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POB CA Obj1

Sample questions for POB CA Objective 1

QuestionAnswer
1. Which is an example of a company establishing supply? Walmart sends only five touch screen computers to each store.
2. Which is an example of consumers setting the demand? Consumers bought less of the old version of a video game once the new one was released.
3. Duke Energy Power Company uses water to power the area. Which resource is Duke Energy Power using? Natural
4. Jewel Manufacturing Company changed its production line to include more workers and decrease production time. Which economic question does this address? How to produce?
5. Which is an example of consumers establishing demand? The purchase of iPhone applications increasing daily
6. An example of a value for a command economy is: a central leadership group expecting all the profit from production.
7. Brandon’s Towing Company added flat tire replacement services. Which economic question does this address? What to produce?
8. An example of a value for a market economy is a: local company choosing to produce gaming software.
9. Tony organized all the automobiles that he has decided to sell at his dealership. Which part of economic decision-making process has he performed? Acting on a choice
10. 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? Evaluating the advantages and disadvantages of each 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? Identifying choices
12. 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? Producers establish supply
13. Jane’s Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes? Natural
14. A report covering several quarters about the economy includes that more companies are experiencing record high production and adding new employees. Also, wages and the rate of GDP are increasing significantly. Which phase of business cycle? Prosperity
15. In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities? GDP per capita
16. A cosmetic company purchased an automatic wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the task manually, it would take an employee almost 3 minutes. This information would be useful for which measurement? Labor activities
17. Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities? Investment activities
18. Department stores report monthly to the state commerce office its total sales of goods and services. This information would be useful for which measurement of economic activities? Consumer spending
19. Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities? Labor activities
20. A report covering four quarters about the economy includes that more companies are experiencing less production and reducing the number of employees. Which phase of the business cycle does this report describe? Recession
21. If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities? GDP
22. When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities? GDP
23. An organization assisted two countries on settling a trade disagreement on the amount of bananas to be traded. This action is an example of assistance provided by which international trade organization? World Trade Organization
24. Which statement is true about balance of payment? Balance of payments is favorable when a country receives more money into it than it pays out.
25. Several Prime Ministers of East African countries are negotiating the trade of products and services throughout the Eastern region. This is an example of which encouragement of international trade? Common markets
26. India’s terrain allows for its major production of rice, cotton, and wheat. Which main factor of the international business environment is this information about India classified? Geography
27. United States has become globally known for its production of wheat more resourcefully. It can produce the product with less human resources. This is an example of what type of ADVANTAGE? Comparative
28. If China has rising interest rates and inflation occurring across the country, this is an example of which factor that influences international currency exchange? Economic conditions
29. Before arriving at meetings in other countries to negotiate contracts, Stacy learns about appropriate business behavior of the other countries. Which main factor of the international business environment is this information she learns classified? Cultural influences
30. Cuba bans American products to be sold within its country. This is an example of which international trade barrier? Embargoes
31. While conducting business in Japan, Shari adjusted her gift-giving practices to accommodate her Japanese business-partners. Which main factor of the international business environment did Shari consider? Cultural influences
32. Laos has limited infrastructure that will hinder international businesses to conduct transactions in it. This country depends heavily on the agricultural industry. Which main factor of the international business environment is this classified? Economic development
33. Due to the high volume of travelers visiting the United Kingdom, the country has set up duty-free shops in highly visited areas. This is an example of which encouragement of international trade? Free-trade zone
34. The government of the United States allows consumers to make decisions about goods and services consumed. Which main factor of the international business environment is this information about this country classified? Political and legal concerns
35. Syria is banned from selling products within other countries. This is an example of which international trade barrier? Embargoes
36. India limits the amount of imported wheat products to protect its own industry. This is an example of which international trade barrier? Quotas
37. Aruba has become globally known for its white sandy beaches. It is relied upon by many travelers from other countries to enjoy its beaches at a reasonable cost. This is an example of what type of ADVANTAGE? Absolute
38. A convenience store gave the rights to a company in Mexico to sell its products and services. This is an example of which global marketplace main entry mode? Franchising
39. Alaska produces more salmon by the pound than any other state that exports salmon. This is an example of what type of ADVANTAGE? Absolute
40. An organization assisted two countries on settling a trade disagreement on tariffs. This action is an example of assistance provided by which international trade organization? World Trade Organization
Created by: denise.stevens5
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