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VOCABULARY
VOCABULARY 2
RANDOM QUESTIONS
MORE QUESTIONS!
QUESTIONS!!!!
100
Tangible objects that can be manufactured or produced for resale
What is Goods
100
Production
What is The process or activity of producing goods and services
100
Which of the following would provide you with information about the health of the U.S. economy: Select one: a. Economic order quantity b. Medium of exchange c. Gross domestic product d. Population data
What is Gross domestic product.
100
Some businesses sell their goods and services to individuals, businesses, or governments in other countries. This is an example of Select one: a. importing. b. deficit trading. c. domestic trading. d. exporting.
What is exporting..
100
How do societies that specialize in producing certain goods obtain the other goods that they need? Select one: a. Exchange b. Competition c. Distribution d. Rationing
What is Exchange.
200
Personal consumption expenditures
What is A factor used to calculate GDP that includes the final market value of all services and new and used goods purchased for consumption by individuals and nonprofit organizations
200
Quality control
What is Ensuring the degree of excellence of a good or service
200
Jerry bought a new bicycle with special tires. In economic terms, the tires on this bike are considered Select one: a. capital goods. b. accessory items. c. intermediate products. d. uncounted production.
What is intermediate products..
200
A country can often produce goods more cheaply than other nations because it Select one: a. places limits on its imports. b. is not subject to tariffs and quotas. c. possesses a very high standard of living. d. has easy access to raw materials.
What is has easy access to raw materials..
200
Bricklayers, science teachers, dentists, and truck drivers are examples of specialization of labor by Select one: a. job task. b. stages of production. c. trade or profession. d. geographic region.
What is trade or profession..
300
An economy that involves transactions in which money changes hands, but no receipts are kept
What is Underground economy
300
Dynamic
What is Changing
300
Honda is a Japanese firm that produces some of its cars in Ohio. In calculating GDP, the Ohio-produced cars would be part of Select one: a. GDP for the U.S. b. double counting. c. GDP for Japan. d. the underground economy.
What is GDP for the U.S..
300
Which of the following occurs when a country can produce goods at a relatively more efficient rate than another country: Select one: a. Trade deficit b. Absolute advantage c. Comparative advantage d. Trade surplus
What is Comparative advantage.
300
A person who sells casual sportswear and can also sell formal clothing is an example of Select one: a. ease of transferring to other like jobs. b. decreased level of skill. c. simplified worker training. d. increased quality of work.
What is ease of transferring to other like jobs..
400
Orientation
What is Job preparation or induction training in which new employees are acquainted with their surroundings, receive general information about the company and its policies, and are given specific information about their jobs
400
A rapid rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up
What is Inflation
400
country’s net exports are a minus figure in GDP calculations whenever Select one: a. uncounted production declines. b. business inventories decrease. c. imports are greater than exports. d. there is a trade surplus.
What is imports are greater than exports..
400
Which of the following situations represents an absolute advantage for the United States: Select one: a. Malaysia produces rubber at the same cost as the United States does. b. Canada produces paper at $3.00 a ream, while the U.S. produces it at $3.25 a ream. c. France produces bottled water at $.80 per gallon, while the U.S. produces bottled water at $.89 per gallon. d. Germany produces cars at $14,000, while the U.S. produces cars at $12,000.
What is Germany produces cars at $14,000, while the U.S. produces cars at $12,000..
400
What may occur when employees do not see the outcome of their part in the whole job process? Select one: a. Increased morale and job enthusiasm b. Decreased pride in work c. Decreased interdependency d. Increased pride in work
What is Decreased pride in work.
500
Seeking out and attracting qualified potential employees
What is Recruiting
500
Outsourcing
What is Acquiring assistance from outside organizations/consultants to obtain goods or services to accomplish business objectives or perform primary business activities
500
This year’s GDP is higher than last year’s GDP even though production did not increase. The higher GDP figure is the result of Select one: a. increased imports. b. a trade deficit. c. unemployment. d. inflation.
What is inflation.
500
Which of the following terms describes the difference between the exports and imports of a nation: Select one: a. Trade deficit b. Trade surplus c. Balance of trade d. Cash flow
What is Balance of trade.
500
As a management trainee in a large business, Ron spends three weeks working in each of the various departments. This is an example of job Select one: a. orientation. b. interdependency. c. rotation. d. enrichment.
What is rotation.