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1.01 Test Review
POB - Objective 1.01
| Question | Answer |
|---|---|
| Which is an EXAMPLE of consumers establishing demand | Customers waiting in line to purchase new popular boots. |
| 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? | Choosing one choice |
| _______________ is the method a country uses to answer the 3 economic questions. | Economic system |
| Which question is NOT answered in determining how resources will be used to meet the needs and wants of a country? | When will goods and services be produced? |
| Which is an example of a company establishing supply? | Palmolive Detergent Company produces fewer products. |
| An example of a natural resource is: | Sunlight |
| The point where supply and demand are equal | Market price |
| Sales costs minus operating expenses equals ____________ | Profit |
| Revlon, Inc. purchased new machines that will automatically squeeze the appropriate amount of shampoo into different size bottles. What type of economic resources are the machines? | Capital |
| ____________ are activities provided for the satisfaction of others that are consumed at the same time they are produced. | Services |
| Tanya closed her restaurant, and now needs another way to earn an income. Realizing this need is what part of economic decision-making process? | Defining the problem |
| The quantity of a good or service that businesses are willing and able to provide to consumers is called: | Supply |
| Brooke is a marine biologist. As an economic resource, Brooke is an example of: | Labor |
| Not having enough resources to satisfy every need | Scarcity |
| Eddie decided he would use real butter for his baked goods. Which economic question does this address? | How to produce? |
| A person who takes a risk in starting a business to earn a profit is a/an ____________________. | Entrepreneur |
| An EXAMPLE of a value for a traditional economy is: | an individual performing the same jobs as his parents due to his beliefs |
| An economic system in which an individual chooses a job and business operates to gain the highest profit is: | Market |
| A Company manufactures trucks and tractors for businesses located in the Greensboro area. What type of resource will this provide for these companies? | Capital |
| Revlon, Inc. purchased new machines that will automatically squeeze the appropriate amount of shampoo into different size bottles. What type of economic resources are the machines? | Capital |
| In which of the following economic systems is the government's role greatest? | Command |
| A supermarket, business office, flea market and the Internet are all examples of a ______________. | Marketplace |
| Companies located in the Research Triangle Park reported that they have hired many graduates who have earned technology degrees from the local community college. Which resource will the graduates provide for the companies? | Human |
| Tanya closed her restaurant, and now needs another way to earn an income. Realizing this need is what part of economic decision-making process? | Defining the problem |
| Which is an EXAMPLE of consumers establishing demand? | Customers waiting in line to purchase new popular boots |
| What forces people, businesses, and nations to make choices? | Scarcity |
| The private ownership of economic resources by individuals rather than by the government is _____________. | Capitalism |
| Eddie's Bakery makes cakes as well as other baked goods. Which economic question does this address? | What to produce? |
| The first step in the decision making process is: | Define the problem |
| 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? | For whom to produce? |
| Which of the following is a land resource? | Coal |
Created by:
tomlinc