POBF 1.01 Question Preview (ID: 31302)
Understand Economic Systems.
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1. Jane’s Steakhouse offers several dishes that include peanuts, corn, and beef. Which types of resources are included in the dishes?
a) Capital
b) Human
c) Natural
d) Service
John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
a) Capital
b) Human
c) Natrual
d) Service
Several banking institutions have moved to the Charlotte area to take advantage of the many graduates of the financial education programs. Which resource will the graduates provide for the institutions?
a) Capital
b) Human
c) Natural
d) Service
Ted collects total population data and monetary value of producing products and services for several countries. This information would be useful for which measurement of economic activities?
a) Consumer spending
b) GDP
c) GDP per capita
d) Labor activities
An example of a value for a market economy is a:
a) central leadership group expecting all the profit from production.
b) local company choosing to produce gaming software.
c) local group believing in following traditions at work.
d) local group producing televisions the same way through the years.
Which is an example of consumers establishing demand?
a) The department store changing its staff
b) The footwear company moving in its new building
c) The purchase of iPhone applications increasing daily
d) The wait to return recalled equipment decreasing daily
Eddie decided he would use real butter for his baked goods. Which economic question does this address?
a) For whom to produce?
b) How to produce?
c) What to produce?
d) When to produce?
Which is an example of a company establishing supply?
a) Ann Express Shipping Company trains all new managers at its district offices.
b) Pamolive Detergent Company produces fewer products.
c) Reebok footwear company trying to lease a warehouse.
d) Sears Department Store promotes a family-oriented atomshphere.
Widgets Unlimited Company examined several options of additional benefits to offer its employees. The company has decided to offer health care insurance. Which part of the economic decision-making process has it performed?
a) Defining the problem
b) Evaluating the advantages and disadvantages of each choice
c) Choosing one choice
d) Acting on a choice
11. 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) Defining the problem
b) Identifying choices
c) Evaluating the advantages and disadvantages of each choice
d) Choosing one choice
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