English 11 Paper
Question 1 .1 out of 1 points When a firm's expenses are greater than its sales revenue, the firm has a
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Selected Answer: a. loss. . Question 2 .1 out of 1 points Examples of command economies include
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Selected Answer: e. socialism and communism. . Question 3 .1 out of 1 points According to economists, natural resources, labor, capital, and entrepreneurship are called
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Selected Answer: c. factors of production. . Question 4 .1 out of 1 points As Rachel Smith and her friends prepare to graduate from college, they are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago. Based on this information, which stage of the business cycle would the economy be in?
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Selected Answer: b. Peak . Question 5 .1 out of 1 points For firms like Target and Walmart, competition
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Selected Answer: d. is a rivalry among businesses for sales to potential customers. . Question 6 .1 out of 1 points Matt Newell, a former Air Force pilot, decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains. He obtains a loan and purchases the necessary land, facilities, advertising, and five helicopters for his business. What important factor of production has he overlooked in creating his business?
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Selected Answer: b. Labor . Question 7 .1 out of 1 points The economic term used to describe the government's influence on savings and changing the levels of government spending is
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Selected Answer: c. fiscal policy. . Question 8 .1 out of 1 points The total dollar value of all goods and services produced by all people within the boundaries of a country is called
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Selected Answer: c. gross domestic product. . Question 9 .1 out of 1 points Productivity can best be described as
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Selected Answer: a. the average level of output
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Selected Answer: a. loss. . Question 2 .1 out of 1 points Examples of command economies include
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Selected Answer: e. socialism and communism. . Question 3 .1 out of 1 points According to economists, natural resources, labor, capital, and entrepreneurship are called
Answer
Selected Answer: c. factors of production. . Question 4 .1 out of 1 points As Rachel Smith and her friends prepare to graduate from college, they are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago. Based on this information, which stage of the business cycle would the economy be in?
Answer
Selected Answer: b. Peak . Question 5 .1 out of 1 points For firms like Target and Walmart, competition
Answer
Selected Answer: d. is a rivalry among businesses for sales to potential customers. . Question 6 .1 out of 1 points Matt Newell, a former Air Force pilot, decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains. He obtains a loan and purchases the necessary land, facilities, advertising, and five helicopters for his business. What important factor of production has he overlooked in creating his business?
Answer
Selected Answer: b. Labor . Question 7 .1 out of 1 points The economic term used to describe the government's influence on savings and changing the levels of government spending is
Answer
Selected Answer: c. fiscal policy. . Question 8 .1 out of 1 points The total dollar value of all goods and services produced by all people within the boundaries of a country is called
Answer
Selected Answer: c. gross domestic product. . Question 9 .1 out of 1 points Productivity can best be described as
Answer
Selected Answer: a. the average level of output