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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 conversion process that results in time utility
B
The selection of inputs for making outputs
C
The process of assembling the factors of production
D
The creation of goods and services from economic resources
2) Which of the following is an example of production:
A
Reading a new novel
B
Answering your home telephone
C
Purchasing food items
D
Providing home security
3) The specific resources used in a company’s production are called
A
conversion processes.
B
inputs.
C
consumer goods.
D
outputs.
4) In production, the purpose of the conversion process is to
A
turn inputs into products.
B
turn outdated products into new ones.
C
find markets for the firm’s 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
Batch
B
Capital-intensive
C
Unit
D
Labor-intensive
6) Which of the following outputs is considered an industrial good:
A
A sewing machine purchased for home use
B
A gallon of milk purchased by a family
C
A textbook purchased by a college student
D
A freezer purchased by a restaurant owner
7) One of the benefits of production to consumers is that production
A
makes use of automation.
B
provides a way to earn profits.
C
provides a way to be competitive.
D
creates form utility.
8) Why is production important to businesses?
A
It enables businesses to charge high prices.
B
It eliminates competition.
C
It creates goods and services businesses can sell.
D
It informs businesses about consumers’ needs and wants.
9) Efficient production enables businesses to
A
charge higher prices than competitors.
B
obtain advance orders for goods and services.
C
turn out the most products at the least cost.
D
make an accurate forecast of sales.
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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