Question#1-5
Question#6-10
Question#11-15
Question#16-20
Question#21-25
100
5. Tina needs to find employment to earn an income. She applied for positions as a teacher, contractor, and coordinator. Which part of the economic decision-making process has she performed? A. Defining the problem B. Identifying choices C. Evaluating the advantages and disadvantages of each choice D. Choosing one choice
B. Identifying choices
100
Tony organized all the automobiles that he has decided to sell at his dealership. Which part of the economic decision making process has he performed? A. Defining the problem B. Evaluating the advantages and disadvantages of each choice C. Choosing one choice D. Acting on a choice
D. Acting on a choice
100
13. Jewel Manufacturing Company changed its production line to include more workers and decrease production time. Which economic question does this address? A. For whom to produce? B. How to produce? C. What to produce? D. When to produce?
B. How to produce?
100
18. In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
C. GDP per capita
100
23. A report covering four quarters about the economy includes that more companies are experiencing less production and reducing the number of employees. Which phase of the business cycle does this report describe? A. Depression B. Prosperity C. Recession D. Recovery
C. Recession
200
4. Duke Energy Power Company uses water to power the area. Which resource is Duke Energy Power using? A. Capital B. Human C. Natural D. Service
C. Natural
200
8. An example of a value for a command economy is: A. a central leadership group expecting all the profit from production. B. a local company choosing to produce 10,000 televisions. C. a local group producing televisions the same way through the years. D. an individual deciding to purchase three new televisions.
A. a central leadership group expecting all the profit from production.
200
14. Which is an example of consumers setting the demand? A. Consumers bought less of the old version of a video game once the new one was released. B. The department store changing its staff. C. The wait for employees returning equipment decreased. D. The footwear company moving in its new building.
A. Consumers bought less of the old version of a video game once the new one was released.
200
19. Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
D. Labor activities
200
21. Department stores report monthly to the state commerce office its total sales of goods and services. This information would be useful for which measurement of economic activities? A. Borrowing B. Consumer spending C. Investment activities D. Labor activities
B. Consumer spending
300
2. Jane’s Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes? A. Capital B. Human C. Natural D. Service
C. Natural
300
10. Which is an example of consumers establishing demand? A. The department store changing its staff B. The footwear company moving in its new building C. The purchase of iPhone applications increasing daily D. The wait to return recalled equipment decreasing daily
C. The purchase of iPhone applications increasing daily
300
11. Bryers Ice Cream Company plans to increase the quantity of ice cream sold per quarter. This is an example of which self-regulating principle of a market economy? A. Consumers set demand B. Producers establish supply C. Supply and demand generated competition D. Demand and supply factors influence market prices
B. Producers establish supply
300
17. When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities? A. Consumer spending B. GDP C. Investment activities D. Labor activities
B. GDP
300
25. Aruba has become globally known for its white sandy beaches. It is relied upon by many travelers from other countries to enjoy its beaches at a reasonable cost. This is an example of what type of ADVANTAGE? A. Absolute B. Comparative C. Competitive D. Dual
A. Absolute
400
1. An organization assisted two countries on settling a trade disagreement on tariffs. This action is an example of assistance provided by which international trade organization? A. International Monetary Fund B. Joint Venture C. World Bank D. World Trade Organization
D. World Trade Organization
400
6. Tony is trying to decide on which cars to sell at his dealership. He completed a spreadsheet to compare the options of cars. Which part of economic decision-making process has he performed? A. Defining the problem B. Evaluating the advantages and disadvantages of each choice C. Choosing one choice D. Acting on a choice
B. Evaluating the advantages and disadvantages of each choice
400
15. Which is an example of a company establishing supply? A. Ann Jones Clothing Store upgrades its equipment regularly. B. Reebok footwear company is trying to attract more middle-aged customers. C. Sears Department Store displays fewer lawn mowers. D. Walmart sends only five touch screen computers to each store.
D. Walmart sends only five touch screen computers to each store.
400
20. A cosmetic company purchased an automatic wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the same task manually, it would take an employee almost 3 minutes. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
D. Labor activities
400
22. Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities? A. Borrowing B. Consumer spending C. Investment activities D. Labor activities
C. Investment activities
500
3. John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize? A. Capital B. Human C. Natural D. Service
A. Capital
500
9. An example of a value for a market economy is a: A. central leadership group expecting all the profit from production. B. local company choosing to produce gaming software. C. local group believing in following traditions at work. D. local group producing televisions the same way through the years.
B. local company choosing to produce gaming software.
500
12. Brandon’s Towing Company added flat tire replacement services. Which economic question does this address? A. For whom to produce? B. How to produce? C. What to produce? D. When to produce?
C. What to produce?
500
16. If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. Investment activities D. Labor activities
B. GDP
500
24. A report covering several quarters about the economy includes that more companies are experiencing record high production and adding new employees. Also, wages and the rate of GDP are increasing significantly. Which phase of the business cycle does this report describe? A. Depression B. Prosperity C. Recession D. Recovery
B. Prosperity
M
e
n
u