Question 1  (1 point)

As a factor of production, the term capital includes:

 

Question 2  (1 point)

The Buckmaker Corporation had total revenues of $20 million dollars in 2001, and total costs of $17 million that same year. Buckmaker earned a profit of $3 million in 2001.

 

Question 3  (1 point)

Despite all the hype, the number of Americans who actually have access to the Internet is likely to level off in the near future.

  
Question 4  (1 point)

The government of the small nation of Bingland is trying to achieve a high quality of life by imposing strict regulations to protect the environment and ensure safe working conditions in factories and mines. The government also has established ambitious programs to help the poor, financing them by setting high tax rates. These efforts by Bingland's government should create an atmosphere that encourages entrepreneurship.

  
Question 5  (1 point)

The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living, while only nonprofit organizations can improve the quality of life.

 Question 6  (1 point)

Bar codes allow retailers to scan information about the products that they sell directly into a database.

 Question 7  (1 point)

All in all, the diversity of the population in the United States strengthens the business sector.

 Question 8  (1 point)

__________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.

 Question 9  (1 point)

A key characteristic of entrepreneurs is that they:

 Question 10  (1 point)

The databases of a business often include a great deal of information about the firm's customers.

 Question 11  (1 point)

In countries where businesses are owned by the government:

 Question 12  (1 point)

Businesses that cater to older citizens will have tremendous opportunities for growth in the first few decades of the 21st century.

 Question 13  (1 point)

Firms engaged in business-to-consumer e-commerce typically have enjoyed higher profits than traditional stores.

 Question 14  (1 point)

Recent studies have shown that the major advantage rich nations have over poor nations is an abundance of land and labor.

 Question 15  (1 point)

Information in databases allows firms to be more responsive to the needs of consumers.

 Question 16  (1 point)

Companies that sell goods to consumers over the Internet are engaging in:

 Question 17  (1 point)

A business incurs a ___________ if its costs and expenses exceed its revenues.

 Question 18  (1 point)

Entrepreneurship is one of the five basic factors of production.

 Question 19  (1 point)

Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of life.

 Question 20  (1 point)

Speedy service has become a crucial element in meeting and beating the competition.