Running a Business Unit Review

The economy in the U.S. is based on a free enterprise sytem.

• True

• False

__________ founded a famous cookie company and was the first black talent agent at the famous William Morris Talent Agency.

• Milton Hershey

• Sam Walton

• Henry Ford

• Wallace Amos

_________ is the founder of the country's largest retail store. (Wal-Mart)

• Milton Hershey

• Sam Walton

• Henry Ford

• Wallace Amos

Profit is highest when production cost is much lower than what the item will sell for.

• True

• False

Milton Hershey founded a famous cookie company.

• True

• False

Overconsumption leads to an increased supply.

• True

• False

Money made by a business after all business-related expenses are paid.

• Donating

• Profit

• Saving

• Spending

When the supply of an item is high, buyers are willing to pay more.

• True

• False

A side effect of scarcity is higher prices.

• True

• False

Henry Ford became a leading American businessman in the early 1800's.

• True

• False