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Worksheetspobf 5.01
Total questions: 55
Worksheet time: 1hrs 4mins
What do economists call the intersection of a Demand curve and a Supply curve?
Equilibrium price
Surplus
Shortage
Rationing
Which of the following items would be considered a non-economic want:
A walk
A car
Nutritious Food
New Clothing
What is demand?
An indication of how changes in price will affect changes in the amounts demanded and supplied.
Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.
The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
Tangible items produced for personal use.
Define Goods:
Tangible objects that can be manufactured or produced for resale
The process of trading one good/service for another
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.
The people who make or provide goods and services.
A local dry cleaner that also launders and presses shirts is selling:
specialty goods
consumer services
Scarcity is
Unlimited wants with limited resources
Limited wants with unlimited resources
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is known as
supply
demand
Which group of words best describes wants?
limited, changing, and compensating
unlimited, changing, and competing
limited, unchanging, and competing
unlimited, unchanging, and compensating
When prices increase, producers usually:
increase demand
decrease supply
increase supply
decrease profits
A local dry cleaner that also launders and presses shirts is selling:
industrial supplies
specialty goods
tangible items
consumer services
Which is an example of an economic service?
car stereo
concert ticket
Which is a natural resource that can be renewed through people's efforts?
Trees
Water
Scarcity is
Unlimited wants with limited resources
Limited wants with unlimited resources
What is the purpose of economic decision-making?
(a)
What is the first stepin the Six steps of economic decision-making?
gathering information
choosing a choice
defining the problem
limited
what is one of the most important components of the production process?
new technology
goods and services
human resources
inputs and outputs
Is this counted in the GDP of the US?
Cars made by a Japanese company in California.
Yes
No
A company produces 100 pairs of jeans per week. 10 people work in the factory.
What is the labour productivity?
1 pair of jeans per worker per week
10 pairs of jeans per worker per week
15 pairs of jeans per worker per week
50 pairs of jeans per worker per week
Select all the reasons why good productivity is good for a business
saves money
more output for less input
makes the business famous
more workers
Which is a need?
soda
coffee
water
Gatorade
A want is something we would like to have but could live without it.
True
False
Which of these explains a want, not a need?
Shelter: If you don't have this you could possibly die in cold weather
Chocolate: People like to eat this as a sweet treat, some may think it's delicious.
Protein: This is important for having good health. It provides valuable nutrients.
Clothes: You wear these to stay warm and out of jail.
All of the manufactured or constructed items that are used to produce goods and services.
Human resources
Capital goods
Natural resources
The money received by resource owners and by producers for supplying goods and services to customers.
Expenses
Income
Cost of goods
Profit
GDP per capita is...?
income in government
income per person
Goods and services are examples of (a) in the production process
Land, labour, enterprise and capital are all examples of (a) in the production process.
Due to Increased Productivity workers can get ____ ?
Punishment from employer
Sickness
Half of the salary
Higher salary and reduced working hours
Productivity of an organization is equal to ?
Output / Input
output x Input
Input / Output
Output - Input
which of the following factors responsible for increase in productivity ?
Improved raw materials
Better technology
Good working conditions
All the above
(a) is the monetary reward a business owner receives for taking the risk involved in investing in a business.
Does a business make a profit if expenses are greater than income?
No
Yes
What is it called when money comes into a business?
Income
Expenses
What is it called when all of the expenses involved in running a business?
Profit
Operating Expenses
Expenses
As businesses grow, they pay _________________ to the government.
some money
taxes
Businesses that successfully adapt to current market situations often realize that:
Change is opportunity
cutting costs is important
more financing is necessary
diversification is the key
Which is an example of ethical business behavior?
testing products to ensure they are safe to use
accepting a bribe from a prominent customer
using advertisements to confuse customers
disclosing partial information about products
Which affects the business environment because it provides the most options for consumers?
command economy
international sanctions
monopoly
global competition
At PME Company, four employees worked 25 hours a week and produced 4,200 products. What is the total hourly production output?
42
188
220
1100
If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
23
63
93
105
The productivity of an individual worker can be measured by
dividing the dollar totals of sales by the number of salespeople who made the sales
dividing the total number of products produced by the number of production steps
dividing the dollar totals of sales by the costs of making all of those sales
dividing the number of customers served by the number of hours an employee worked
The formula that is generally used to measure productivity is
outputs divided by inputs
labor divided by resources
goods divided by time
inputs divided by labor
Which provides government protection of business property?
consumer protection laws
economic incentives
patents
revenues
One reason that has caused the government's role in business to expand is that:
competition in the marketplace has increased
products have become very technical
costs of production have continued to increase
people's attitudes have changed
The two main divisions of the trade industry are:
manufacturers and wholesalers
wholesalers and retailers
producers and retailers
wholesalers and producers
Which factor has aided the most in creating a global business environment
technology
government
cultural change
exchange rate
Which situation would most likely indicate the need to adapt to changes in the business environment?
The supply of materials used in manufacturing a product has decreased
The number of the business's competitors has decreased
The demand for the product is stable
The business has experienced little employee turnover during the past year
Businesses that successfully adapt to current market situations often realize that:
Change is opportunity
cutting costs is important
more financing is necessary
diversification is the key
