Business Management Notes

Is “economics” the body of knowledge that relates to producing and using goods and services to satisfy human wants?
True
Does the school cafeteria provide for an economic want?
True
Does our economy system satisfy all the wants of the people?
False
Does a retail grocer provide both time utility and place utility?
True
Is a robot on a car assembly line an example of a consumer good?
False
are capital goods needed to produce consumer goods and services?
True
can a country produce as many capital goods as it wishes to produce at any one time?
false
if the production of consumer goods increases, must the production of capital goods and services also increase?
false
are countries that adopt a market economy often dictatorships?
false
does privatization occur when a government provides a good or service that was formerly provided by a business?
false
as the demand for a product decreases, does the price of the product increase?
false
can a change in the demand or the supply of a product cause a change in the price of a product?
true
do consumers help decide what will be produced as well as how much will be produced?
true
is competition among businesses limited mainly to price competition?
false
is it necessary to expand only the production of goods and services for economic growth to occur?
false
does production decrease and unemployment increase during recessions?
true
is a recession a decline in the GDP that continues for six months or more?
true
does inflation result in a decline in the purchasing power of money?
true
during inflation, does the dollar buy more than it did before inflation?
false
does the lowering and raising of taxes by federal government aid in controlling recession and inflation?
true