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POB Review 1
Test Description: POB
Instructions: Answer all questions to get your test result.
1) Which is an example of a company establishing supply?
A
A central leadership group expecting all the profit from production.
B
Consumers bought less of the old version of a video game once the new one was released.
C
Walmart sends only five touch screen computers to each store.
D
Local company choosing to produce gaming software.
2) Duke Energy Power Company uses water to power the area. Which resource is Duke Energy Power using?
A
Capital
B
Entrepreneurial
C
Natural
D
Rare
3) Jane’s Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes?
A
Entrepreneurial
B
Natural
C
Capital
D
Human
4) John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
A
Human
B
Natural
C
Entrepreneurial
D
Captial
5) Which is an example of consumers establishing demand?
A
A central leadership group expecting all the profit from production.
B
Walmart sends only five touch screen computers to each store.
C
Evaluating the advantages and disadvantages of each choice
D
The purchase of iPhone applications increasing daily
6) 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
Producers establish supply
B
Identifying choices
C
Acting on a choice
D
Evaluating the advantages and disadvantages of each choice
7) Jewel Manufacturing Company changed its production line to include more workers and decrease production time. Which economic question does this address?
A
Whom to produce for?
B
What to produce?
C
How to produce?
D
Will the real slim shady please stand up?
8) An example of a value for a market economy is a:
A
Producers establish supply
B
A central leadership group expecting all the profit from production.
C
Local company choosing to produce gaming software.
D
Consumers bought less of the old version of a video game once the new one was released.
9) Brandon’s Towing Company added flat tire replacement services. Which economic question does this address?
A
Where to produce
B
What to produce?
C
How to produce
D
What is produce?
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
Evaluating the advantages and disadvantages of each choice
B
Acting on a choice
C
Identifying choices
D
Trusting one choice
11) 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
Producers establish supply
B
Consumers Establishing Demand
C
Producers Establishing Demand
D
Consumers Establishing Supply
12) Which is an example of consumers setting the demand?
A
Consumers bought less of the old version of a video game once the new one was released.
B
Walmart sends only five touch screen computers to each store.
C
A central leadership group expecting all the profit from production.
D
Local company choosing to produce gaming software
13) 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
Acting on choices
B
Gathering Information
C
Evaluating choices
D
Identifying choices
14) An example of a value for a command economy is:
A
Identifying choices
B
Trampoline Tuesdays
C
Capital
D
A central leadership group expecting all the profit from production.
*select an answer for all questions
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