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PoB 5.00 - Economics (2 Of 3)
Test Description: Econ
Instructions: Answer all questions to get your test result.
1) One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:
A
helps with the day-to-day operations of the business.
B
assumes all legal responsibility for the business's actions.
C
provides experience that increases the business's credibility
D
evaluates the performance of the business's employees
2) The formula that is generally used to measure productivity is:
A
inputs divided by labor
B
outputs divided by inputs
C
labor divided by resources
D
goods divided by time
3) The productivity of an individual worker can be measured by:
A
dividing the number of customers served by the number of hours an employee worked.
B
dividing the dollar totals of sales by the costs of making all of those sales.
C
dividing the total number of products produced by the number of production steps.
D
dividing the dollar totals of sales by the number of salespeople who made the sales.
4) If nine employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
A
93
B
67
C
31
D
105
5) A business selects goods or services to sell. Which type of risk is this business using?
A
avoiding risk
B
transferring risk
C
controlling risk
D
bypassing risk
6) Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as ________________ states.
A
consumer
B
welfare
C
military
D
capitalist
7) In a private enterprise economic system, the interaction of supply and demand primarily determines:
A
product prices.
B
the extent of pollution.
C
economic choices.
D
government regulation.
8) Who decides how goods and services will be marketed in a private enterprise economic system?
A
Business people
B
Competitors
C
Consumers
D
Legislators
9) Which of the following provides government protection of business property?
A
Economic incentives
B
Revenues
C
Consumer-protection laws
D
Patents
10) One of the reasons that has caused government's role in business to expand is that:
A
people's attitudes have changed.
B
products have become very technical.
C
costs of production have continued to increase.
D
competition in the marketplace has increased.
11) Which of the following is a way that government can borrow money from the private sector in order to pay the costs of regulation?
A
By selling licenses.
B
By issuing bonds.
C
By raising taxes.
D
By setting prices.
12) Equilibrium price of a good or service is determined by trial and error and exists when:
A
the amount supplied is equal to the amount demanded.
B
research shows what the market will tolerate
C
businesses compute the average selling price in the area
D
businesses total their costs and markup
13) Which is a reason that natural resources are considered limited?
A
People lack training or skills needed to do a job
B
Some countries are unable to manufacture them.
C
The earth has certain boundaries
D
Technology has advanced faster than training
14) A U.S. company would decide to offer its products in other countries as a reason to:
A
sell obsolete, outdated products
B
expand to new, untapped markets
C
subsidize developing countries
D
provide jobs to people in other countries
15) Which factor has aided the most in creating a global business environment?
A
government
B
technology
C
cultural change
D
exchange rate
16) Businesses that successfully adapt to current market situations often realize that:
A
more financing is necessary
B
diversification is the key
C
change is an opportunity
D
cutting costs is important
17) Which affects the business environment because it provides the most options for consumers?
A
monopoly
B
command economy
C
global competition
D
international sanctions
18) Business ethics involve considering issues about what is:
A
legal and illegal
B
positive and negative
C
safe and unsafe
D
right and wrong
19) Which is a factor that affects the business environment?
A
information management
B
industry competition
C
conflict negotiation
D
staff organization
20) Which is an example of ethical business behavior?
A
testing products to ensure they are safe to use
B
disclosing partial information about products
C
accepting a bribe from a prominent customer
D
using advertisements to confuse customers
*select an answer for all questions
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