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PoB 5.00 - Economics (2 Of 3)
Test Description: Econ
Instructions: Answer all questions to get your test result.
1) One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:
A
evaluates the performance of the business's employees
B
provides experience that increases the business's credibility
C
helps with the day-to-day operations of the business.
D
assumes all legal responsibility for the business's actions.
2) The formula that is generally used to measure productivity is:
A
inputs divided by labor
B
labor divided by resources
C
outputs divided by inputs
D
goods divided by time
3) The productivity of an individual worker can be measured by:
A
dividing the number of customers served by the number of hours an employee worked.
B
dividing the dollar totals of sales by the costs of making all of those sales.
C
dividing the total number of products produced by the number of production steps.
D
dividing the dollar totals of sales by the number of salespeople who made the sales.
4) If nine employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
A
93
B
31
C
105
D
67
5) A business selects goods or services to sell. Which type of risk is this business using?
A
controlling risk
B
transferring risk
C
avoiding risk
D
bypassing risk
6) Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as ________________ states.
A
consumer
B
military
C
capitalist
D
welfare
7) In a private enterprise economic system, the interaction of supply and demand primarily determines:
A
product prices.
B
government regulation.
C
economic choices.
D
the extent of pollution.
8) Who decides how goods and services will be marketed in a private enterprise economic system?
A
Competitors
B
Business people
C
Legislators
D
Consumers
9) Which of the following provides government protection of business property?
A
Economic incentives
B
Consumer-protection laws
C
Patents
D
Revenues
10) One of the reasons that has caused government's role in business to expand is that:
A
people's attitudes have changed.
B
competition in the marketplace has increased.
C
products have become very technical.
D
costs of production have continued to increase.
11) Which of the following is a way that government can borrow money from the private sector in order to pay the costs of regulation?
A
By issuing bonds.
B
By selling licenses.
C
By setting prices.
D
By raising taxes.
12) Equilibrium price of a good or service is determined by trial and error and exists when:
A
the amount supplied is equal to the amount demanded.
B
research shows what the market will tolerate
C
businesses total their costs and markup
D
businesses compute the average selling price in the area
13) Which is a reason that natural resources are considered limited?
A
The earth has certain boundaries
B
Some countries are unable to manufacture them.
C
People lack training or skills needed to do a job
D
Technology has advanced faster than training
14) A U.S. company would decide to offer its products in other countries as a reason to:
A
subsidize developing countries
B
provide jobs to people in other countries
C
expand to new, untapped markets
D
sell obsolete, outdated products
15) Which factor has aided the most in creating a global business environment?
A
cultural change
B
exchange rate
C
technology
D
government
16) Businesses that successfully adapt to current market situations often realize that:
A
cutting costs is important
B
more financing is necessary
C
change is an opportunity
D
diversification is the key
17) Which affects the business environment because it provides the most options for consumers?
A
international sanctions
B
monopoly
C
command economy
D
global competition
18) Business ethics involve considering issues about what is:
A
legal and illegal
B
right and wrong
C
safe and unsafe
D
positive and negative
19) Which is a factor that affects the business environment?
A
conflict negotiation
B
information management
C
staff organization
D
industry competition
20) Which is an example of ethical business behavior?
A
accepting a bribe from a prominent customer
B
using advertisements to confuse customers
C
disclosing partial information about products
D
testing products to ensure they are safe to use
*select an answer for all questions
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