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POB Midterm Review
Test Description: Role of Business in Global Economy.
Instructions: Answer all questions to get your test result.
1) What are the types of economic resources?
A
Natural
B
all of the above
C
Human
D
Capital
2) The steps of economic decision making process are
A
define problem, identify choices,evaluating choices,choosing choice, acting on choice, review choice
B
choosing the right choice
C
evaulating choices
D
define the problem
3) What are the three economic questions?
A
What to produce
B
How to produce
C
all of the above
D
For whom to produce
4) The main types of economic systems are
A
command, market, communism economies
B
command, market, traditional, and mixed economies
C
capitalism and communism
D
traditional and socialism
5) The US economic system is based on
A
competition and profit
B
private property
C
freedom of choice
D
all of the above
6) Pantene purchased new machines that will automatically squeeze the appropriate amount of shampoo into different bottles. What type of economic resources are the machines?
A
capital
B
service
C
human
D
natural
7) Cynthia closed her salon and now needs another way to earn income. Realizing this need is what part of the economic decision-making process
A
defining the problem
B
choosing one choice
C
evaluating the advantages and disadvantages of each choice.
D
identifyng the choices
8) Parker\'s Bakery makes cakes as well as other baked goods. Which economic question does this address?
A
When to produce
B
How to produce
C
What to produce
D
For whom to produce
9) An example of a value for a traditional economy is
A
a local company choosing to produce gaming software
B
an individual performing the same jobs as his parents due to his beliefs
C
a local company upgrading procedures regularly to increase production
D
a central leadership group expecting all the profit from production
10) Which is an example of consumers establishing demand
A
Sears displaying fewer large lawn mowers.
B
customers waiting in line to purchase a new popular boots.
C
customers waiting in line to return recalled equipment.
D
Nike footwear is trying to lease a warehouse
*select an answer for all questions
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