Tara McDonald
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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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POB Objective 1.01

Question 1 of 30

1

If 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?

Select one of the following:

  • Consumer spending

  • GDP (Gross Domestic Product)

  • Investment Activities

  • Labor Activities

Explanation

Question 2 of 30

1

The formula that is generally used to measure productivity is:

Select one of the following:

  • outputs divided by inputs.

  • labor divided by resources.

  • goods divided by time.

  • inputs divided by labor.

Explanation

Question 3 of 30

1

All of the following are examples of enhancing productivity except:

Select one of the following:

  • Specialization/Division of Labor

  • Mass production

  • Unsafe working conditions

  • Increased capital investment

Explanation

Question 4 of 30

1

Hindrances to productivity include all of the following except:

Select one of the following:

  • Lack of communication

  • Lack of standardization

  • Poor design

  • Training and education

Explanation

Question 5 of 30

1

Factors of production are:

Select one of the following:

  • Inputs that are used in production

  • Products produced by labor

  • Human resources only

  • Not necessary

Explanation

Question 6 of 30

1

The most importance factor of production is:

Select one of the following:

  • Capital

  • Humans

  • Time

  • Land

Explanation

Question 7 of 30

1

What is the difference between a need and a want?

Select one of the following:

  • Wants are necessary for survival; needs are comfort materials.

  • Needs are necessary for survival; wants add comfort.

  • Needs and wants are the exact same.

  • Wants are food, water, and shelter.

Explanation

Question 8 of 30

1

An economic want is:

Select one of the following:

  • something a person has to give up something to attain something else

  • doesn't cost money

  • loving your family

  • listening to a mentor

Explanation

Question 9 of 30

1

The desire for which item(s) would be considered a non-economic want?

Select one of the following:

  • House

  • Nutritious food

  • A walk

  • New clothing

Explanation

Question 10 of 30

1

Which occurs when the supply of individuals who are able and willing to work diminishes?

Select one of the following:

  • Capital goods become unlimited.

  • Capital goods become limited.

  • Human resources become limited.

  • Human resources become unlimited.

Explanation

Question 11 of 30

1

A local car repair shop that rotates tires and changes oil is selling:

Select one of the following:

  • industrial supplies.

  • specialty goods.

  • tangible items.

  • consumer services.

Explanation

Question 12 of 30

1

Equilibrium price of a good or service is determined by trial and error and exists when:

Select one of the following:

  • research shows what the market will tolerate.

  • the amount supplied is equal to the amount demanded.

  • businesses total their costs and markup.

  • businesses compute the average selling price in the area.

Explanation

Question 13 of 30

1

An example of an industrial good is:

Select one of the following:

  • Handle bars used in producing a bicycle

  • A car

  • A haircut

  • A flight

Explanation

Question 14 of 30

1

Revlon 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?

Select one of the following:

  • Human resource

  • Capital resource

  • Natural resource

  • Service

Explanation

Question 15 of 30

1

Jane's Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes?

Select one of the following:

  • Human

  • Capital

  • Natural

  • Service

Explanation

Question 16 of 30

1

Which is an example of scarcity?

Select one of the following:

  • There is a limited amount of water supply in parts of Africa.

  • The United States consumes more beef than any other country.

  • A long walk.

  • There are churches on every corner in the United States.

Explanation

Question 17 of 30

1

A 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:

Select one of the following:

  • distribution.

  • opportunity cost.

  • efficiency.

  • utility.

Explanation

Question 18 of 30

1

After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem?

Select one of the following:

  • analyze the information

  • define the problem

  • act on assumptions

  • make a decision

Explanation

Question 19 of 30

1

Eddie decided he would use real butter for his baked goods. Which economic question does this address?

Select one of the following:

  • What to produce?

  • How to produce?

  • For whom?

  • When to produce?

Explanation

Question 20 of 30

1

In a private enterprise economic system, the interaction of supply and demand primarily determines:

Select one of the following:

  • government regulation.

  • economic choices.

  • the extent of pollution.

  • product prices.

Explanation

Question 21 of 30

1

Who decides how goods and services will be marketed in a private enterprise economic system?

Select one of the following:

  • legislators

  • business people (companies)

  • competitors

  • consumers

Explanation

Question 22 of 30

1

A major characteristic of a market economy is which type of ownership of property?

Select one of the following:

  • monopolistic

  • limited

  • government

  • private

Explanation

Question 23 of 30

1

Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?

Select one of the following:

  • Military

  • Capitalist

  • Consumer

  • Welfare

Explanation

Question 24 of 30

1

Which is a problem associated with communist command economies?

Select one of the following:

  • There is no competition.

  • There are high taxes.

  • Supply and demand control what will be produced.

  • Individuals run the risk of losing their businesses.

Explanation

Question 25 of 30

1

When talking to an individual with a director personality type:

Select one of the following:

  • Slow down; be friendly

  • Give them time to think and analyze

  • Show enthusiasm and smile

  • Get to the point and be direct

Explanation

Question 26 of 30

1

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:

Select one of the following:

  • a seller's market.

  • pure competition.

  • a buyer's market.

  • inelastic demand.

Explanation

Question 27 of 30

1

A 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?

Select one of the following:

  • Buyer's market

  • Seller's market

  • Automotive

  • Discount

Explanation

Question 28 of 30

1

Due 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?

Select one of the following:

  • Elastic

  • Inelastic

  • Consumer

  • Producer

Explanation

Question 29 of 30

1

Which is an example of a monopoly?

Select one of the following:

  • Pepsi and Coca Cola compete head to head for consumer loyalty.

  • Pizza Inn and Papa John's Pizza try to win customers based on price competition.

  • There are many vehicle repair shops to choose from in Rocky Mount, NC.

  • Rocky Mount Public Utilities is the only utility company consumers can use to power their homes.

Explanation

Question 30 of 30

1

Which function of pricing includes the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly alternatives?

Select one of the following:

  • Relative pricing

  • Rationing

  • Supply and Demand

  • Substitution effect

Explanation

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