5.01
When prices increase, producers usually:
A. Increase demand.
B. Decrease supply.
C. Increase supply
D. Decrease profits.
Increase supply
A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?
A. Celler-Kefauver Act
B. Clayton Act
C. Sherman Act
D. Robinson-Patman Act
Clayton Act
Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and:
A. Injunction.
B. Authority
C. Initiative.
D. Attrition.
Authority
Which provides government protection of business property?
A. consumer protection laws
B. patents
C. economic incentives
D. revenues
patents
. If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
A. 31
B. 67
C. 93
D. 105
93
Equilibrium price of a good or service is determined by trial and error and exists when:
A. Research shows what the market will tolerate.
B. The amount supplied is equal to the amount demanded.
C. Businesses total their costs and markup.
D. Businesses compute the average selling price in the area.
The amount supplied is equal to the amount demanded.
For a business, income remaining after payment of expenses is:
A. loss.
B. capital.
C. profit.
D. debt.
profit
If a business is not concerned about social responsibility, it is likely to:
A. Become solvent.
B. Prosper.
C. Grow
D. Be a failure.
Be a failure
One reason that has caused the government's role in business to expand is that:
A. competition in the marketplace has increased.
B. products have become very technical.
C. costs of production have continued to increase.
D. people's attitudes have changed.
people's attitudes have changed.
The productivity of an individual worker can be measured by:
A. dividing the dollar totals of sales by the number of salespeople who made the sales.
B. dividing the total number of products produced by the number of production steps.
C . dividing the dollar totals of sales by the costs of making all of those sales.
D. dividing the number of customers served by the number of hours an employee worked.
dividing the number of customers served by the number of hours an employee worked.
A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
A. Time
B. Place
C. Form
D. Possession
Time
Which is a problem associated with communist command economies?
A. There is no competition.
B. There are high taxes.
C. Supply and demand control what will be produced.
D. Individuals run the risk of losing their businesses.
There is no competition.
The two main divisions of the trade industry are:
A. Manufacturers and wholesalers.
B. Wholesalers and retailers.
C. Producers and retailers.
D. Wholesalers and producers.
Wholesalers and retailers.
The government can borrow money from the private sector in order to pay the costs of regulation by:
A. setting prices.
B. raising taxes.
C. issuing bonds.
D. selling licenses
issuing bonds
At PME Company, four employees worked 25 hours a week and produced 4,200 products. What is the total hourly production output?
A. 42
B. 168
C. 262
D.1,050
42
A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
A. Distribution
B. Opportunity cost
C. Efficiency
D. Utility
Opportunity cost
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
A. military
B. capitalist
C. consumer
D. welfare
welfare
The owner of a small company decides to stock a new product. Which business activity should the owner use to inform potential customers about the new product?
A. Finance
B. Marketing
C. Management
D. Production
Marketing
What's Mrs. Dixons first name?
A. Mary
B. Deborah
C. Ann
D. Finance
Deborah
The formula that is generally used to measure productivity is:
A. outputs divided by inputs.
B. labor divided by resources.
C. outputs divided by inputs.
D. inputs divided by labor.
outputs divided by inputs.
A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?
A. Buyer's
B. Discount
C. Seller's
D. Automotive
Buyer's
Who decides how goods and services will be marketed in a private enterprise economic system?
A. legislators
B. business people
C. competitors
D. consumers
business people
A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the expenses of operating the museum. Will the museum be a business?
A. No, the museum will not be considered a business.
B. No, the museum will be a charitable institution.
C. Yes, the museum will be a not-for-profit business.
D.Yes, the museum will be a for-profit business.
Yes, the museum will be a not-for-profit business.
Which Period does Mrs. Dixons love the most/
A. 4th
B. 3rd
C. 2nd
D. 1st
4th
How long has Mrs. Dixons been teaching?
A. 15 years
B. 10 year
C. 20 years
D. 5 years
20 years