Business Management Chapters 8 & 9

Front

Economics is the study that relates to producing and using good and services to satisfy human wants.

Back

True

Front

A robot on a car assembly line is an example of a consumer good.

Back

False

Front

Capital goods are needed to produce consumer goods and services.

Back

True

Front

Countries that adopt a market economy are often dictatorships.

Back

False

Front

Privatization occurs when a government provides a good or service that was formerly provided by a business.

Back

False

Front

As the demand for a product decreases, the price of the product usually increases.

Back

False

Front

A change in the demand or supply of a product can cause a change in the price of a product.

Back

True

Front

Consumers help decide what will be produced as well as how much will be produced.

Back

True

Front

Competition among businesses is limited mainly to price competition.

Back

False

Front

Production decreases and unemployment increases during recessions.

Back

True