1) The rate of increase in prices over a given period of time. a) Inflation b) Businesses c) Oligopoly d) Trade Union 2) The gap between limited resources and theoretically limitless wants a) GDP b) Special Agencies c) Trade Union d) Scarcity 3) (Unemployed ÷ Labor Force) x 100 a) Opportunity Cost b) Export c) Inflation d) Unemployment Rate 4) These directly create, implement laws and monitor its application in the organization. a) Special Agencies b) Lobbying c) Monopoly d) Inflation 5) The amount a lender charges a borrower and is a percentage of the principal. a) Interest Rate b) Special Agencies c) Businesses d) Competition 6) Communicating with any official in the legislative or executive branch for the purpose of attempting to influence legislative or administrative action or a ballot issue a) Government b) Lobbying c) Export d) Monopoly 7) The potential benefits an individual, investor, or business misses out on when choosing one alternative over another a) Opportunity Cost b) Scarcity c) GDP d) Competition 8) A scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix a) Unemployment Rate b) Competition c) Special Agencies d) Supply and Demand 9) A market structure characterized by a single seller, selling a unique product in the market. a) Chamber Of Commerce b) Interest Rate c) GDP d) Monopoly 10) A product or service produced in one country but sold to a buyer abroad a) Opportunity Cost b) Businesses c) Tax Incentives d) Export 11) A monetary measure of the market value of all the final goods and services produced in a specific time period a) GDP b) Opportunity Cost c) Unemployment Rate d) Import 12) A market characterized by a small number of firms who realize they are interdependent in their pricing and output policies. a) Oligopoly b) Chamber Of Commerce c) Special Agencies d) Profits 13) Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy a) Supply and Demand b) Opportunity Cost c) Monopoly d) Scarcity 14) The difference between the revenue received from the sale of an output and the costs of all inputs used a) Profits b) Government c) Oligopoly d) Trade Union 15) A good or service bought in one country that was produced in another a) Supply and Demand b) Unemployment Rate c) Import d) Oligopoly 16) Who must follow the laws of governments’ to run things smoothly and making sure there is a level playing field a) GDP b) Supply and Demand c) Unemployment Rate d) Businesses 17) They work to find the common issues of organizations and present reports, holds dialogue to discuss them with government bodies a) Trade Union b) Special Agencies c) Profits d) Businesses 18) A local association to promote and protect the interests of the business community in a particular place a) GDP b) Businesses c) Monopoly d) Chamber Of Commerce 19) Indirect approach to shaping the activities of business organizations a) Chamber Of Commerce b) Government c) GDP d) Tax Incentives 20) A balanced relationship between ___________ and businesses is required for the welfare of the economy and the nation a) Export b) Government c) Competition d) Tax Incentives

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