Business Adm Quiz Econ
What is the ratio of pound of squash @0.60/lb and a pound of butternut squash @1.20/lb
1 to 2
The amount of a product that is produced is most directly affected by
consumer demand
When changes in a product's price cause a change in consumer demand, the product has
elastic demand
Which of the following is an example of paradigm innovation 1) Facebook 2)Energy-saving light bulbs 3)The latest model of the honda civic 4)rechargeable batteries
To determine the final score in a decision matrix you ---- the weight and the criteria value
multiply
Baking soda is now used as a refrigerator deodorizer. This is an example of
positioning innovation
Which of the following is an example of excess supply 1)Price = $500, demand = 500, supply=300 2)price=700, demand=300, supply=500 3) price=500, demand=400, supply=400 4) price= 400, demand=600, supply=200
price=700, demand=300, supply=500
The market's way of rationing limited resources, goods, and services to consumers is through
prices
Which tool can be used to help make the decision
Decision matrix
Which of the following is an example of innovation 1) The recipe for Twinkies 2)Electronic filing of federal income tax 3)Paying bills with checks 4)Mailing a letter to a customer
Electronic filling of federal income tax
The cost of raw materials needed to produce a new product is an example of this kind of cost
Explicit
The US offers a tax credit for solar panels installations. What type of incentive is this?
Financial and Positive
Which of the following might cause supply of a good to decrease 1) Advertising 2)Sales skills 3)Inelastic demand 4)Government regulations
Government regulations
Which of the following is a negative economic incentive 1)Tax reductions on fuel-efficient cars 2) High taxes in cigarettes 3)A 1% decrease in city taxes for residents who recycle 4)Free flu shots for all citizens
High taxes on cigarettes
The time it takes to complete an assignment is an example of this kind of cost.
Implicit
Which of the following is characteristic of a buyer's market 1)High demand 2)Steady demand 3)Low supply 4)Low prices
Low prices
Which of the following does consumption rely on to provide goods and services 1) producers 2) consumers 3)Owners 4) Deciders
Producers
Which of the following is an economic activity 1) following the stock market 2)Reading a bank statement 3)Balancing the checkbook 4) purchasing a candy bar
Purchasing a candy bar
What is being compared when analyzing; the cost of wood desks versus metal desks
Relative price
Why are human resources limited?
Some people are unable to work
Isabella owns a car and decides to drive to the movie theater. The cost of owning a car is a
Sunk
Which of the following is an example of culture affecting the production of a good or service? 1) A chocolate; shortage limits a cookie company's production 2)Anti-smoking laws lead to a decrease in cigarette demand 3) oil causes loss of business at seafood restaurants. 4) The green movement increases demand for recycled products
The green movement increases demand for recycled products
Why are resources considered limited?
There are not enough available
When customers buy the exact amount of goods that producers are selling at a specific price
the equilibrium price exists
When setting a decision matrix criteria weight, the most important criteria should receive
the largest weight
To calculate a decision matrix final score for each alternative _____ all of the weighted scores
add
A way to quickly generate many alternatives to be considered in a decision is
brainstorming
In some states, selling alcohol on Sundays is illegal This is culture impacting the
distribution of goods