Economics Quiz

An advantage to companies of unionization is

assistance in recruitment.

The United Association of Plumbers and Pipefitters is an example of a(n)

craft/trade union.

A large trade deficit in a nation often leads to __________ opportunities.

fewer job

Japan and the U.S. buy and sell each other's goods and services. This is an example of

global trade.

One of the reasons that a country needs an economic system is because it

has a limited supply of resources.

A country can often produce goods more cheaply than other nations because it

has easy access to raw materials.

A disadvantage to workers of having a union represent them is that they

have to pay union dues.

An example of performing business activities in an "out of the ordinary" way is when a business

hires an outside firm to perform its marketing.

Unions that do not belong to a federation are known as __________ unions.

independent

Though employees who work for auto companies hold a variety of different jobs, they may all belong to the same union—the United Auto Workers. This is an example of a(n) __________ union.

industrial

Making sure that a business has enough of a product in stock without having too much on hand is the goal of

inventory management.

A business that exists to fulfill a specific mission or undertaking is called a __________ business.

nonprofit

Within a local pizza shop, financial analysis is most likely used to

obtain funding for supplies.

A business can be described as a(n)

organized effort to produce goods and services

Every business must accomplish which of the following:

produce or provide goods/services

Government owns the basic means of production, but there is some private ownership of businesses under

socialism

Local 476 of the UAW walked off the job in support of Local 477 of the UAW, which was striking. This is known as a __________ strike.

sympathetic

A major problem for individuals and private businesses in a socialist command economy is

taxes

Which of the following statements regarding federations is true:

A union federation consists of several national unions of different kinds.

Which of the following labor issues is most affected by the use of technology:

Job security

Which of the following cultures has a traditional economic system:

Amazon Rainforest communities

Which of the following is a benefit of global trade:

An improved standard of living

How do nations track the flow of money coming in and going out of their countries?

Balance of payments

Which of the following terms describes the difference between the exports and imports of a nation:

Balance of trade

Workers in your company have decided to join a union. As a member of management, which form of union representation will you encourage?

Open shop

What action do consumers take that determines what will be produced in a market economy?

Cast economic votes

Which of the following occurs when a country can produce goods at a relatively more efficient rate than another country:

Comparative advantage

Which of the following is the most likely policy that a government would follow to avoid a trade deficit:

Protectionism

For the long-term success of the business, Stacey's Coffee House has decided to add a self-serve laundromat. Which of the following behaviors describes the business activity that Stacey's Coffee House was likely engaged in before making this decision:

Determining what will put it in reach of its goals

When Caring Companions and Smiling Pets merged two years ago, what was the most likely effect on the primary business activities of both companies?

Each primary business activity combined with the matching activity of the other firm.

Some businesses sell their goods and services to individuals, businesses, or governments in other countries. This is an example of

Exporting

Which of the following is an advantage to workers of having a union represent them:

Fair treatment of employees

Which of the following is a potential problem in market economies:

Financial loss

A non-pressure strategy that unions and management can use to reach agreement is

arbitration

Which of the following situations represents an absolute advantage for the United States:

Germany produces cars at $14,000, while the U.S. produces cars at $12,000.

In a communist command economy, who decides how the economic questions will be answered?

Gov

The way in which an economic system answers the basic economic questions depends upon the country's

Government

In a socialist economic system, who tends to answer the question of how products will be produced?

Government and business

A business that buys goods and services from a company in another nation is performing which of the following activities:

Importing

Which of the following is a likely result of a strong or highly valued currency:

Increased imports

Financial analysis occurs when a business

Keeps accurate expense records

Union members join up at what level of a union?

Local

What aspect of collective bargaining signals the successful end of negotiations?

Management and union leaders have reached a tentative agreement.

What type of economic system is used in the United States?

Market

Which of the following represents a primary business activity:

Marketing

Which of the following allows the free movement of goods and services among Canada, the United States, and Mexico:

North American Free Trade Agreement

A country that currently has a communist command economic system is

North Korea.

Which of the following demonstrates the interrelationship among primary business activities:

One business activity changes, so the others must adjust.

Which of the following items is found in all economic systems:

Participants

Which of the following behaviors demonstrates the primary business activity of strategic management:

Planning and organizing for the future

Communist command economies are most likely to experience which of the following problems:

Poor quality products

Which of the following behaviors best describes the primary business activity of operations:

Producing goods and services

Actors and athletes belong to what types of unions?

Professional unions

Franco's Bread Shop is introducing a new type of sandwich bread to the community this week. Which of the following describes the business activity that the bread shop will likely partake in before the release:

Promoting the new bread through advertising

Which of the following are methods that countries use to control their trade with other nations:

Quotas, tariffs, and subsidies

All night-shift workers at a hotel have reported for work, but they are refusing to do their assigned jobs. What kind of pressure strategy is being used by the workers?

Sit-down strike

Which of the following activities demonstrates information management:

Storing and retrieving information

An example of a country that has a socialist command economy is

Sweden

Which of the following activities demonstrates the primary business activity of marketing:

The business meets customers' needs by offering appropriate products.

Which of the following activities demonstrates human resources management:

The business takes care of the responsibilities associated with having employees.

When the Pretty Pictures framing business underwent internal restructuring last year, how would its primary business activities have reacted?

They adjusted according to the internal changes.

Why do unions and management experience conflicts?

They both want to keep the business operating but have different ideas about how to reach that goal.

Why are unions a powerful force in business?

They organize workers into a single bargaining unit and increase their bargaining power.

What is the primary responsibility of a national union?

To assist in contract negotiations for all its local unions

What does a nation develop when its imports are greater than its exports?

Trade deficit

A union worker who is just beginning in the occupation is referred to as a(n)

apprentice.

Which of the following types of economic systems adopts the fewest new ideas or improvements:

Traditional

Which of the following types of legal union representation is preferred by unions in states without right-to-work laws:

Union shops

In a traditional economic system, the question of what to produce is answered by producing

What has always been produces

The U.S. produces widgets faster and more cheaply than Switzerland does. In this example, the U.S. has a(n) _________ advantage.

absolute

TeJuan's Fishing Shack demonstrates effective information management by

accessing a list of fishing equipment appropriate for a particular customer.

Janelle's Creative Supplies is opening an additional location on the other side of town. To successfully operate the new location, Janelle primarily needs

additional employees.

Members of Local 999 have refused to buy products made by their company. This is an example of

boycotting

Union and management officials are meeting next week to determine the terms and conditions that will be provided to employees. This process is known as

collective bargaining.

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy.

communist command

Levels of inflation and unemployment are factors that affect __________ in the world market.

competition

A country with a weak currency value tends to

decrease its imports and increase its exports.

A disadvantage to companies of unionization is that

job promotions are based on seniority rather than ability.

If a government wants to reduce the volume of imports allowed into its country, it could limit the number of __________ issued to foreign exporters.

licenses

When union members of Local 654 arrived at work today, they found a sign on the door stating that the business had closed temporarily, and the employees were not allowed to work. This is a pressure strategy known as a(n)

lockout

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

market

The most common medium of exchange in modern economic systems is

money

A nation that exports more than it imports maintains a

trade surplus.

Lack of economic growth is a major problem for __________ economic systems.

traditional

The degree of unionization in the United States varies based on a business's

type of industry and geographical location.