Business Economics Final

.60

A couple constructs a decision matrix to select which charity will receive a $500 donation. Since helping children is the most important criteria to the couple, which of the following weights should it be assigned?

decision matrix

A group of entrepreneurs is trying to decide which of five new product ideas to select. Which tool can be used to help make the decision?

Work in progress

An automobile assembly line currently has 75 cars being assembled. These partially complete cars are considered:

satisfy an unmet demand

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can:

Specialization by stage of production

Many different workers are needed to carry out the steps in processing milk before it can be distributed to consumers. This is an example of

Regulate business activity

One of the functions certain types of taxes is to

Regulate the economy

One of the main functions of a country's monetary policy is to

Financial and positive

The US government is offering a decrease in taxes to citizens who install solar panels on their homes. using economic terms, how would you describe this incentive?

Negative

The addition of too many workers on a job may cause the marginal product to turn

Consumer Demand

The amount of a product is produced is most directly affected by

Outputs divided by inputs

The formula that is generally used to measure productivity is:

Funds received by recipients are spend in business.

The government uses some of the tax money it collects from individuals and businesses to support public welfare programs. What is the benefit of these welfare programs to businesses in a private enterprise economy?

federation

The highest level of labor union organization is the

Strengthen their bargaining power

The overall objective of workers who form labor unions is to

Training and education

The use thorough job orientation helps to increase productivity through

licensing

The young children's section of a US amusement park features cartoon characters from a German TV show. Although the amusement park signed an agreement and paid a fee to display images of the cartoon characters, the TV show doesn't own or manage the park in any way. this is an example of:

establish standards

To continuously improve and achieve quality throughout the business, management must:

to minimize errors

To continuously improve and achieve quality throughout the business, management must:

Structural

Vernon was the milkman in his neighborhood for 30 years. Then, supermarkets started selling milk right in the store, and Vernon's job became obsolete. Vernon is a victim of _________ unemployment.

customer satisfaction

What is often the result when businesses are able to achieve and maintain a quality curve?

Discourage workers are not included

What is one reason why the overall unemployment rate understates the actual employment situation?

Trade or profession

What is the most common type of labor specialization

External

When a business cycle is affected by international relations, new discoveries, and social or political changes, it is said to have been changed by __________ factors

remain stable

When a nation's inflation rate is low prices tend to:

an unmet want

When assessing global trends for potential business opportunities, an entrepreneur often looks for a market that has:

growth stage

When consumer spending is high, the economy usually is in a(n)

Excise

When consumers purchase gasoline, telephone services, and tobacco products, they must often pay a(n) ___________ Tax

Lockout

When union members of local 654 Arrived tat 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)

Increase government spending

Which of the following actions would government take to increase economic growth

Lowering tax rates

Which of the following government actions is most likely to stimulate the economy:

Relative price

Which of the following is a business comparing when it analyzes the cost of buying wood desk versus the cost of buying metal desks

High taxes on cigarettes>

Which of the following is a negative economic incentive:

Six sigma

Which of the following is a program that some managers implement to achieve quality in all aspects of the business:

Purchasing a candy bar

Which of the following is an economic activity?

windows computer operating system

Which of the following is an example of paradigm innovation:

Marginal cost

Which of the following is important information that businesses consider when deciding whether it would be profitable to increase production

Employees responding to each other off their emails with personalized message.

Which of the following is not an example of a business process?

The potatoes are not counted in the gross domestic product

Which of the following is true when a potato farmer keeps some of the farm's potatoes for personal use:

When inflation is too high

Which of the following represents a good time for a country's government to use its fiscal policy to increase taxes

estimated return on demand

Which of the following would NOT be analyzed in a feasibility study:

Retail sales

Which of the following would policy makers monitor to understand personal consumption expenditures

There are not enough available so that everyone can have as much as many as desired.

Why are resources considered limited?

To fight inflation

Why does the Federal Reserve system raise interest rates?

fewer customers and less productivity

Higher prices that result from a tx on luxury goods are likely to result in"

Consumers and businesses spend less

How do spending levels impact the economy in an inflationary period

Increase taxes

If a government wants to decrease economic growth, it would use a fiscal policy that might involve

93%

If three employees each work 35 hours a week and product a total of 9,765 items what is their total hourly productivity levels?

Economic instability

Interest rates rising and falling by a wide range on a regular basis often are an indication of:

Concert tickets

Justin is trying to decide whether he wants to spend a $50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player what is the opportunity cost of his decision?