
BF10 Unit 2 Test
Flashcard
•
Business
•
9th Grade
•
Hard
Wayground Content
FREE Resource
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43 questions
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1.
FLASHCARD QUESTION
Front
When employees are working faster or better, they are increasing their
Back
efficiency.
Answer explanation
When employees work faster or better, they enhance their efficiency, which refers to the effectiveness of their work processes. This leads to improved productivity and overall performance.
2.
FLASHCARD QUESTION
Front
The automobile industry, the pharmaceutical industry, and the oil industry are all examples of
Back
oligopolies.
Answer explanation
The automobile, pharmaceutical, and oil industries are examples of oligopolies, where a few firms dominate the market, leading to limited competition and significant market power.
3.
FLASHCARD QUESTION
Front
What motivates businesses to produce efficiently and sell effectively?
Back
The hope of making a profit
Answer explanation
The hope of making a profit drives businesses to produce efficiently and sell effectively, as profitability is essential for sustainability and growth.
4.
FLASHCARD QUESTION
Front
A gap between unlimited wants and limited resources creates
Back
scarcity.
Answer explanation
A gap between unlimited wants and limited resources leads to scarcity, which is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
5.
FLASHCARD QUESTION
Front
Seeing a movie at a theater would be considered a(n) __________ want.
Back
economic
Answer explanation
Seeing a movie at a theater is a choice that involves spending money, making it an economic want. Economic wants are those that require resources to fulfill, unlike unlimited wants which cannot be satisfied.
6.
FLASHCARD QUESTION
Front
Which of the following represents a primary business activity? Scheduling, Designing, Marketing, Supervising
Back
Marketing
Answer explanation
Marketing is a primary business activity focused on promoting and selling products or services. In contrast, scheduling, designing, and supervising are supportive functions that assist in the overall business process.
7.
FLASHCARD QUESTION
Front
Which of the following statements about perfect competition is correct:
- There is a limited supply of goods and services.
- Businesses have a good deal of control over the market.
- Products vary from seller to seller.
- It is used as a benchmark to compare real market structures against.
Back
It is used as a benchmark to compare real market structures against.
Answer explanation
The correct statement is that perfect competition serves as a benchmark to compare real market structures. In perfect competition, there is an infinite supply of identical products, and firms have no control over the market.
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