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4.03_OP17 POB Review Part A
Test Description: Review of Part A
Instructions: Answer all questions to get your test result.
1) What is production?
A
The selection of inputs for making outputs
B
The conversion process that results in time utility
C
The creation of goods and services from economic resources
D
The process of assembling the factors of production
2) Which of the following is an example of production:
A
Providing home security
B
Reading a new novel
C
Purchasing food items
D
Answering your home telephone
3) The specific resources used in a company’s production are called
A
conversion processes.
B
outputs.
C
inputs.
D
consumer goods.
4) In production, the purpose of the conversion process is to
A
turn outdated products into new ones.
B
find markets for the firm’s products.
C
turn inputs into products.
D
control the costs of production.
5) What kind of conversion process is being used in an automated assembly line that produces soft drinks?
A
Capital-intensive
B
Batch
C
Labor-intensive
D
Unit
6) Which of the following outputs is considered an industrial good:
A
A sewing machine purchased for home use
B
A textbook purchased by a college student
C
A gallon of milk purchased by a family
D
A freezer purchased by a restaurant owner
7) One of the benefits of production to consumers is that production
A
provides a way to earn profits.
B
makes use of automation.
C
creates form utility.
D
provides a way to be competitive.
8) Why is production important to businesses?
A
It creates goods and services businesses can sell.
B
It eliminates competition.
C
It informs businesses about consumers’ needs and wants.
D
It enables businesses to charge high prices.
9) Efficient production enables businesses to
A
turn out the most products at the least cost.
B
charge higher prices than competitors.
C
make an accurate forecast of sales.
D
obtain advance orders for goods and services.
10) What quarter are we in right now?
A
4th
B
2nd
C
3rd
D
1st
*select an answer for all questions
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