BMGT 110 – Quiz 1 Week 2

1. Which of the following sets a market economy apart from a planned economy? a. Government decides what price to charge b. Government controlled production c. No private property d. Economic decision-making, such as supply, happens through markets 2. A trade deficit occurs when a. Imports exceed exports b. Exports equal imports c. Imports equal exports d. Exports exceed imports 3. What function is responsible for ensuring that products and services meet high quality standard? a.b.c.d.Operations Marketing Management Finance 4. Making the decision to give up your free time with friends so you can earn a college degree is an example of __________. a. Management b. Job enlargement c. Empowerment d. Opportunity cost 5. Modern day restaurants are an example of ______ because they divide up the task of serving meals into a range of different jobs: top chef, sous chef, less-skilled kitchen help, host/hostess, waiters/waitresses, etc. a. Division of labor b. Opportunity cost c. Job specialization d. Job enlargement