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Management 1-Chapter 1
Management 1-Chapter 1
Management 1-Chapter 1
MCQ
2-What term denotes a nation's basis for allocating its resources among its citizens?
A) economic system
B) distribution network
C) capital structure
D) national regulations
E) ownership processes
3-What is the process for converting government enterprises into individually owned firms
known as?
A) production allocation
B) profit maximization
C) entrepreneurship
D) demand assessment
E) privatization
4-What is the point at which the supply curve and the demand curve intersect on a graph?
A) decision point
B) surplus price
C) perfect price
D) equilibrium price
E) parity point
5-What is the price at which the quantity of goods demanded and the quantity of goods
supplied are equal?
A) the cost price
B) the market price
C) the margin rate
D) the optimum price
E) the going rate
6-What occurs when the quantity demanded exceeds the quantity supplied?
A) surplus
B) demand deficit
C) equilibrium point
D) supply schedule
E) shortage
8-Which of the following exists when an industry or market has only one producer?
A) communism
B) socialism
C) competition
D) monopoly
E) oligopoly
9-Which term refers to the pattern of short-term ups and downs in an economy?
A) standard of living
B) balance of payments
C) demand and supply schedule
D) business cycle
E) aggregate output
10-Which term refers to the total quantity and quality of goods and services that people
living in an economic system can purchase?
A) business cycle
B) consumer price index
C) aggregate output
D) demand and supply schedule
E) standard of living
11-Which term refers to the total value of all goods and services produced within a given
period by a national economy?
A) standard of living
B) aggregate output
C) gross national produce
D) purchasing power parity
E) gross domestic product
14-What is the condition in an economic system in which the amount of money available
and the number of goods and services produced are growing at about the same rate?
A) inflation
B) unemployment
C) oversupply
D) stability
E) deflation