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POB 1.01 - Economic Systems And Decisions
Test Description: Chapter 1 Economic Decisions and Systems
Instructions: Answer all questions to get your test result.
1) Walmart sends only five touch screen computers to each store is example of a company establishing:
A
Quantity
B
Demand
C
Supply
D
Price
2) Consumers bought less of the old version of a video game once the new one was released is an example of consumers establishing
A
Quantity
B
Price
C
Demand
D
Supply
3) Jewel Manufacturing Company changed its production line to include more workers and decrease production time. Which economic question does this address?
A
How to produce?
B
For whom to produce?
C
When to produce?
D
What to produce?
4) Brandon's Towing Company added flat tire replacement services. Which economic question does this address?
A
What to produce?
B
For whom to produce?
C
When to produce?
D
How to produce?
5) Bryers Ice Cream Company plans to increase the quantity of ice cream sold per quarter. This is an example of which self-regulating principle of a market economy?
A
Consumers set demand
B
Demand and supply factors influence market prices
C
Supply and demand generated competition
D
Producers establish supply
6) The purchase of iPhone applications increasing daily is an example of consumers establishing
A
Quantity
B
Price
C
Supply
D
Demand
7) A local company choosing to produce gaming software is an example of:
A
Market Economy
B
Command Economy
C
Traditional Economy
D
Mixed Economy
8) A a central leadership group expecting all the profit from production is an example of:
A
Mixed Economy
B
Traditional Economy
C
Market Economy
D
Command Economy
9) Tony organized all the automobiles that he has decided to sell at his dealership. Which part of economic decision-making process has he performed?
A
Defining the problem
B
Choosing one choice
C
Acting on a choice
D
Evaluating the advantages and disadvantages of each choice
10) Tony is trying to decide on which cars to sell at his dealership. He completed a spreadsheet to compare the options of cars. Which part of economic decision-making process has he performed?
A
Defining the problem
B
Choosing one choice
C
Acting on a choice
D
Evaluating the advantages and disadvantages of each choice
11) Tina needs to find employment to earn an income. She applied for positions as a teacher, contractor, and coordinator. Which part of the economic decision-making process has she performed?
A
Identifying choices
B
Defining the problem
C
Evaluating the advantages and disadvantages of each choice
D
Choosing one choice
12) Duke Energy Power Company uses water to power the area. Which resource is Duke Energy Power using?
A
Capital
B
Natural
C
Entrepreneurial
D
Human
13) John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
A
Entrepreneurial
B
Capital
C
Natural
D
Human
14) Jane's Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes?
A
Human
B
Natural
C
Entrepreneural
D
Capital
*select an answer for all questions
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