Vocat Questions
Vocat Questions
Vocat Questions
Vocat Questions
Vocat Questions
100
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
100
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
100
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.
100
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.
100
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
200
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?
200
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?
200
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
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.
200
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
300
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
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 capital D. Labor activities
C. GDP per capital
300
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 capital D. Labor activities
D. Labor activities
300
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 capital D. Labor activities
D. Labor activities
300
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
400
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
400
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
400
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
400
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
United States has become globally known for its production of wheat more resourcefully. It can produce the product with less human resources. This is an example of what type of ADVANTAGE? A. Absolute B. Comparative C. Competitive C. Competitive
B. Comparative
500
Alaska produces more salmon by the pound than any other state that exports salmon. This is an example of what type of ADVANTAGE? A. Absolute B. Comparative C. Competitive D. Dual
A. Absolute
500
Which statement is true about balance of payment? A. Balance of payments is favorable when a company pays more money out of it than it receives in it. B. Balance of payments is favorable when a company receives more money into it than it pays out. C. Balance of payments is favorable when a country pays more money out of it than it receives in it. D. Balance of payments is favorable when a country receives more money into it than it pays out.
D. Balance of payments is favorable when a country receives more money into it than it pays out.
500
If a country is in a civil war and its government changes abruptly, this is an example of which factor that influences international currency exchange? A. Balance of payments B. Balance of trade C. Economic conditions D. Political stability
D. Political stability
500
If China has rising interest rates and inflation occurring across the country, this is an example of which factor that influences international currency exchange? A. Balance of payments B. Balance of trade C. Economic conditions D. Political stability
C. Economic conditions
500
India’s terrain allows for its major production of rice, cotton, and wheat. Which main factor of the international business environment is this information about India classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns
C. Geography
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