Quiz
POB Objective 1.01
Questions in this quiz (30)
1If an economist (person that studies the economy) researches annually the total value of homes built, this information would be useful for which measurement of economic activities?
- AConsumer spending
- BGDP (Gross Domestic Product)
- CInvestment Activities
- DLabor Activities
2The formula that is generally used to measure productivity is:
- Aoutputs divided by inputs.
- Blabor divided by resources.
- Cgoods divided by time.
- Dinputs divided by labor.
3All of the following are examples of enhancing productivity except:
- ASpecialization/Division of Labor
- BMass production
- CUnsafe working conditions
- DIncreased capital investment
4Hindrances to productivity include all of the following except:
- ALack of communication
- BLack of standardization
- CPoor design
- DTraining and education
5Factors of production are:
- AInputs that are used in production
- BProducts produced by labor
- CHuman resources only
- DNot necessary
6The most importance factor of production is:
- ACapital
- BHumans
- CTime
- DLand
7What is the difference between a need and a want?
- AWants are necessary for survival; needs are comfort materials.
- BNeeds are necessary for survival; wants add comfort.
- CNeeds and wants are the exact same.
- DWants are food, water, and shelter.
8An economic want is:
- Asomething a person has to give up something to attain something else
- Bdoesn't cost money
- Cloving your family
- Dlistening to a mentor
9The desire for which item(s) would be considered a non-economic want?
- AHouse
- BNutritious food
- CA walk
- DNew clothing
10Which occurs when the supply of individuals who are able and willing to work diminishes?
- ACapital goods become unlimited.
- BCapital goods become limited.
- CHuman resources become limited.
- DHuman resources become unlimited.
11A local car repair shop that rotates tires and changes oil is selling:
- Aindustrial supplies.
- Bspecialty goods.
- Ctangible items.
- Dconsumer services.
12Equilibrium price of a good or service is determined by trial and error and exists when:
- Aresearch shows what the market will tolerate.
- Bthe amount supplied is equal to the amount demanded.
- Cbusinesses total their costs and markup.
- Dbusinesses compute the average selling price in the area.
13An example of an industrial good is:
- AHandle bars used in producing a bicycle
- BA car
- CA haircut
- DA flight
14Revlon Incorporated purchased new machines that will automatically squeeze the appropriate amount of shampoo into different size bottles. What types of economic resources are the machines?
- AHuman resource
- BCapital resource
- CNatural resource
- DService
15Jane's Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes?
- AHuman
- BCapital
- CNatural
- DService
16Which is an example of scarcity?
- AThere is a limited amount of water supply in parts of Africa.
- BThe United States consumes more beef than any other country.
- CA long walk.
- DThere are churches on every corner in the United States.
17A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
- Adistribution.
- Bopportunity cost.
- Cefficiency.
- Dutility.
18After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem?
- Aanalyze the information
- Bdefine the problem
- Cact on assumptions
- Dmake a decision
19Eddie decided he would use real butter for his baked goods. Which economic question does this address?
- AWhat to produce?
- BHow to produce?
- CFor whom?
- DWhen to produce?
20In a private enterprise economic system, the interaction of supply and demand primarily determines:
- Agovernment regulation.
- Beconomic choices.
- Cthe extent of pollution.
- Dproduct prices.
21Who decides how goods and services will be marketed in a private enterprise economic system?
- Alegislators
- Bbusiness people (companies)
- Ccompetitors
- Dconsumers
22A major characteristic of a market economy is which type of ownership of property?
- Amonopolistic
- Blimited
- Cgovernment
- Dprivate
23Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
- AMilitary
- BCapitalist
- CConsumer
- DWelfare
24Which is a problem associated with communist command economies?
- AThere is no competition.
- BThere are high taxes.
- CSupply and demand control what will be produced.
- DIndividuals run the risk of losing their businesses.
25When talking to an individual with a director personality type:
- ASlow down; be friendly
- BGive them time to think and analyze
- CShow enthusiasm and smile
- DGet to the point and be direct
26A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
- Aa seller's market.
- Bpure competition.
- Ca buyer's market.
- Dinelastic demand.
27A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?
- ABuyer's market
- BSeller's market
- CAutomotive
- DDiscount
28Due to the the increase in population in the U.S., construction companies have had to clear thousands of acres of land making trees scarce. The price of toilet paper has increase tremendously, and consumers are still demanding toilet paper regardless of the price. What type of demand is the toilet paper?
- AElastic
- BInelastic
- CConsumer
- DProducer
29Which is an example of a monopoly?
- APepsi and Coca Cola compete head to head for consumer loyalty.
- BPizza Inn and Papa John's Pizza try to win customers based on price competition.
- CThere are many vehicle repair shops to choose from in Rocky Mount, NC.
- DRocky Mount Public Utilities is the only utility company consumers can use to power their homes.
30Which function of pricing includes the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly alternatives?
- ARelative pricing
- BRationing
- CSupply and Demand
- DSubstitution effect
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- High School Principles of Business Quiz on POB Objective 1.01, created by Tara McDonald on 24/01/2017.
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- Tara McDonald
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- English
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