1, Goods on hand are not subject to taxation.   True   False

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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1, Goods on hand are not subject to taxation.

 

True

 

False

2, The construction industry includes everything from highly-skilled professions such as architects, engineers, and real estate attorneys, to unskilled labor.

 

True

 

False

3, States and municipalities receive much of their revenue through what kind of taxes?

 

developmental

 

international

 

sales

 

intrinsic

 

4. Which retailer was one of several businesses that capitalized on the expansion of railroads after the Civil War ended in 1865 by developing mail-order catalogues and was once known as the “everything store” prior to Amazon?

 

Sears

 

Target

 

Walmart

 

Harrod’s

5. Amazon is a great example of how a business can expand and grow with the use of what?

 

technology

 

merchandise

 

healthcare

 

red tape

6. What is an example of a product where the demand will not be dependent on the seasons and will remain steady throughout the year?

 

snow boots

 

mittens

 

cereal

 

pool rafts

 

7. A small, local business is highly unlikely to depend on international trade for any supplies at all.

 

True

 

False

 

8. What service do professional athletes and performers provide?

 

communication

 

entertainment

 

financial guidance

 

healthcare

9. Services make up the majority of the total value of the goods and services produced by a country in a year, otherwise known as what?

 

trade industry

 

private enterprise

 

raw materials

 

gross domestic product

 

10. In its early days, how many employees did Amazon have working around the clock to fulfill orders?

 

20

 

3

 

10

 

1

11. Wholesalers depend on moving inventory to stay in business; however, they do not need to anticipate the products the public wants.

 

True

 

False

 

12. You recently started a new hand-printed sweatshirt company. What is the primary raw material will you likely be dependent on to run your business?

 

cotton

 

wood

 

steel

 

brass

 

13. Josephine owns a large cattle ranch out in Montana. While she enjoys being her own boss and being able to spend time in the outdoors, she finds it tedious to comply with regulations pertaining to land management and what else?

 

healthcare regulations

 

environmental quality

 

transportation limitations

 

advancing technology

 

14. On the 2018 list where Forbes ranked the best countries for business, the United States was 12th, having moved up from 23rd in 2017 thanks to improvements in what areas?

 

technology, innovation, and trade freedom

 

inventory, ecommerce, and distribution

 

bureaucracy, wholesaling, and raw materials

 

taxes, corruption, and private enterprise

15. What term refers to a type of producer that involves businesses that remove natural resources from the land and include businesses like mining, logging, and oil?

 

domestics

 

wholesalers

 

extractors

 

merchandisers

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