BECON FINAL 2021

What is the ratio of a pound of yellow squash @ $ .40 a pound and a pound of butternut squash @ $1.20 a pound?

1 to 3

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

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 which of five new product ideas to select. Which tool can be used to help make the decision?

Decision Matrix

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

Employees responding to each of their emails with a personalized message

The U.S. 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?

Financial and positive

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

Government regulations

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

Low prices

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

Marginal cost

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

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

Six sigma

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 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.

Why should productivity be measured?

To see whether the business's objectives are being met

Which of the following is an example of paradigm innovation:

Windows computer operating system

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

adhere to government regulations.

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

arbitrator

To calculate 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; households

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

buying power

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

capital goods.

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

customer satisfaction

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

enrichment.

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

establish a desired level of production

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

establish standards

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

excise

The highest level of labor union organization is the

federation

Sam has been invited to go to the movies with one friend and to Dairy Queen for ice cream with another friend. Because he has only $5.00, Sam can't do both. If he decides to go the movies, the opportunity cost of his choice is

ice cream at Dairy Queen.

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

liability.

The young children's section of a U.S. 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

licensing

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

negative

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

population

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

prices.

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

reaches its maximum level

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

solicit input from employees.

why are human resources limited?

some people are unable to work

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.

The use of thorough job orientation helps to increase productivity through

training and education.