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1.01 - 1.02 Practice
POBF Test Practice 1.01 - 1.02
| Question | Answer |
|---|---|
| If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities? | GDP |
| When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities? | GDP |
| 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 |
| 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 |
| A cosmetic company purchased an automatic wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the same task manually, it would take an employee almost 3 minutes. This information would be useful for which measurement of economic activ | Labor activities |
| 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 |
| 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 |
| 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 |
| 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 the business cycle does this r | Prosperity |
| 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 |
| 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 |
| Which is an example of a company establishing supply? | Palmolive Detergent Company produces fewer products. |
| 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? |
| Eddie decided he would use real butter for his baked goods. Which economic question does this address? | How to produce? |
| The U.S economy moves through four recurring phases - expansion, recession, depression, and recovery. This is a(n): | Business cycle |
| An example of a natural resource is: | Sunlight |
| Last month, 54,000 people were laid off in the U.S. but 67,000 were hired by companies. This resulted in a decrease in the national: | Unemployment rate |
| _______________ is the general increase of prices. | Inflation |
| An economic system in which an individual chooses a job and business operates to gain the highest profit is: | Market |
| 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 |
| ____________ are activities provided for the satisfaction of others that are consumed at the same time they are produced. | Services |
| Brooke is a marine biologist. As an economic resource, Brooke is an example of: | Human |
| 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 the business cycle does this r | Prosperity |
| 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 the business cycle does this r | Recovery |
| Which is an EXAMPLE of consumers establishing demand? | Customers waiting in line to purchase new popular boots. |
| 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. |
| What forces people, businesses, and nations to make choices? | Scarcity |
| The most watched measure of inflation is called ___________. | Consumer Price Index |
| The first step in the decision making process is: | Define the problem |
| The state department collects monthly reports of total sales from all newspaper companies in North Carolina. This information would be useful for which measurement of economic activities? | Consumer spending |
| 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 |
| An EXAMPLE of a value for a traditional economy is: | an individual performing the same jobs as his parents due to his beliefs |
| A supermarket, business office, flea market and the Internet are all examples of a ______________. | Marketplace |
| A Company manufactures trucks and tractors for businesses located in the Greensboro area. What type of resource will this provide for these companies? | Capital |
| In which of the following economic systems is the government's role greatest? | Command |
| The rate at which prices are rising is the | Inflation rate |
| Which can be determined by dividing the number of unemployed workers by the total number of people who are able and willing to work? | Unemployment rate |
| The quantity of a good or service that businesses are willing and able to provide to consumers is called: | Supply |
| The point where supply and demand are equal. | Market price |
| 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? |
| The private ownership of economic resources by individuals rather than by the government is | Capitalism |
| During the 1930's, the united States experienced a prolonged recession, high unemployment, a drastic decrease in production of products, and extremely low consumer spending. Which phase of the economic cycle was the economy experiencing? | Depression |
| Which of the following is a natural resource? | Coal |
| _______________ is the method a country uses to answer the 3 economic questions. | Economic system |
| Salaries, wages, investment income, and government payments to individuals is their ______________. | Personal income |
| Sales costs minus operating expenses equals ____________. | Profit |
| 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 |
| The government tries to control the inflation rate by: | Raising interest rates which discourages borrowing money. |
| A person who takes a risk in starting a business to earn a profit is a/an ____________________. | Entrepreneur |
| Not having enough resources to satisfy every need | Scarcity |
Created by:
tomlinc