Module Eight Pre-Assessment
Which factors are represented on this graph?
Quantity and Price
According to the Goals of the United States Department of Labor's goals listed below, which statement would officials at the Department of Labor most likely agree? Goals of the U.S. Department of Labor to increase job opportunities to improve working conditions to protect the rights of workers
A strong workforce is important to the economy.
With which statement would officials at the Department of Labor most likely agree?
A strong workforce is important to the economy.
If a car dealership offers a 0% financing offer when someone purchases a new car, the special finance rate is known as ______________.
An incentive
When representatives of both union and management meet to discuss goals, offer solutions and compromises, and work toward a contract settlement, the two sides are engaging in which of the following?
Collective bargaining
_________________ leads to better quality and lower prices?
Competition
What type of business structure can consist of thousands of shareholders that select a board of directors to oversee company performance?
Corporation
Which of the following would be classified as a need?
Food
When a shoe manufacturer makes 1,000,000 units of its top-selling shoe, the company is mainly answering which question?
How much to produce?
Use the chart to help you answer the following question. Number of TVs produced Total Cost ? 0 $100 0 1 $180 $80 2 $250 $70 3 $300 $50 Which column heading should replace the question mark?
Marginal cost
What type of economy does the United States have?
Mixed
Which of the following is not an example of private property rights?
North Korea tells a factory to make more shoes.
How would the demand curve likely change if the price of a complementary good were to increase?
The demand curve would shift to the left.
Computer specialists did not exist in 1910, and there were few, if any, in 1950, so they do not appear in the 1950 census. . . . The first commercial electronic computer was delivered in 1951, and employment data on computer specialists were first collected in the 1960 Census. Computer specialists grew 95 times as a proportion of total employment between 1960 and 2000, from 0.02 percent to 1.92 percent. —"Occupational Changes during the 20th Century," Ian D. Wyatt and Daniel E. Hecker, U.S. Bureau of Labor Statistics, 2006 Which of the following statements can best summarize workforce trends discussed in this passage?
The increased use of computers created a new type of employment category.
Who pays a business's debts in a failed sole proprietorship?
The owner of the business
A winter freeze destroys 25 percent of a country's annual orange harvest. Which statement regarding the country's orange juice market is most accurate?
The price of orange juice will increase as the supply decreases.
A winter freeze destroys 25 percent of a country's annual orange harvest. Which statement regarding the country's orange juice market is most accurate?
The price of orange juice will increase as the supply decreases.
What motivates people to risk their time, energy, and money to open a new business?
The profit motive.
What does the point of intersection shown on this graph represent?
equilibrium
Imagine you want to buy a newly released pair of Nike shoes and you go online to purchase them. Because the product you want is the same for every website, the only thing that will affect where you decide to purchase your shoes is the price. What type of economic situation exists in this example?
pure competition