtaining want-satisfying services and goods?

Standard of living

In which type of market or industry do Ford, Chevrolet, and Dodge operate due to significant investment requirements and large sellers?

Oligopoly

What term describes the total dollar value of all goods and services produced within a country's boundaries during a specified time period?

Gross domestic product

What can the federal government use to offset the effects of a recession or depression during the trough of a business cycle?

Tax cuts and government spending

What is the best definition of productivity?

The average level of output per worker per hour

Which of the following would be considered capital or capital goods?

business

If you were Marion's stockbroker, would you advise him to sell his stock?

Marion should sell his stock.

What is the term applied to the efforts of individuals to produce and sell products and services that satisfy societal needs through the Internet?

E-buisness

Test your knowledge on product differentiation and economic terms in Business 1201. Match terms related to business cycles, government interventions, and product differentiation in this quiz.

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