PoB 5.00 - Economics (1 Of 3) Question Preview (ID: 33604)


Econ. TEACHERS: click here for quick copy question ID numbers.

Which is a natural resource that can be renewed through people's efforts?
a) Trees
b) Water
c) Crude oil
d) Mineral deposits

The desire for which item(s) would be considered a noneconomic want?
a) a nap
b) a new phone
c) a car
d) new clothes

Which occurs when the supply of individuals who are able and willing to work diminishes?
a) Human resources become limited
b) Human resources become unlimited.
c) Capital goods become limited
d) Capital goods become unlimited

The usefulness of a product to consumers is referred to as product:
a) utility
b) scarcity
c) allocation
d) consumption

Which is an external factor that affects market price?
a) consumer buying power
b) location of items in store
c) number of items in stock
d) available credit terms

Which is an example of an economic service?
a) concert ticket
b) baseball glove
c) tennis shoes
d) car stereo

One factor that might limit the human resources available for certain jobs is a/an:
a) organized training program
b) appealing company image
c) good safety record
d) inadequate pay level

Which change provides the most time utility for a consumer?
a) staying open for business on the weekend
b) arriving at a product trade show early
c) shopping for a product in the morning
d) asking for early delivery of a product

When prices increase, producers usually
a) increase supply
b) decrease profits
c) decrease supply
d) increase demand

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
a) a seller's market.
b) inelastic demand
c) a buyer's market.
d) pure competition

Which group of words best describes wants?
a) unlimited, changing, and competing
b) limited, unchanging, and competing
c) unlimited, unchanging, and compensating
d) limited, changing, and compensating

Which situations would cause prices to rise?
a) Insects destroy a large cotton crop.
b) The corn crop is unusually large one summer.
c) Animal rights activists march in front of a fur store.
d) A newspaper article describes poor service provided by a hotel.

A local dry cleaner that also launders and presses shirts is selling:
a) consumer services
b) industrial supplies
c) specialty goods
d) tangible items

Because of low demand for trucks, the dealer has been forced to lower the sticker prices, creating which type of market for trucks?
a) buyer’s
b) discount
c) seller’s
d) automotive

Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and:
a) authority
b) injunction
c) initiative
d) attrition

Which is an example of an economic factor that affects the business environment?
a) business cycle
b) employee morale
c) management style
d) long-term goals

A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
a) time
b) place
c) form
d) possession

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:
a) opportunity cost
b) efficiency
c) utility
d) distribution

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