Business Economics Obj 3 test

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

Currency exchange rates change frequently.

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

Marginal cost

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

Reaches its maximum level

Many different workers are needed to carry on the steps in processing milk before it can be distributed to consumers. This is an example of

Specialization by stages of production

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

Employees responding to each of their emails with a personalized message

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

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

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

It will decrease

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 is the most common type of labor specialization?

Trade or profession

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 and households

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

capital goods

Technological advances may increase the chance of job obsolescence. For workers, this is a(n) ___ labor specialization.

disadvantage of

A manager's allowing 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

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

negative

One of the functions of certain types of taxes is to

regulate business activity.

What is one of the main reasons why governments levy taxes?

to raise revenue

An automobile Assembly line currently has 75 cars being assembled. These partially-complete cars are considered

work in process