POB 1.01: Question Preview (ID: 8248)

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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?

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) 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 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) Acting on a choice
b) Choosing one choice
c) Defining the problem
d) Evaluating the advantages and disadvantages of each choice

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) Human
c) Natural
d) Service

These are required to live.
a) Wants
b) MP3 players
c) Needs
d) Cheetos

A new car is an example of a
a) Service
b) Need
c) Demand
d) Good

The machines used to produce goods in a business are which of the economic resources?
a) Human
b) Natural
c) Capital
d) Entrepreneural

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) Needs
b) Wants
c) Scarcity
d) Capital

When deciding which event to attend, either a high school basketball game or a concert, this is called
a) Waffleing
b) Riding the fence
c) Opportunity Cost
d) Supply

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