business final

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 weight should it be assigned?

.60

Mary is a bagger at Glen's Market. On a weekly average, she works 30 hours and fills 876 bags of groceries. Her productivity is ________________ bags of groceries per hour.

29.2

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

93

To reduce the chances of investigations and orders to cease production, businesses should

Adhere to government regulations

As the gross domestic product increases, it is easier for all levels of government to A. maintain trade deficits. B. carry out their functions. C. reduce their spending. D. conserve natural resources.

B. carry out their functions.

which of the following actions would the federal reserve system, take to expand the monetary policy

Buy securities on the open market

Which of the following factors affects consumers' decisions to buy goods and services:

Buying power

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 this decision?

Concert tickets

How do spending levels impact the economy in an inflationary period?

Consumers and businesses spend less.

Which of the following is a true statement about currency exchange rates:

Currency exchange rates change frequently

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

Decision matrix

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

Discouraged workers are not included.

When customers buy the exact amount of goods that producers are selling at a specific price, the _______________ price exists.

Equilibrium

Which of the following is a decision about production a business might make bases on the law of diminishing returns:

Establish a desired level of production

The highest level of the labor union organization is the

Federation

The U.S. government is offering a decrease in taxes to citizens that install solar panels on their homes. Using economic terms, how would you describe this incentive?

Financial and positive

What type of government policy involves raising or lowering taxes, and increasing or decreasing government spending?

Fiscal

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 and private enterprise economy?

Funds received by recipients are spent in businesses.

Which of the following might cause supply of a good to decrease:

Government regulations

During the peak phase of a business cycle, a business could be expected to have

High prices

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

Increase government spending

To stimulate the economy, the government is likely to

Increase spending

The best time for a business to purchase new equipment is when

Interest rates are low

A country is experiencing civil unrest. What is likely to happen with the value of their currency?

It will decrease

Which of the following is characteristic of a buyer's market:

Low prices

What is likely to occur when the inflation rate increases, and workers do not receive pay increases?

Lower standard of living

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

Marginal cost

John only had $40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of the decision?

New pair of jeans

During what phase of the business cycle would there most likely be shortages of workers in certain skilled areas?

Peak

Which of the following is an example of excess supply:

Price = $700, demand = 300, supply = 500

Which of the following does consumption rely on to provide goods and services

Producers

Dividing the dollar value of total sales by the cost of making those sales is one way that businesses often measure their

Productivity

Which of the following is an economic activity:

Purchasing a candy bar

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

Regulate the economy

Which of the following would policy makers monitor to understand personal consumption expenditures (PCE's):

Retail sales

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

Six Sigma

why are human resources limited

Some people are unable to work.

which of the following is an example of a change in culture affecting the production of a good or service

The "green movement" leads to an increase in demand for recycled products.

Which of the following is an example of a change in culture affecting the production of a good or service:

The "green movement" leads to an increase in demand of recycled products.

Which of the following is an example of a business paying property taxes:

The Bellman Corporation submits a $8,792 check to the government, which is based on the value of its office building.

what often happens when a nation has a high unemployment rate

The nation experiences an economic slowdown.

which of the following is true when a potato farmer keeps some of the farms potatoes for personal use

The potatoes are not counted in the gross domestic product.

If interest levels go down, which of the following would most likely occur?

The stock market will go up,

Why are resources considered limited?

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

Why does the Federal Reserve System raise interest rates?

To fight inflation

Why do most businesses use some type of quality control method at work?

To minimize errors

What is one of the main reasons governments levy taxes?

To raise revenue

Why should productivity be measured?

To see whether the business's objectives are being met

What is the most common type of labor specialization?

Trade or profession

What kind of strike occurs when the members of a union local stop work without the consent of their national organization?

Wildcat

which of the following is true regarding a nations unemployment rates

a nation always has a certain percentage of unemployed citizens at any given time

The category of the GDP called gross private domestic investment includes

all purchase of capital goods

When management and union leaders negotiate but cannot reach an agreement, either one can call for a(n)

arbitrator.

to calculate the total revenue a business multiplies the number of units sold by

average price per unit

the payment of taxes to the federal government allows it to provide goods and services to __________ and ____________.

businesses and households

The use of robots in assembly-line work is a form of specialization involving

capital goods.

The amount of a product produced is most directly affected by

consumer demand

When consumers' purchasing power decreases, the economy will experience a period of

contraction

A U.S. company begins selling its products in France. Despite brisk sales, the company doesn't make enough profit to cover its expenses. When setting prices, the company simply used the same prices in both countries. For example, $5.99 = 5.99 French francs; $2.89 = 2.89 French francs. What risk of international business did the company not consider?

currency fluctuations

what is often the result when businesses are able to achieve and maintain a quality culture

customer satisfaction

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?

decision matrix

interest rates rising and falling by a wide range on a regular basis often are an indicator of

economic instability

When changes in the product's price cause corresponding changes in consumer demand, the product has

elastic demand

A manager's allowing an employees to set the pace of their work is an example of providing job

enrichment

When consumers purchase gasoline, telephone services, and tobacco products, they must often pay a(n) ____________ tax.

excise

A government's fiscal policies that are intended to are intended to encourage economic growth are known as ____________________ policies.

expansionary

Higher prices that result from a tax on luxury goods are likely to result in what

fewer customers and less productivity

when consumer spending is high the economy usually is in a

growth stage

which of the following is an economic incentive

high taxes on cigarettes

When producers are hopeful about the economic business outlook, the often

increase their investment in capital goods.

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

increasing taxes.

what do businesses usually expect will increase when the economy experiences a continued rise in the level of inflation

interest rates

The value of a country's currency declines when it implements policies that restrict trade. The primary factor affecting the change in value of the currency in this situation is

isolationism

The young children's selection 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 doesn't show or manage the park in anyway, this is an example of what

licensing

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 that the employees were not allowed to work. This is a pressure strategy, known as a.

lockout

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

lowering tax rates

The formula generally used to measure productivity is:

outputs divided by inputs

in which of the following occupations would employees be organized into craft/trade unions:

plumber

a country's standard of living can be calculated by dividing the goods and services its people have by

population

Arm and Hammer baking soda, which was originally developed as a cooking ingredient, is now being sold as an effective refrigerator deodorizer. This is an example of ____________ innovation.

positioning

The market's way of rationing limited resources, goods, and services to consumers in a market economy is through

prices

What usually decreases as the rate of inflation increases?

purchasing power

When applying the law of diminishing returns, businesses know that there is point at which production

reaches its maximum level

technological advances may increase the chance of job obsolesce. for workers, this is a(n) _____ labor specialization

reason to support

a six month decline in GDP is known as a

recession

One of the functions of certain types of taxes is to

regulate business activity.

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

relative price

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

remain stable.

One way for a business to increase productivity is to increase its

research and development

An important aspect of continuous quality improvement within an entire business organization requires management to

solicit input from employees.

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

specialization by stages of production.

what usually results when interest rates continue increase

spending decreases

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.

structural

The gross domestic product (GDP) is calculated each year to in the United States to determine

the health of the economy.

A large number of underemployed workers indicates there is a problem in the economy because underemployment means that

there are not enough jobs for qualified people.

The use of a thorough job orientation helps to increase productivity through

training and education

a country's easy monetary policy is often used to correct the problem of what

unemployment

How long do business cycles last?

varying lengths of time

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

when inflation is too high