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POB Midterm Review
Test Description: Role of Business in Global Economy.
Instructions: Answer all questions to get your test result.
1) What are the types of economic resources?
A
Human
B
Capital
C
Natural
D
all of the above
2) The steps of economic decision making process are
A
choosing the right choice
B
define problem, identify choices,evaluating choices,choosing choice, acting on choice, review choice
C
evaulating choices
D
define the problem
3) What are the three economic questions?
A
For whom to produce
B
all of the above
C
How to produce
D
What to produce
4) The main types of economic systems are
A
traditional and socialism
B
command, market, traditional, and mixed economies
C
command, market, communism economies
D
capitalism and communism
5) The US economic system is based on
A
all of the above
B
freedom of choice
C
private property
D
competition and profit
6) Pantene purchased new machines that will automatically squeeze the appropriate amount of shampoo into different bottles. What type of economic resources are the machines?
A
natural
B
capital
C
human
D
service
7) Cynthia closed her salon and now needs another way to earn income. Realizing this need is what part of the economic decision-making process
A
choosing one choice
B
evaluating the advantages and disadvantages of each choice.
C
defining the problem
D
identifyng the choices
8) Parker\'s Bakery makes cakes as well as other baked goods. Which economic question does this address?
A
For whom to produce
B
When to produce
C
What to produce
D
How to produce
9) An example of a value for a traditional economy is
A
a central leadership group expecting all the profit from production
B
an individual performing the same jobs as his parents due to his beliefs
C
a local company choosing to produce gaming software
D
a local company upgrading procedures regularly to increase production
10) Which is an example of consumers establishing demand
A
Nike footwear is trying to lease a warehouse
B
customers waiting in line to purchase a new popular boots.
C
customers waiting in line to return recalled equipment.
D
Sears displaying fewer large lawn mowers.
*select an answer for all questions
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