WorksheetsE OBJ 4.05 MC
Total questions: 8
Worksheet time: 4mins
What is production?
The creation of goods and services from economic resources
The conversion process that results in time utility
The process of assembling the factors of production
The selection of inputs for making outputs
Which of the following is an example of production:
Providing home security
Reading a new novel
Purchasing food items
Answering your home telephone
In production, the purpose of the conversion process is to
turn inputs into products.
find markets for the firm’s products.
control the costs of production.
turn outdated products into new ones.
One of the benefits of production to consumers is that production
creates form utility.
provides a way to earn profits.
makes use of automation.
provides a way to be competitive.
Why is production important to businesses?
It creates goods and services businesses can sell.
It eliminates competition.
It enables businesses to charge high prices.
It informs businesses about consumers’ needs and wants.
Which of the following is a true statement about production activities:
They vary depending on the product being created.
Most are considered difficult tasks.
They are not necessary for the success of the business.
They rely solely on capital resources.
Employees who are involved in production scheduling are responsible for
estimating how long each step in production will take.
establishing the path inputs take through production.
issuing orders for production activities to begin.
obtaining the resources needed in production.
Why do many businesses follow up after production to ensure that products meet standards set by outside organizations?
To remain competitive
To create dispatches
To determine raises for production workers
To estimate future sales
