1. The statement: You will also need to emphasize what they stand to lose if they fail to consider your proposal is indicative of which short cut principle in persuading others?

a. Government officials

b. Entrepeneurs

c. Artists

d. Customer service representatives

2. Which of the following is not a factor of production?

a. laws

b. labor

c. capital

d. land

3. People in all economies must address three questions about the consumption and production of goods and services, which one below is not one of them?

a. What goods and services will be produced?

b. How will these goods and services be produced?

c. Who will consume them?

d. Where will people go to vacation?

4. Each economic system has certain economic values and goals, which of the following is not one of them?

a. Efficiency

b. Security

c. Stagnation

d. Growth

5. Capitalism was founded on economic freedom and the values promoted by ________.

a. Barack Obama

b. Adam Smith

c. Steve Jobs

d. Karl Marx

6. A free market economy is characterized by:

a. Factor and product markets

b. Competition

c. Self-interest and the profit motive

d. All of the Above

7. ______________is the motivating force in the free market.

a. Self interest

b. Helping others

c. Philanthropy

d. Government support

8. Incentives are always monetary

a. True

b. False

9. A(n) _________ is a person or group living in a single residence.

a. Interest group

b. firm

c. household

d. None of the Above

10. The ____________ guarantees people and businesses the right to make contracts

a. Bill of Rights

b. U.S. Constitution

c. World bank

d. All of the Above

11. The _____________consists of the actors close to the company that affect its ability to serve its customersthe company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

a. Micro-environment

b. Marketing-enviroment

c. Business-environment

d. Macro-environment