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POB 1.01
Test Description: POB 1.01
Instructions: Answer all questions to get your test result.
1) Eddie decided he would use real butter for his baked goods. Which economic question does this address?
A
For whom to produce?
B
What to produce?
C
How to produce?
D
When to produce?
2) Goya Food Company survey results revealed that their customer base consists mostly of large families instead of individuals living alone. Which economic question does this address?
A
What to produce?
B
When to produce?
C
How to produce?
D
For whom to produce?
3) Which is an example of a company establishing supply?
A
Pamolive Detergent Company produces fewer products.
B
Ann Express Shipping Company trains all new managers at its district offices.
C
Reebok footwear company trying to lease a warehouse.
D
Sears Department Store promotes a family-oriented atomshphere.
4) Widgets CO. examined several options of benefits to offer employees. The company decided to offer health insurance. Which part of decision-making process has it performed?
A
Defining the problem
B
Choosing one choice
C
Evaluating the advantages and disadvantages of each choice
D
Acting on a choice
5) Companies in the Research Triangle reported that they have hired many graduates who earned technology degrees from community colleges. Which resource will the graduates provide?
A
Service
B
Human
C
Capital
D
Natural
6) These are required to live.
A
MP3 players
B
Needs
C
Wants
D
Cheetos
7) A new car is an example of a
A
Service
B
Good
C
Demand
D
Need
8) The machines used to produce goods in a business are which of the economic resources?
A
Natural
B
Capital
C
Entrepreneural
D
Human
9) The price of gas continues to go up because we want more than there is to go around. This is a condition known as
A
Needs
B
Wants
C
Scarcity
D
Capital
10) When deciding which event to attend, either a high school basketball game or a concert, this is called
A
Riding the fence
B
Supply
C
Opportunity Cost
D
Waffleing
*select an answer for all questions
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