4.03_OP17 POB Review Part A Question Preview (ID: 54768)
Review Of Part A.
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What is production?
a) The selection of inputs for making outputs
b) The process of assembling the factors of production
c) The conversion process that results in time utility
d) The creation of goods and services from economic resources
Which of the following is an example of production:
a) Reading a new novel
b) Purchasing food items
c) Providing home security
d) Answering your home telephone
The specific resources used in a company’s production are called
a) inputs.
b) consumer goods.
c) outputs.
d) conversion processes.
In production, the purpose of the conversion process is to
a) control the costs of production.
b) find markets for the firm’s products.
c) turn inputs into products.
d) turn outdated products into new ones.
What kind of conversion process is being used in an automated assembly line that produces soft drinks?
a) Batch
b) Labor-intensive
c) Unit
d) Capital-intensive
Which of the following outputs is considered an industrial good:
a) A freezer purchased by a restaurant owner
b) A gallon of milk purchased by a family
c) A textbook purchased by a college student
d) A sewing machine purchased for home use
One of the benefits of production to consumers is that production
a) makes use of automation.
b) provides a way to earn profits.
c) creates form utility.
d) provides a way to be competitive.
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.
Efficient production enables businesses to
a) charge higher prices than competitors.
b) obtain advance orders for goods and services.
c) make an accurate forecast of sales.
d) turn out the most products at the least cost.
What quarter are we in right now?
a) 1st
b) 2nd
c) 3rd
d) 4th
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