POB Midterm Review: Question Preview (ID: 5286)


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What are the types of economic resources?
a) Capital b) all of the above c) Natural d) Human
The steps of economic decision making process are
a) define the problem b) evaulating choices c) define problem, identify choices,evaluating choices,choosing choice, acting on choice, review choice d) choosing the right choice
What are the three economic questions?
a) What to produce b) How to produce c) For whom to produce d) all of the above
The main types of economic systems are
a) command, market, communism economies b) capitalism and communism c) traditional and socialism d) command, market, traditional, and mixed economies
The US economic system is based on
a) competition and profit b) freedom of choice c) private property d) all of the above
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) capital b) human c) natural d) service
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) defining the problem b) choosing one choice c) evaluating the advantages and disadvantages of each choice. d) identifyng the choices
Parker\'s Bakery makes cakes as well as other baked goods. Which economic question does this address?
a) What to produce b) When to produce c) For whom to produce d) How to produce
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 upgrading procedures regularly to increase production d) a local company choosing to produce gaming software
Which is an example of consumers establishing demand
a) customers waiting in line to purchase a new popular boots. b) Sears displaying fewer large lawn mowers. c) Nike footwear is trying to lease a warehouse d) customers waiting in line to return recalled equipment.
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