Principles of Ag Business CBA 4

Which of the following types of utility enhances value by creating more useful or desirable products out of raw materials or separate parts?

• Possession

• Time

• Form

• Information

An economic system in which there is increased government involvement where the goal is to keep prices low and provide jobs for everyone is known as which of the following?

• A. Capitalism

• B. Socialism

• C. Communism

• D. Free enterprise

When describing supply and demand, which of the following defines when a product is demanded in larger quantities than is produced?

• Surplus

• Equilibrium

• Demand

• Shortage

Protection for business, individuals and resources are NOT provided by which of the following types of government departmental regulation?

• FDA

• OSHA

• EEOC

• NHAC

Current events can impact personal financial decisions, particularly through the stock market?

• True

• False

Which economic system prohibits the private ownership and management of resources and emphasizes income and wealth equality?

• Free enterprise

• Capitalism

• Communism

• Socialism

Pure competition creates markets with large numbers of buyers and sellers exchanging a(n) (a)   product.

• Technological

• Online

• Unique

• Homogenous

Competition does NOT encourage companies to do which of the following?

• Improve products

• Target different markets

• Reduce prices

• Decrease advertising

Which type of market structure has only one firm producing a product?

• Monopoly

• Oligopoly

• Monopolistic competition

• Pure competition

________ accounts for all income before deductions, but ________ is monetary gain after subtracting operating costs.

• Profit; revenue

• Revenue; profit

• Principle; return

• Return; principle