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POB Objective 1.01

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High School Principles of Business Quiz on POB Objective 1.01, created by Tara McDonald on 24/01/2017.
Tara McDonald
Quiz by Tara McDonald, updated more than 1 year ago
Tara McDonald
Created by Tara McDonald almost 8 years ago
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Resource summary

Question 1

Question
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?
Answer
  • Consumer spending
  • GDP (Gross Domestic Product)
  • Investment Activities
  • Labor Activities

Question 2

Question
The formula that is generally used to measure productivity is:
Answer
  • outputs divided by inputs.
  • labor divided by resources.
  • goods divided by time.
  • inputs divided by labor.

Question 3

Question
All of the following are examples of enhancing productivity except:
Answer
  • Specialization/Division of Labor
  • Mass production
  • Unsafe working conditions
  • Increased capital investment

Question 4

Question
Hindrances to productivity include all of the following except:
Answer
  • Lack of communication
  • Lack of standardization
  • Poor design
  • Training and education

Question 5

Question
Factors of production are:
Answer
  • Inputs that are used in production
  • Products produced by labor
  • Human resources only
  • Not necessary

Question 6

Question
The most importance factor of production is:
Answer
  • Capital
  • Humans
  • Time
  • Land

Question 7

Question
What is the difference between a need and a want?
Answer
  • 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.

Question 8

Question
An economic want is:
Answer
  • something a person has to give up something to attain something else
  • doesn't cost money
  • loving your family
  • listening to a mentor

Question 9

Question
The desire for which item(s) would be considered a non-economic want?
Answer
  • House
  • Nutritious food
  • A walk
  • New clothing

Question 10

Question
Which occurs when the supply of individuals who are able and willing to work diminishes?
Answer
  • Capital goods become unlimited.
  • Capital goods become limited.
  • Human resources become limited.
  • Human resources become unlimited.

Question 11

Question
A local car repair shop that rotates tires and changes oil is selling:
Answer
  • industrial supplies.
  • specialty goods.
  • tangible items.
  • consumer services.

Question 12

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

Question 13

Question
An example of an industrial good is:
Answer
  • Handle bars used in producing a bicycle
  • A car
  • A haircut
  • A flight

Question 14

Question
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?
Answer
  • Human resource
  • Capital resource
  • Natural resource
  • Service

Question 15

Question
Jane's Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes?
Answer
  • Human
  • Capital
  • Natural
  • Service

Question 16

Question
Which is an example of scarcity?
Answer
  • 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.

Question 17

Question
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:
Answer
  • distribution.
  • opportunity cost.
  • efficiency.
  • utility.

Question 18

Question
After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem?
Answer
  • analyze the information
  • define the problem
  • act on assumptions
  • make a decision

Question 19

Question
Eddie decided he would use real butter for his baked goods. Which economic question does this address?
Answer
  • What to produce?
  • How to produce?
  • For whom?
  • When to produce?

Question 20

Question
In a private enterprise economic system, the interaction of supply and demand primarily determines:
Answer
  • government regulation.
  • economic choices.
  • the extent of pollution.
  • product prices.

Question 21

Question
Who decides how goods and services will be marketed in a private enterprise economic system?
Answer
  • legislators
  • business people (companies)
  • competitors
  • consumers

Question 22

Question
A major characteristic of a market economy is which type of ownership of property?
Answer
  • monopolistic
  • limited
  • government
  • private

Question 23

Question
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
Answer
  • Military
  • Capitalist
  • Consumer
  • Welfare

Question 24

Question
Which is a problem associated with communist command economies?
Answer
  • There is no competition.
  • There are high taxes.
  • Supply and demand control what will be produced.
  • Individuals run the risk of losing their businesses.

Question 25

Question
When talking to an individual with a director personality type:
Answer
  • Slow down; be friendly
  • Give them time to think and analyze
  • Show enthusiasm and smile
  • Get to the point and be direct

Question 26

Question
A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
Answer
  • a seller's market.
  • pure competition.
  • a buyer's market.
  • inelastic demand.

Question 27

Question
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?
Answer
  • Buyer's market
  • Seller's market
  • Automotive
  • Discount

Question 28

Question
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?
Answer
  • Elastic
  • Inelastic
  • Consumer
  • Producer

Question 29

Question
Which is an example of a monopoly?
Answer
  • 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.

Question 30

Question
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?
Answer
  • Relative pricing
  • Rationing
  • Supply and Demand
  • Substitution effect
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