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WorksheetsEagles Business Midterm 2023
Total questions: 75
Worksheet time: 1hrs 15mins
Behaving ethically means doing
what your friends do.
only what’s legal.
the right thing.
what benefits you the most.
Integrity means acting with
humility
leadership skills
a sense of humor
honesty
Holden’s group gets a low grade on a project because he didn’t complete his share of the work. He owns up to his mistake and apologizes. Holden is demonstrating
trust.
rule of law
viability
accountability
If one of your coworkers is treating another coworker unfairly, what is the ethical thing to do?
Speak up
Ignore it.
Be aggressive.
Look for another job.
How can you show respect for a person you’re speaking with?
Avoid listening to his/her opinions.
Start an argument when you don’t agree.
Interrupt when you have a point.
Be polite and maintain eye contact.
Which of the following is true of unethical behavior:
We should accept that unethical behavior is unavoidable.
There are things you can do to make the right decisions.
You will not often face ethical dilemmas.
Ethical dilemmas will only occur in the business world.
Which of the following things can you do to help ensure that you make the right decisions:
Gossip when necessary
Stay on the right side of the law.
Behave unethically when no one’s watching.
Let others control your decisions
A producer is someone who
sells products.
is very creative.
makes things.
employs others
Farms, mines, and lumber companies are examples of
builders.
manufacturers.
trade industries.
raw-goods producers.
A company that transforms cotton into wearable clothing is considered a
raw-goods producer.
manufacturer.
service business.
builder.
The two main divisions of the trade industry are
producers and retailers.
manufacturers and wholesalers.
wholesalers and retailers.
wholesalers and producers.
Retailing takes place whenever goods are
offered for sale.
exchanged for other goods.
sold to the ultimate consumer.
sold in a retail establishment.
What do service businesses sell?
Retail merchandise
Raw goods
Wholesale merchandise
Intangible activities
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating
wholesaling.
social responsibility.
voluntary chains
e-tailing.
Businesses can show their social responsibility by contributing to
pollution
public interests
private causes
promotion
A characteristic of human wants is that they are
limited.
unchanging.
unlimited.
consistent.
Which of the following is an example of an economic want:
Fresh air
Clothing
Understanding
Conversation
An example of a noneconomic want would be the desire for
police protection.
a college education.
a friend.
concert tickets.
An economic good or service that is scarce is one that is
in limited supply.
not made in America.
readily available.
not test-marketed.
If a good or service is scarce, consumers will usually be
uninterested in owning it.
able to get as much of it as they want.
unwilling to buy it.
willing to pay money to get it.
What determines whether an economic product is an industrial product or a consumer product?
The price of the product
Who buys and uses the product
The origin of the product
Who produces the product
George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher?
Capital
Convenience
Shopping
Specialty
Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product.
shopping
industrial
specialty
convenience
Sugar and flour that are purchased to make baked goods are classified as
parts.
installations.
supplies.
materials.
Cash register tapes and shipping forms used by a business would be classified as industrial
equipment.
parts.
materials.
supplies.
Resources that enable businesses to operate are also known as
revenues.
inputs.
outputs.
sales.
Which of the following statements regarding economic resources is true:
As businesses grow and become more complex, they typically require fewer resources.
Similarly sized businesses within the same industry usually use identical resources.
Natural resources, human resources, and capital goods are often referred to as factors of production.
Industrialized nations typically require fewer capital goods than developing countries.
Using a stream to supply water for crops is an example of using
natural resources.
human resources.
capital goods
nonrenewable resources
A salesclerk working part-time at a clothing store is an example of a(n)
natural resource
human resource
capital good
unlimited resource.
Which of the following economic resources is responsible for combining the other resources to produce goods and services:
Natural resources
Human resources
Capital goods
Nonrenewable resources
Which of the following economic resources helps people be more productive:
Noneconomic resources
Natural resources
Human resources
Capital goods
When a stove is used in a restaurant kitchen, it is a
noneconomic resource.
natural resource.
human resource
capital good.
When there is not enough of a resource available for everyone to have as much of it as desired, the resource is
unlimited.
limited.
natural.
human.
Weather conditions can most directly affect the supply of
human resources.
capital goods.
natural resources.
noneconomic resources.
Which of the following situations involves finding another source of a limited natural resource:
Replacing oil with natural gas
Conserving the oil that we use
Paying a higher price for oil
Searching for oil on the ocean floor
Offering higher wages, employee assistance programs, and benefits are responses to limited
natural resources.
capital goods
human resources.
noneconomic resources.
Which of the following statements about economic resources is true:
As natural and human resources become limited, capital goods become limited.
As capital goods and human resources become limited, natural resources become limited.
As human resources become limited, natural resources and capital goods become limited.
As capital goods and natural resources become limited, human resources become limited.
Into what two categories can wants be divided?
Unlimited and limited
Unlimited and economics
Economic and noneconomic
Unlimited and noneconomic
Which of the following groups of words best describes wants
Limited, changing, and compensating
Unlimited, changing, and competing
Limited, unchanging, and competing
Unlimited, unchanging, and compensating
A gap between unlimited wants and limited resources creates
economics.
resources.
wants.
scarcity.
Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is
creating scarcity.
economizing.
a producer.
increasing distribution.
John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
New pair of jeans
$40
Trip to amusement park
No opportunity cost was involved.
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 will be produced
. Which of the following is the best reason for studying economics:
To find the best use for resources and supplies
To determine which occupations interest you
To learn how to invest money and express social responsibility
To prepare for effective decision-making and responsible citizenship
The ultimate goal of all economic activity is
consumption.
production.
exchange.
distribution.
To provide utility, a product must
be innovative.
be economical.
look appealing.
provide satisfaction.
Individual customers view products through
corporate filters.
personal lenses.
constant lenses.
general viewpoints
Kara orders a dress for her school dance on Saturday. If the dress doesn’t arrive until the next Monday, it has no __________ utility.
time
form
possession
place
In possession utility, a consumer finds a product helpful after doing what?
Using the product
Upgrading the product
Buying the product
Selling the product
Where a product is available for purchase is referred to as
the right location.
the setting.
place utility
product display.
Marketers are in charge of
manufacturing new products.
studying and analyzing customer satisfaction.
maintaining adequate stock levels throughout the year.
making sure that the finished product gets where it needs to be.
It’s important for businesses to provide products when
customers need them.
it’s convenient for the business.
marketers need them.
it’s convenient for retailers.
Marcus wants to buy a laptop, but he can’t afford one right away. So, an electronics store holds it for him until he’s able to pay the outstanding balance. This payment process is known as
layaway.
a business discount.
credit.
a loan.
If a customer can’t afford a product, a business should
suggest that the customer visit another store
focus on customers who can afford it.
encourage the customer to buy something else.
do whatever it takes to help the customer afford it
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of
demand.
elasticity.
supply.
market price.
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
quantity demanded
quantity sold.
demand.
supply.
When the price of Bluetooth speakers increases, the quantity of Bluetooth speakers offered for sale will increase. This is an example of the law of
supply.
cost of production.
demand.
standardization.
Your business is selling more and more large-screen televisions each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these televisions over the next few months?
The price will decrease, and supply will increase.
The price will decrease, and supply will decrease.
The price will increase, and supply will decrease.
The price will increase, and supply will increase.
A local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?
Seller’s
Buyer’s
Inelastic
Discretionary
Demand for a good is more likely to be elastic when the good is
imported.
a luxury.
a necessity.
inexpensive.
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
A team of employees is responsible for researching potential demand for a business’s brand-new product. The factor that is most likely to affect demand for this product is the
product’s utility.
costs of production.
government’s policy.
number of producers.
Which of the following determines whether consumers can purchase goods or services
Buying power
Labor costs
Competition
Production costs
What is the amount of money for which an item sells in the competitive marketplace?
Value
Price
Market
Utility
Which of the following is an example of a change in the relative price ratio when the original price of red apples is 60¢ per pound and the original price of green apples is 80¢ per pound:
Red apples @ 30¢ per pound; green apples @ 40¢ per pound
Red apples @ 90¢ per pound; green apples @ 80¢ per pound
Red apples @ 45¢ per pound; green apples @ 60¢ per pound
Red apples @ $1.20 per pound; green apples @ $1.60 per pound
How do producers answer the economic question of what to produce in a market economy?
They produce products that are the most profitable.
They produce products that provide the least incentives.
They produce products that cost them the most to produce.
They produce products for which they have the most information.
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
What exists when producers produce more than buyers are willing and able to buy?
Excess supply
Equilibrium price
Normal price
Excess demand
What do producers often do when supply is greater than demand?
Increase prices
Increase quality
Lower prices
Lower quality
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.
The most common medium of exchange in modern economic systems is
barter.
capital.
credit.
money.
One of the reasons that a country needs an economic system is because it
is independent of other nations
has limited wants and needs
has a limited supply of resources
has immigrants from several countries
What type of economic system is used in the United States?
Market
Socialist command
Communist command
Traditional
Which of the following statements best describes the way that the U.S. economic system functions:
Individuals are the primary decision makers, while businesses are the regulators.
Individuals and businesses are the primary decision makers, and there is no regulator
The government is the primary decision maker, and occasionally it becomes the regulator.
Individuals and businesses are the primary decision makers, while the government is the regulator.
One of the differences between private enterprise and other types of economic systems is that in other systems, workers
may be prohibited from improving their standard of living.
are able to make a wide variety of economic choices.
are allowed to change jobs whenever they want to do so.
can go to work for themselves if they are dissatisfied.
