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New POB 1.01 - 1.02
Test Description: New POB 1.01 - 1.02
Instructions: Answer all questions to get your test result.
1) Duke Energy Power Company uses water to power the area. Which resource is Duke Energy Power using?
A
service
B
Capital
C
natural
D
human
2) John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
A
natural
B
service
C
human
D
Capital
3) Jewel Manufacturing Company changed its production line to include more workers and decrease production time. Which economic question does this address?
A
When to produce?
B
For whom to produce?
C
How to produce?
D
What to produce?
4) Which is an example of consumers establishing demand?
A
The department store changing its staff
B
The purchase of iPhone applications increasing daily
C
The footwear company moving in its new building
D
The wait to return recalled equipment decreasing daily
5) Which is an example of consumers setting the demand?
A
The wait for employees returning equipment decreased.
B
The department store changing its staff.
C
Consumers bought less of the old version of a video game once the new one was released.
D
The footwear company moving in its new building.
6) Jane’s Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes?
A
service
B
capital
C
natural
D
human
7) An example of a value for a market economy is a:
A
local group producing televisions the same way through the years
B
local company choosing to produce gaming software.
C
central leadership group expecting all the profit from production.
D
local group believing in following traditions at work.
8) Tina needs to find employment to earn an income. She applied for positions as a teacher, contractor, and coordinator. Which part of the economic decision-making process has she performed?
A
Defining the problem
B
Identifying choices
C
Evaluating the advantages and disadvantages of each choice
D
Choosing one choice
9) Which is an example of a company establishing supply?
A
Reebok footwear company is trying to attract more middle-aged customers
B
Sears Department Store displays fewer lawn mowers.
C
Walmart sends only five touch screen computers to each store
D
Ann Jones Clothing Store upgrades its equipment regularly.
10) An example of a value for a command economy is:
A
an individual deciding to purchase three new televisions.
B
a local group producing televisions the same way through the years.
C
a local company choosing to produce 10,000 televisions.
D
a central leadership group expecting all the profit from production.
11) Tony is trying to decide on which cars to sell at his dealership. He completed a spreadsheet to compare the options of cars. Which part of economic decision-making process has he performed?
A
Acting on a choice
B
Evaluating the advantages and disadvantages of each choice
C
Defining the problem
D
Choosing one choice
12) Bryers Ice Cream Company plans to increase the quantity of ice cream sold per quarter. This is an example of which self-regulating principle of a market economy?
A
Demand and supply factors influence market prices
B
Producers establish supply
C
Supply and demand generated competition
D
Consumers set demand
13) Brandon’s Towing Company added flat tire replacement services. Which economic question does this address?
A
For whom to produce?
B
what to produce?
C
how to produce?
D
when to produce?
14) Tony organized all the automobiles that he has decided to sell at his dealership. Which part of economic decision-making process has he performed?
A
Defining the problem
B
Choosing one choice
C
Evaluating the advantages and disadvantages of each choice
D
Acting on a choice
15) Department stores report monthly to the state commerce office its total sales of goods and services. This information would be useful for which measurement of economic activities?
A
investment activities
B
Borrowing
C
consumer spending
D
labor activities
16) Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities?
A
investment activities
B
Borrowing
C
consumer spending
D
labor activities
17) If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities?
A
Labor activities
B
investment activities
C
Consumer spending
D
GDP
18) When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities?
A
GDP
B
GDP per capita
C
consumer spending
D
labor activities
19) In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities?
A
Consumer spending
B
GDP per capita
C
GDP
D
Labor activities
20) A report covering four quarters about the economy includes that more companies are experiencing less production and reducing the number of employees. Which phase of the business cycle does this report describe?
A
prosperity
B
recovery
C
recession
D
Depression
*select an answer for all questions
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