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