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Intro to business

An ability to produce more goods and services in less time makes It possible to reduce the number of hours in a workweek
True
False
The more goods and services produced the healthier an economy is considered to be
True
False
One component of gross domestic product is the value of a countrys exports plus the value of the imports into the country
True
False
In the United States, all people over the age 21 who do no have a full-time, paying job are considered "unemployed"
True
False
Stanley recieves a monthly social security check from the us gonverment. This would not be counted when measuring his personal income.
Mikayla is a 14 year old student. She would not be considered part of the labor force in the United States.
True
False
Business cycles are the recurring ups and downs of gross domestic product
True
False
Economic growth refers to a steady increase in the production of goods and services
True
False
During periods of deflation, prices drop and demand increases greatly
True
False
The money for capital projects comes from three main sources: stock investments, bonds, and personal savings
True
False
Which of the following probably would result in a DECREASE in worker productivity?
An office replaces its 10 year old computers with brand new machines and the latest software and the employees got training to use it
A factory trains workers on how to use shop equipment better
The boss promises a bonus to all employees who come into work over the weekend to finish an important project
An office replaces its 10 year old computers with brand new machines and the latest software but the employees got no training on how to use it
If you purchase a corporate or government bond you are a
Partner
Entrepreneur
Creditor
Stockholder
Inflation
Tends to decrease wages
Is most harmful to people on fixed incomes
Increases the buying power of the dollar
Always discourages economic growth
The major influence on the lede of interest rates is
The unemployment rate
The supply and demand for money
The rate of inflation
The consumer price index
Which of the following is an example of a capital project
A small office buys several boxes of paper for the printer
A small business purchases two new pickup trucks
A large corporation gives all employees a 5 percent wage increase
A mid size company restocks the supply cabinet with pencils and markers
Which of these items would be counted when measuring GDP
Rolls of raw fabric
A fully assembled washing machine
Sheets of steel
Tomatoes still growing on the vine
Gdp does NOT include
Consumer spending for food
Government spending to pay employees
The value of the work you do for yourself
Business spending for equipment
The interest rate banks charge their best business customers is the
Prime rate
Discount rate
Mortgage rate
T-bill rate
____________ occurs at the peak of the business cycle
Property
Depression
Recession
Recovery
In the early 1890's, the average employee in the united stats worked about how many hours per week?
40
100
60
75
If wages increase faster than gains in productivity, prices will rise. Why?
Because the cost of producing goods decreses
Because demand will increase for all products
Because the cost of producing goods will increase
Business owners will demand higher prices because they know workers have more money to spend
Dividing GDP by the total population of a country rests in that country's
Unemployment rate
GDP per capita
Personal income per capita
Gross GDP rate
If GDP growth slows for at least ___ quarter(s) in a calendar year, the economy is probably in a recession
2
1
4
3
A recession often affects some groups of workers in related businesses. The drop in related businesses is called
The business cycle
The placebo effect
The halo effect
The ripple effect
The money people deposit in banks and other financial institutions
Is an important factor in the economic growth of a country
Generally earns interest for the depositors
Is lent to businesses to fund capital projects
All of the above
Which of the following Is NOT a characteristic of a depression
GDP falls rapidly
Business failures
A prolonged period of high unemployment
High demand for goods and services
GDP measures a country's economic output during
Five years
One week
One month
One year
Retail sales
Usually remain stable in times of economic growth
Indicate general consumer spending patterns in the economy
Include the sales of services bought by businesses
All of the above
All of the following people are part of the labor force EXCEPT
Cody who is a supervisor for a non profit organization
Martin who was laid off his job last week and has answered 3 want ads this week
Marie a 17 year old who works a part-time at the drug store
Stacy who is a stay-at-home mom with two kids
Suppose wages are going up faster than prices. What is the most likely effect?
A time of economic recovery will begin soon
Consumers will begin to buy fewer products, businesses will need to hire more workers, and unemployment rate will go down
Unemployment will worsen because businesses will tend to hire fewer workers
A period of deflation will begin soon
______ is a period in the business cycle when demand beings to decrease, businesses lower production, and GDP growth slows for two or more quarters of the calendar year
____ is an increase in the general level of priced
When a government spends less than it teaks, in a budget _____ is the result
The ______ bond rate is the cost of borrowing for large US corporations
____ represents ownership, or equity, in a corporation
The movement of the economy from one condition to another and back again is called a business ______
Gross ______ product is the total value of all final goods and services in a country in one year
________ is the production output in relation to a unit of input, such as a worker
The portion of people in the labor force who are not working is the _____ rate
Personal _____ refers to salaries and wages as well as investment income and government payments to individuals
A bond represents ______ for an organization
______ spending refers to money spent by a business for an item that will be used over a long period of time
An economic ______ is the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again
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