2.03 - 2.05 Modified Test Business Environment

Front

Which of the following types of economic systems adopts the fewest new ideas or improvements?
Options: Command, Socialist Command, Traditional

Back

Traditional

Front

One way that competition helps build a prosperous society is by

Back

creating new jobs

Front

Which of the following is a direct benefit to consumers of the effects of competition: higher product prices, wider product selection, fewer new businesses in the market?

Back

wider product selection

Front

Which of the following are qualities of monopolies: high prices and low production, low production and much competition, low prices and little competition?

Back

high prices and low production

Front

Offering high quality, large assortments, and free shipping are examples of

Back

non price competition

Front

What type of market structure is most commonly found in a private enterprise economy?

Back

monopolistic competition

Front

Most businesses put their greatest competitive efforts into competing

Back

with direct competitors

Front

If a consumer chooses to go to the movies rather than to a pizza parlor, then the movie theater and the pizza parlor are

Back

indirect competitors

Front

When a business keeps a risk because management is unaware of it, the business is ____ the risk.

Back

retaining

Front

If a risk is small in terms of money, a business may decide to _____ the risk.

Back

retain