POB Review 1 Question Preview (ID: 25859)


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Which is an example of a company establishing supply?
a) Consumers bought less of the old version of a video game once the new one was released.
b) Local company choosing to produce gaming software.
c) Walmart sends only five touch screen computers to each store.
d) A central leadership group expecting all the profit from production.

Duke Energy Power Company uses water to power the area. Which resource is Duke Energy Power using?
a) Natural
b) Capital
c) Entrepreneurial
d) Rare

Jane’s Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes?
a) Natural
b) Capital
c) Entrepreneurial
d) Human

John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
a) Human
b) Natural
c) Captial
d) Entrepreneurial

Which is an example of consumers establishing demand?
a) A central leadership group expecting all the profit from production.
b) The purchase of iPhone applications increasing daily
c) Evaluating the advantages and disadvantages of each choice
d) Walmart sends only five touch screen computers to each store.

Tony organized all the automobiles that he has decided to sell at his dealership. Which part of economic decision-making process has he performed?
a) Producers establish supply
b) Acting on a choice
c) Identifying choices
d) Evaluating the advantages and disadvantages of each choice

Jewel Manufacturing Company changed its production line to include more workers and decrease production time. Which economic question does this address?
a) What to produce?
b) How to produce?
c) Whom to produce for?
d) Will the real slim shady please stand up?

An example of a value for a market economy is a:
a) Consumers bought less of the old version of a video game once the new one was released.
b) A central leadership group expecting all the profit from production.
c) Producers establish supply
d) Local company choosing to produce gaming software.

Brandon’s Towing Company added flat tire replacement services. Which economic question does this address?
a) Where to produce
b) How to produce
c) What to produce?
d) What is produce?

Tony is trying to decide on which cars to sell at his dealership. He completed a spreadsheet to compare the options of cars. Which part of economic decision-making process has he performed?
a) Evaluating the advantages and disadvantages of each choice
b) Identifying choices
c) Acting on a choice
d) Trusting one choice

Bryers Ice Cream Company plans to increase the quantity of ice cream sold per quarter. This is an example of which self-regulating principle of a market economy?
a) Consumers Establishing Supply
b) Consumers Establishing Demand
c) Producers establish supply
d) Producers Establishing Demand

Which is an example of consumers setting the demand?
a) Local company choosing to produce gaming software
b) Consumers bought less of the old version of a video game once the new one was released.
c) Walmart sends only five touch screen computers to each store.
d) A central leadership group expecting all the profit from production.

Tina needs to find employment to earn an income. She applied for positions as a teacher, contractor, and coordinator. Which part of the economic decision-making process has she performed?
a) Identifying choices
b) Acting on choices
c) Gathering Information
d) Evaluating choices

An example of a value for a command economy is:
a) A central leadership group expecting all the profit from production.
b) Capital
c) Identifying choices
d) Trampoline Tuesdays

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