WorksheetsI2B Outcome 2 Assessment Review
Total questions: 22
Worksheet time: 11mins
Which of the following best explains why scarcity is a fundamental issue in economics?
Resources are unlimited and can meet all human desires.
People's wants and needs exceed the available resources.
Producers always create more goods than are needed.
Consumers never have to make choices about what to buy.
Arjun has a limited amount of money to spend each month. How does scarcity influence the choices Arjun makes about what to buy?
A. It removes the need for decision-making
B. It allows Arjun to get everything he wants
C. It forces Arjun to prioritize what he values most
D. It increases the number of resources available
3. A student decides to spend Saturday night studying for an economics exam instead of attending a friend's birthday party. From an economic perspective, what concept is most directly illustrated by this scenario?
(a)
When more businesses enter a market, what typically happens to the prices of goods and services?
Prices tend to rise significantly
Prices generally remain unchanged
Prices tend to fall
Prices become unpredictable
Which of the following best represents ethical behavior in a business context?
Maximizing shareholder value at any cost
Following moral principles and standards
Aggressive advertising campaigns
Ignoring employee welfare
Daniel owns a small business and wants to ensure his workplace is accessible to all employees. He researches legislation that was enacted to improve accommodations for physically challenged workers. What was the primary purpose of the Americans with Disabilities Act?
To mandate hiring quotas
To improve accommodations for physically challenged workers
To provide tax breaks for businesses
To create separate workplace environments
Arjun owns a company and is deciding how to run his business. Which of the following best describes a socially committed business?
A business that only focuses on making profits for shareholders
A business that avoids community involvement to reduce costs
A business that takes actions to benefit society and the environment
A business that only follows legal regulations without additional efforts
Which action best shows a company's support for employee well-being?
Discouraging work-life balance
Offering mental health resources
Reducing paid leave
Ignoring workplace stress
Which of the following is a common drawback for entrepreneurs who choose to operate under a franchise agreement?
Guaranteed business failure
No control over financial decisions
Limited ability to implement personal ideas
Which of the following best describes the typical payment structure in a franchise relationship?
A single upfront licensing fee
A fixed annual bonus
Regular royalty payments with ongoing franchisor support
A temporary lease agreement
17. Ron has experience in restaurant accounting and management, but lacks hands-on kitchen management skills. Discuss how choosing to operate a franchise restaurant could benefit Ron compared to starting an independent restaurant from scratch.
