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POBF 1.01
Test Description: Understand economic systems.
Instructions: Answer all questions to get your test result.
1) 1. Jane’s Steakhouse offers several dishes that include peanuts, corn, and beef. Which types of resources are included in the dishes?
A
Human
B
Natural
C
Service
D
Capital
2) John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
A
Capital
B
Human
C
Service
D
Natrual
3) Several banking institutions have moved to the Charlotte area to take advantage of the many graduates of the financial education programs. Which resource will the graduates provide for the institutions?
A
Capital
B
Natural
C
Human
D
Service
4) Ted collects total population data and monetary value of producing products and services for several countries. This information would be useful for which measurement of economic activities?
A
GDP per capita
B
Labor activities
C
Consumer spending
D
GDP
5) An example of a value for a market economy is a:
A
central leadership group expecting all the profit from production.
B
local group believing in following traditions at work.
C
local group producing televisions the same way through the years.
D
local company choosing to produce gaming software.
6) Which is an example of consumers establishing demand?
A
The footwear company moving in its new building
B
The department store changing its staff
C
The wait to return recalled equipment decreasing daily
D
The purchase of iPhone applications increasing daily
7) Eddie decided he would use real butter for his baked goods. Which economic question does this address?
A
How to produce?
B
When to produce?
C
For whom to produce?
D
What to produce?
8) Which is an example of a company establishing supply?
A
Reebok footwear company trying to lease a warehouse.
B
Sears Department Store promotes a family-oriented atomshphere.
C
Pamolive Detergent Company produces fewer products.
D
Ann Express Shipping Company trains all new managers at its district offices.
9) Widgets Unlimited Company examined several options of additional benefits to offer its employees. The company has decided to offer health care insurance. Which part of the economic decision-making process has it performed?
A
Defining the problem
B
Choosing one choice
C
Acting on a choice
D
Evaluating the advantages and disadvantages of each choice
10) 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
Choosing one choice
B
Evaluating the advantages and disadvantages of each choice
C
Identifying choices
D
Defining the problem
*select an answer for all questions
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