(a) The exchange of goods and services between countries 
(b) The exchange of goods and services within a country
(c) The exchange of goods and services within a city
(d) none of these

(a) An asset is something a business owns, a liability is something a business owes. 

(b) An asset is something a business owes, a liability is something a business owns. 

(c) They are the same thing. 

(d) Assets are more valuable than liabilities

(a) To control all aspects of the economy 

(b) To provide public goods and services 

(c) To regulate businesses 

(d) All of the above

(a) Profit is revenue minus expenses, revenue is total sales. 

(b) Revenue is profit minus expenses, profit is total sales. 

(c) They are the same thing. 

(d) Profit is a measure of efficiency, revenue is a measure of growth.

(a) To manage customer relationships 

(b) To develop marketing strategies 

(c) To manage the flow of goods and services from production to consumption 

(d) To track financial results

(a) Entrepreneurs take risks and innovate, managers oversee day-to-day operations. 
(b) Managers take risks and innovate, entrepreneurs oversee day-to-day operations.
(c) They are the same thing.
(d) Entrepreneurs are more experienced than managers.

(a) A market with many buyers and one seller
(b) A market with one buyer and many sellers
(c) A market with perfect competition
(d) A government-controlled market

(a) Microeconomics studies individual markets, macroeconomics studies the entire economy. 
(b) Microeconomics studies businesses, macroeconomics studies consumers.
(c) Microeconomics studies short-term trends, macroeconomics studies long-term trends.
(d) Microeconomics studies production, macroeconomics studies consumption.

(a) The concept that money loses purchasing power over time.
(b) The amount of money needed to complete a specific task.
(c) The risk associated with investing money.
(d) The cost of borrowing money.