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Worksheets2019 Business Principles Midterm Review B
Total questions: 25
Worksheet time: 25mins
Water and air are examples of __________ resources, while people are considered to be __________ resources.
natural; human
physical; mental
capital; human
mental; natural
What are the three basic economic questions?
When will products be produced, how will products be produced, and how will products be allocated
When will products be produced, what products will be produced, and how will products be allocated
What products will be produced, how will products be produced, and how will products be allocated
Where will products be produced, when will products be produced, and what products will be produced
The ultimate goal of all economic activity is
consumption.
production.
exchange.
distribution.
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. Which of the following describes the quantity that Marcy is prepared to buy:
Demand
Elasticity
Supply
Market price
Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?
Discretionary
Elastic
Inelastic
Complementary
Which of the following factors may influence supply:
Natural disasters
Standard of living
Product utility
Number of consumers
Who gets the goods and services produced in our economy?
Whoever is most efficient
Whoever has the least costs
Whoever is willing and able to pay the price
Whoever obtains the most information and incentives
Any factor that causes changes in supply and demand will cause changes in
price.
value.
utility.
usefulness.
Which of the following is an example of the substitution effect:
The price of laptops went up recently, so Francis decided to buy a tablet instead.
The mayor recently instituted a price ceiling on the monthly rent that apartment landlords can charge their tenants.
The demand price of a ticket at the local amusement park is exactly equal to its supply price.
A candy bar costs $0.50, and the price of a pack of gum is $1.00. The relative price ratio is 1 to 2.
Franco’s Bread Shop is introducing a new type of sandwich bread to the community this week. Which of the following describes the business activity that the bread shop will likely partake in before the release:
Collecting information on last year’s new breads
Creating a system for storing new bread recipes
Planning for the long-term results of introducing new breads
Promoting the new bread through advertising
An example of performing business activities in an “out of the ordinary” way is when a business
operates as the link between customers and products.
begins long-term planning and organization.
offers a new product in a popular product line.
hires an outside firm to perform its marketing.
What management function is being described in the following situation: David Thomas, a top-level manager, identifies jobs to be performed, assigns responsibility for them, establishes departments to handle the jobs, and determines how many and which employees mid-level managers will supervise.
Directing
Controlling
Planning
Organizing
Which management function is described in the following situation: Christy Chen determines the type of workers she needs, locates qualified applicants, selects those to be hired, and assigns the new hires to a work area.
Directing
Controlling
Staffing
Planning
A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating
natural talent.
technical skills.
creativity.
aggressive behavior.
A manager evaluates the production output of a department by checking it against the production goals for that time period. This is an example of the ______________ function of management.
planning
directing
organizing
controlling
If a business is not concerned about social responsibility, it is likely to
become solvent.
prosper.
be a failure.
grow.
Service businesses that use goods to perform their services usually do not transfer __________ those goods to customers.
information about
usefulness of
benefits from
ownership of
The two main divisions of the trade industry are
manufacturers and wholesalers.
wholesalers and retailers.
producers and retailers.
wholesalers and producers.
Which of the following is an example of an economic service:
Concert ticket
Tennis shoes
Baseball glove
Car stereo
Which of the following items would be considered a non-economic want:
A car
Nutritious food
A walk
New clothing
A local dry cleaner that also launders and presses shirts is selling
industrial supplies.
specialty goods.
tangible items.
consumer services.
One factor that might limit the human resources available for certain jobs is a(n)
inadequate pay level.
appealing company image.
good safety record.
organized training program.
Which of the following occurs when the supply of individuals who are able and willing to work diminishes:
Capital goods become unlimited.
Capital goods become limited.
Human resources become limited.
Human resources become unlimited.
Which of the following is a natural resource that can be renewed through people's efforts:
Water
Crude oil
Trees
Mineral deposits
Friendship would be considered a(n) __________ want.
uncommon
limited
non-economic
economic
