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?