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POB 1.01
Test Description: POB 1.01
Instructions: Answer all questions to get your test result.
1) Eddie decided he would use real butter for his baked goods. Which economic question does this address?
A
What to produce?
B
When to produce?
C
How to produce?
D
For whom to produce?
2) Goya Food Company survey results revealed that their customer base consists mostly of large families instead of individuals living alone. Which economic question does this address?
A
What to produce?
B
When to produce?
C
How to produce?
D
For whom to produce?
3) Which is an example of a company establishing supply?
A
Pamolive Detergent Company produces fewer products.
B
Ann Express Shipping Company trains all new managers at its district offices.
C
Sears Department Store promotes a family-oriented atomshphere.
D
Reebok footwear company trying to lease a warehouse.
4) Widgets CO. examined several options of benefits to offer employees. The company decided to offer health insurance. Which part of decision-making process has it performed?
A
Choosing one choice
B
Acting on a choice
C
Defining the problem
D
Evaluating the advantages and disadvantages of each choice
5) Companies in the Research Triangle reported that they have hired many graduates who earned technology degrees from community colleges. Which resource will the graduates provide?
A
Capital
B
Service
C
Human
D
Natural
6) These are required to live.
A
Wants
B
MP3 players
C
Needs
D
Cheetos
7) A new car is an example of a
A
Demand
B
Need
C
Good
D
Service
8) The machines used to produce goods in a business are which of the economic resources?
A
Entrepreneural
B
Natural
C
Human
D
Capital
9) The price of gas continues to go up because we want more than there is to go around. This is a condition known as
A
Wants
B
Scarcity
C
Capital
D
Needs
10) When deciding which event to attend, either a high school basketball game or a concert, this is called
A
Supply
B
Opportunity Cost
C
Riding the fence
D
Waffleing
*select an answer for all questions
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