Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come
to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will
Click it to see your results. Good luck!
Question 11.Which of the following is NOT a barrier to trade?
Question 22.How is an imperfect competition defined?
Question 33.Which of the following statements is true regarding the relationships in a market economy?
Question 44.Which of the following considered part of an external business environment?
Question 55.Which of the following is NOT true about technology?
Question 66.In December 2016, 155,000 of Mainfield's adult residents were employed while 27,000 were unemployed. What was Mainfield's unemployment rate in December?
Question 77.A social environment is BEST described as:
Question 88.Human capital refers to which of the following?
Question 99.Which one of the following is NOT a characteristic of capitalism?
Question 1010.Which of the following BEST describes a foreign subsidiary?
Question 1111.Why is a diverse workforce important for a business?
Question 1212.If the government wants to increase the rate of economic growth, what type of monetary policy will it implement?
Question 1313.According to this chart, what was the unemployment rate during the peak of the business cycle?
Question 1414.If discouraged workers were actually counted in the unemployment rate:
Question 1515.Which of the following would NOT be included in consumption?
Question 1616.Which of the following groups includes the sum of employed and unemployed workers?
Question 1717.Economists recognize that the economy doesn't grow smoothly, but in regular patterns. Which of these terms best describes this?
Question 1818.What does the circular flow model of the economy illustrate?
Question 1919.What's the best explanation of intellectual capital?
Question 2020.How does a cost leader attempt to maximize profits?
Question 2121.Why would a niche strategy represent an example of a selective strategy?
Question 2222.If the unemployment rate rose from 5% to 7%, but more people were employed, what LIKELY occurred?
Question 2323.Economists call the equipment and structures used to produce goods and services:
Question 2424.A business influences its external environment by:
Question 2525.Which of the following statements about the legal environment of a business is FALSE?
Question 2626.Which of the following is not true regarding productivity?
Question 2727.The product development team of a large pet food company considers adding cheap, low-quality ingredients as a filler in one of its popular products. Based on the strength of the company brand and management's approval, the team decides to go ahead with developing the product despite each member having private concerns. This scenario illustrates which concept and why?
Question 2828.Which of the following is the BEST explanation of how a government intervenes in an economy utilizing fiscal policy?
Question 2929.What is a condition that gives a business a competitive advantage in the marketplace?
Question 3030.What determines the price of a good or service in a capitalistic economy?
Business and the Economy Chapter Exam Instructions
Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back
to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will
appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!