WORLD OF BUSINESS UPDATED ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS COMPLETE STUDY RESOURCE

WORLD OF BUSINESS UPDATED ACTUAL
EXAM QUESTIONS AND CORRECT
ANSWERS COMPLETE STUDY RESOURCE



◉ The major difference between a good and a service is how the
producer uses the factors of production to create each.


a. True
b. False
Answer: b.


◉ Demography is the study of how people use their free time, how
people integrate their hobbies and their vocations, and how
people make their purchase decisions.


a. True
b. False
Answer: b


◉ An increase in the price of crude oil could trigger cost-push
inflation.

,a. True
b.False
Answer: a


◉ At the equilibrium point, quantity demanded equals quantity
supplied.


a. True
b. False
Answer: a


◉ The higher the price of a good or service, the greater the
amount a producer is willing to supply.


a. True
b. False
Answer: a


◉ A farmers market where sixty farmers come weekly to sell the
produce they grow in their gardens is an example of monopolistic
competition.


a. True
b. False

, Answer: b


◉ Which of the following is an example of a business?


a. Jack & Jill, a specialty clothing store for young children
b. Walmart
c. Ford Motor Company
d. Lawson & Tyler law offices
e. all of the above
Answer: e


◉ What is the primary difference between a good and a service?


a. A good costs more to produce than a service
b. A service is tangible, and a good is intangible
c. A good is tangible, and a service is intangible
d. A good costs more to market than a service
e. The development costs for a service is higher than for a product
Answer: c


◉ The _____ of any country is measured by the output of goods and
services people can buy with me money they have.


a. Standard of living