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Question 1

Has the United States sustained the best record of economic growth of any nation in the world?

Answer 1

Yes

Question 2

Has a division of labor caused workers to be more dependent on each other and a greater need for teamwork?

Answer 2

Yes

Question 3

Does the freedom to own property enable your family to enjoy a higher standard of living?

Answer 3

Yes

Question 4

Does the owner of a business usually receive most of the money paid out by the firm?

Answer 4

No

Question 5

Has the average profit made by America’s largest corporations for the last several years been below 10%?

Answer 5

Yes

Question 6

Are the economies of other nations depressed because the American free enterprise system produces so many of the worlds goods?

Answer 6

No

Question 7

Is competition unfair and unnecessary because it raises prices to the consumer?

Answer 7

No

Question 8

Although business provides the wants and the needs of your family through producing goods and services is its biggest contribution to your family wages and salaries paid family members?

Answer 8

Yes

Question 9

Well the preservation of our free enterprise system have a little fact on you as a consumer?

Answer 9

No

Question 10

The success of American business in producing an abundance of goods and services has had what effect on other countries of the world?

Answer 10

America is able to help them

Question 11

What has improve your family standard of living?

Answer 11

Business

Question 12

What are often the result of money business and best in research and development programs?

Answer 12

An improved consumer product

Question 13

What are two forms of competition you have study?

Answer 13

Price competition and product competition

Question 14

When do workers normally increase their personal income, when the production increases or decreases?

Answer 14

Increases

Question 15

What is the difference between a nations merchandise exports and merchandise import called?

Answer 15

Balance of trade

Question 16

What is trade which goes on between countries called?

Answer 16

World trade

Question 17

The amount of goods your family is able to buy at any one time depends on what two things?

Answer 17

Income and purchasing power

Question 18

Nations are considered richer than others if they have more what?

Answer 18

Economic resources

Question 19

What are the total amount of goods and services and nations workers produce in one year

Answer 19

Gross national production

Question 20

What a business activity slows down during a period of time it is called what?

Answer 20

Recession

Question 21

When A businesses activity lasts long time it is called what?

Answer 21

Production

Question 22

Three things business does for your family:

Answer 22

Production of goods and services
provision of income
marketing goods and services

Question 23

Three things that are necessary for survival:

Answer 23

Food
shelter
clothing

Question 24

Five wants:

Answer 24

Radio 
magazine 
automobile 
a ring 
a sled

Question 25

Exports are?

Answer 25

Goods sold to other countries

Question 26

Imports are?

Answer 26

Good bought from other countries

Question 27

Services are?

Answer 27

Various kinds of useful work

Question 28

What are three kinds of resources required by business

Answer 28

Natural resources
capital resources
Human Resources

Question 29

Product-cost variance are?

Answer 29

Two reasons for the variation and amounts of resources required by different products and the differences and product supply and demand