POB Objective 1.01

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?

The formula that is generally used to measure productivity is:

All of the following are examples of enhancing productivity except:

Hindrances to productivity include all of the following except:

Factors of production are:

The most importance factor of production is:

What is the difference between a need and a want?

An economic want is:

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

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

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

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

An example of an industrial good is:

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?

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

Which is an example of scarcity?

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:

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

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

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

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

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

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

Which is a problem associated with communist command economies?

When talking to an individual with a director personality type:

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

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?

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?

Which is an example of a monopoly?

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?