PBAM Unit 1 Review

Which environment is NOT a dimension of a business organization's external environment?

• Political-Legal

• Sociocultural

• Corporate

• Global

What is the general term for resources used by a business to produce a good or service referred to as?

• Labor

• Human capital

• Human resources

• Factors of Production

Items to build a car, such as metal, tires, glass and bolts fall under which factor of production?

• Physical Resource

• Information Resource

• Entrepreneuer

• Capital

An example of a natural monopoly is called

• Restaurant

• Farmer's Market

• Utility Company

• Clothing Store

In the law of supply, when price decreases, supply will:

• increase

• decrease

• stay the same

• none of the above

Which of the following occurs when the quantity demanded exceeds the quantity supplied?

• Surplus

• Equilibrium Point

• Shortage

• Price drop

Numerous, different products are common in monopolistic competition

• True

• Falso

When you are allowed to own your own land and your own business, it is referring to which term?

• private property rights

• increased profits

• limited competition

• perfect competition

A(n) ____ exists when an industry only has one producer

• oligopoly

• monopoly

• perfect competition

• monopolistic competition

In the U.S., milk is produced on thousands of farms, with no producer dominating the market. Producers sell milk at the going rate and are unable to adjust this price. Millions of gallons of milk are purchased every day. What type of competition best describes this market?

• monopoly

• oligopoly

• monopolistic competition

• perfect competition