Week 1 Quiz
In economics, what principle indicates the value placed on a product lessens as
consumption increases?
o
Diminishing marginal utility
o
Scarcity value
o
Demand value
o
Supply utility
2
If a business partnership grows, what is usually added over time?
o
More revenue allocated to management
o
Management control
o
New professional members adding capital into the business
o
Increased stock percentage for partners
3
Capital, land, enterprise, and labor are all costs associated with making and
selling goods. What do they determine?
o
Sales revenue
o
Competitive advantage
o
Operating costs
o
Value
4
, What measures how efficient a company uses its capital and resources to
generate returns for its investors?
o
Sales
o
Revenues
o
Profitability
o
Profit
5
What will most likely increase the demand for better quality goods and
services?
o
Increasing specialization
o
Decrease in profitability
o
Decreasing demand
o
Increase in self-interest
6
Enterprise, as a main component of business, requires which of the following?
o
Operating from an appropriate facility
o
Foresight, drive, knowledge, and ingenuity
o
Employing the right people for the tasks
o
Inputs, machinery and computers
7
Which of the following best describes a system through which goods or
services are exchanged for capital with the aim of making a profit?
In economics, what principle indicates the value placed on a product lessens as
consumption increases?
o
Diminishing marginal utility
o
Scarcity value
o
Demand value
o
Supply utility
2
If a business partnership grows, what is usually added over time?
o
More revenue allocated to management
o
Management control
o
New professional members adding capital into the business
o
Increased stock percentage for partners
3
Capital, land, enterprise, and labor are all costs associated with making and
selling goods. What do they determine?
o
Sales revenue
o
Competitive advantage
o
Operating costs
o
Value
4
, What measures how efficient a company uses its capital and resources to
generate returns for its investors?
o
Sales
o
Revenues
o
Profitability
o
Profit
5
What will most likely increase the demand for better quality goods and
services?
o
Increasing specialization
o
Decrease in profitability
o
Decreasing demand
o
Increase in self-interest
6
Enterprise, as a main component of business, requires which of the following?
o
Operating from an appropriate facility
o
Foresight, drive, knowledge, and ingenuity
o
Employing the right people for the tasks
o
Inputs, machinery and computers
7
Which of the following best describes a system through which goods or
services are exchanged for capital with the aim of making a profit?
