PoB 5.00 - Economics (2 Of 3) Question Preview (ID: 33589)
Econ.
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One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:
a) provides experience that increases the business's credibility
b) assumes all legal responsibility for the business's actions.
c) helps with the day-to-day operations of the business.
d) evaluates the performance of the business's employees
The formula that is generally used to measure productivity is:
a) outputs divided by inputs
b) labor divided by resources
c) goods divided by time
d) inputs divided by labor
The productivity of an individual worker can be measured by:
a) dividing the number of customers served by the number of hours an employee worked.
b) dividing the dollar totals of sales by the costs of making all of those sales.
c) dividing the total number of products produced by the number of production steps.
d) dividing the dollar totals of sales by the number of salespeople who made the sales.
If nine employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
a) 31
b) 105
c) 93
d) 67
A business selects goods or services to sell. Which type of risk is this business using?
a) controlling risk
b) transferring risk
c) bypassing risk
d) avoiding risk
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as ________________ states.
a) welfare
b) military
c) capitalist
d) consumer
In a private enterprise economic system, the interaction of supply and demand primarily determines:
a) product prices.
b) the extent of pollution.
c) government regulation.
d) economic choices.
Who decides how goods and services will be marketed in a private enterprise economic system?
a) Business people
b) Legislators
c) Competitors
d) Consumers
Which of the following provides government protection of business property?
a) Patents
b) Consumer-protection laws
c) Economic incentives
d) Revenues
One of the reasons that has caused government's role in business to expand is that:
a) people's attitudes have changed.
b) competition in the marketplace has increased.
c) costs of production have continued to increase.
d) products have become very technical.
Which of the following is a way that government can borrow money from the private sector in order to pay the costs of regulation?
a) By issuing bonds.
b) By setting prices.
c) By raising taxes.
d) By selling licenses.
Equilibrium price of a good or service is determined by trial and error and exists when:
a) the amount supplied is equal to the amount demanded.
b) businesses total their costs and markup
c) businesses compute the average selling price in the area
d) research shows what the market will tolerate
Which is a reason that natural resources are considered limited?
a) The earth has certain boundaries
b) Some countries are unable to manufacture them.
c) Technology has advanced faster than training
d) People lack training or skills needed to do a job
A U.S. company would decide to offer its products in other countries as a reason to:
a) expand to new, untapped markets
b) sell obsolete, outdated products
c) subsidize developing countries
d) provide jobs to people in other countries
Which factor has aided the most in creating a global business environment?
a) technology
b) government
c) cultural change
d) exchange rate
Businesses that successfully adapt to current market situations often realize that:
a) change is an opportunity
b) diversification is the key
c) more financing is necessary
d) cutting costs is important
Which affects the business environment because it provides the most options for consumers?
a) global competition
b) monopoly
c) international sanctions
d) command economy
Business ethics involve considering issues about what is:
a) right and wrong
b) safe and unsafe
c) legal and illegal
d) positive and negative
Which is a factor that affects the business environment?
a) industry competition
b) staff organization
c) information management
d) conflict negotiation
Which is an example of ethical business behavior?
a) testing products to ensure they are safe to use
b) accepting a bribe from a prominent customer
c) using advertisements to confuse customers
d) disclosing partial information about products
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