1. Which of the following are the factors of production?
Labor, natural resources, capital, entrepreneurs, technology, and intellectual property
Labor, capital, entrepreneurs, motivation, and good ideas
Natural resources, entrepreneurs, profits, and creativity
Labor, profits, natural resources, technology, and motivation
2. Goods are products a business sells like
haircuts.
conveyer belts.
car insurance.
health care.
3. Which of the following is a current sociocultural trend?
A decrease in the overall U.S. population
An increase in the population of Americans ages 30 to 45 years old
A decrease in the U.S. minority population
An increase in the population of Americans ages 65 and over
4. Social networking makes it possible for
companies to better manage their employees.
customers to spread the word about great products.
companies to keep network information secure.
social gatherings to be monitored.
5. If a firm decides to shift the production of goods or services to an overseas company, this firm is
diversifying.
offshoring.
telecommuting.
forming a partnership.