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PoB 5.00 - Economics (1 Of 3)
Test Description: Econ
Instructions: Answer all questions to get your test result.
1) Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and:
A
injunction
B
initiative
C
attrition
D
authority
2) Which is an example of an economic factor that affects the business environment?
A
employee morale
B
long-term goals
C
business cycle
D
management style
3) Because of low demand for trucks, the dealer has been forced to lower the sticker prices, creating which type of market for trucks?
A
automotive
B
buyer’s
C
discount
D
seller’s
4) A local dry cleaner that also launders and presses shirts is selling:
A
specialty goods
B
industrial supplies
C
consumer services
D
tangible items
5) Which situations would cause prices to rise?
A
The corn crop is unusually large one summer.
B
Insects destroy a large cotton crop.
C
A newspaper article describes poor service provided by a hotel.
D
Animal rights activists march in front of a fur store.
6) Which group of words best describes wants?
A
limited, unchanging, and competing
B
unlimited, changing, and competing
C
limited, changing, and compensating
D
unlimited, unchanging, and compensating
7) When prices increase, producers usually
A
decrease profits
B
decrease supply
C
increase supply
D
increase demand
8) A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
A
inelastic demand
B
pure competition
C
a buyer's market.
D
a seller's market.
9) Which change provides the most time utility for a consumer?
A
staying open for business on the weekend
B
shopping for a product in the morning
C
arriving at a product trade show early
D
asking for early delivery of a product
10) One factor that might limit the human resources available for certain jobs is a/an:
A
inadequate pay level
B
good safety record
C
organized training program
D
appealing company image
11) Which is an example of an economic service?
A
tennis shoes
B
car stereo
C
baseball glove
D
concert ticket
12) The usefulness of a product to consumers is referred to as product:
A
consumption
B
allocation
C
scarcity
D
utility
13) Which is an external factor that affects market price?
A
available credit terms
B
location of items in store
C
consumer buying power
D
number of items in stock
14) Which occurs when the supply of individuals who are able and willing to work diminishes?
A
Human resources become unlimited.
B
Capital goods become limited
C
Human resources become limited
D
Capital goods become unlimited
15) The desire for which item(s) would be considered a noneconomic want?
A
new clothes
B
a nap
C
a new phone
D
a car
16) Which is a natural resource that can be renewed through people's efforts?
A
Mineral deposits
B
Crude oil
C
Trees
D
Water
17) A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
A
place
B
form
C
possession
D
time
18) 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
efficiency
B
utility
C
distribution
D
opportunity cost
*select an answer for all questions
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