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WorksheetsPBMF 1st Semester Exam part 1
Total questions: 25
Worksheet time: 13mins
Which of the following is an economic need?
a. water
a. concert tickets
a. a loaded SUV
a. a new television
If everybody had an unlimited supply of economic resources, which of the following would not exist?
b. wants
b. scarcity
needs
b. capitalism
Which of the following is NOT an especially important principle of the U.S. economic system?
tradition
private property
freedom of choice
profit
Generally, as the price of a product increases,
demand will increase.
consumers will be willing to purchase larger quantities of the product
businesses will be willing to supply larger quantities of the product
the supply curve will slope downward
GDP measures a country’s economic output during
Five years
One week
One year
One month
If wages increase faster than gains in productivity, prices will rise. Why?
Because the cost of producing goods decreases
Because demand will increase for all products
Because the cost of producing goods increases
Business owners will demand higher prices because they know workers have more money to spend.
If GDP growth slows for at least ____________________ quarter(s) in a calendar year, the economy is probably in a recession
3
1
2
4
The interest rate banks charge their best business customers is the
discount rate
T-bill rate
prime rate
mortgage rate
Which of the following is an example of a
capital project?
A large corporation gives all employees a 5 percent wage increase
A small office buys several boxes of paper for the printer
A small business purchases two new pickup trucks
A mid-size company restocks the supply cabinet with pencils and markers
Which of the following scenarios is likely to
cause the value of a country’s currency to rise?
increased demand for the nation’s products and currency
higher interest rates
prolonged inflation
sudden change in government
A limit that a government places on the quantity of a product that may be exported or imported during a given period is called a
tariff
luxury tax
quota
trade surplus
Selling the right to use some intangible property for a fee or royalty is called
a free-trade agreement
franchising
licensing
a joint venture
____________________ are principles of morality or rules of conduct
Traditions
Cultures
Customs
Ethics
In the United States, police and fire protection is usually provided by
the local government
large corporations
the federal government
the state government
Which of the following would NOT be considered a utility company?
a gas station
a water works
a telephone company
an electric company
Governments borrow money by selling
promissory notes
bonds
stock
all of the above
About what percentage of U.S. businesses employ more than 100 workers?
5 percent
less than 1 percent
35 percent
20 percent
Business activities start with ____________________, which create the products and services used by individuals and other businesses.
intermediaries
service businesses
producers
marketers
A(n) ____________________ is a written contract granting permission to operate a business to sell products and services in a set way.
license
franchise
cooperative agreement
partnership agreement
Employees at the Trexel Company are frequently confused about their assignments, and many employees are unclear about who exactly they report to. Trexel Company does not seem to provide an adequate
matrix structure
span of control
mission statement
unity of command
In the United States, women own close to this percentage of small business.
50 percent
25 percent
35 percent
75 percent
Which of the following does NOT describe a typical small business?
It is dominant in its field
It operates in one or very few locations
The owner is usually the manager
It serves a small market
In which stage of the career planning process would you begin to develop strong work relationships and practice career success behaviors?
employment application
personal assessment
career development and analysis
interview process
Goods
have no physical characteristics
must be provided to you at the time you want to consume them
must be provided to you at the time you want to consume them
are things you can see and touch
Which of the following is the FIRST step in the career planning process?
application process
career development
employment market analysis
personal assessment
