Intro to Business Quiz 1 PASSED Actual
Exam Questions and CORRECT Answers
Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of
production?
capital
natural resources
entrepreneurship
labor
expense - CORRECT ANSWER✔✔- Natural resources
If you were told the output of goods and services produced in Tajikistan, a former Soviet
Republic had increased by eight percent in 2006, you would correctly refer to this increase as:
growth standardization
economic growth
nationalized growth
an example of recessionary growth
output maximization - CORRECT ANSWER✔✔- Economic growth
A decline in real GDP that lasts for two consecutive quarters is called a(n):
, economic downsizing
depression
recession
resource divestment
economic regression - CORRECT ANSWER✔✔- Recession
The government does not consider full employment to mean 100 percent of its citizens are
employed because:
some people are preparing for later employment by attending school
some people choose to stay home to raise children rather than have a job outside the home
some people are temporarily unemployed while they wait to start new jobs
some people are not working because jobs are limited, and competition for jobs is intense.
all of the above conditions can and do exist - CORRECT ANSWER✔✔- All of the above
Archer Daniels Midland Co. (ADM) has joined with Baron Spices and Seasonings to market
spices, seasonings and herbs to the foodservice industry. ADM will provide the raw materials,
and Baron will act as the distributor and use its already existing relationships with
participants in the food service industry to make a success of this:
strategic alliance
transactional partnership
Exam Questions and CORRECT Answers
Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of
production?
capital
natural resources
entrepreneurship
labor
expense - CORRECT ANSWER✔✔- Natural resources
If you were told the output of goods and services produced in Tajikistan, a former Soviet
Republic had increased by eight percent in 2006, you would correctly refer to this increase as:
growth standardization
economic growth
nationalized growth
an example of recessionary growth
output maximization - CORRECT ANSWER✔✔- Economic growth
A decline in real GDP that lasts for two consecutive quarters is called a(n):
, economic downsizing
depression
recession
resource divestment
economic regression - CORRECT ANSWER✔✔- Recession
The government does not consider full employment to mean 100 percent of its citizens are
employed because:
some people are preparing for later employment by attending school
some people choose to stay home to raise children rather than have a job outside the home
some people are temporarily unemployed while they wait to start new jobs
some people are not working because jobs are limited, and competition for jobs is intense.
all of the above conditions can and do exist - CORRECT ANSWER✔✔- All of the above
Archer Daniels Midland Co. (ADM) has joined with Baron Spices and Seasonings to market
spices, seasonings and herbs to the foodservice industry. ADM will provide the raw materials,
and Baron will act as the distributor and use its already existing relationships with
participants in the food service industry to make a success of this:
strategic alliance
transactional partnership
