Business final pt2
Which of the following factors affects consumers decisions to buy goods or services:
Buying power
How long do most business cycles last?
Varying lengths of time
The gross domestic product (GDP) is calculated each year in the United States to determine
the health of the economy.
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?
.60
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
Which of the following actions would the Federal Reserve System take to expand monetary policy:
Buy securities on the open market
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
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
What type of government policy involves raising or lowering taxes, and increasing or decreasing government spending?
Fiscal
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?
Funds received by recipients are spent in businesses.
Which of the following might cause supply of a good to decrease:
Government regulations
Which of the following actions would government take to increase economic growth:
Increase government spending
What is a likely result when workers wages rise throughout the economy while productivity decreases?
Inflation
Which of the following is characteristic of a buyers market:
Low prices
Which of the following government actions is most likely to stimulate the economy:
Lowering tax rates
Which of the following is important information that businesses consider when deciding whether it would be profitable to increase production:
Marginal cost
During which phase of the business cycle would there most likely be shortages of workers in certain skill areas?
Peak
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 an economic activity:
Purchasing a candy bar
Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks:
Relative price
Why are human resources limited?
Some people are unable to work.
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.
Which of the following is true when a potato farmer keeps some of the farms potatoes for personal use:
The potatoes are not counted in the gross domestic product.
What is the effect on society of a falling growth rate in productivity?
The standard of living drops.
Why are resources considered limited?
There are not enough available so that everyone can have as much of them as desired.
What is one of the main reasons why governments levy taxes?
To raise revenue
Why should productivity be measured?
To see whether the businesses objectives are being met
What is the most common type of labor specialization?
Trade or profession
Which of the following represents a good time for a country's government to use its fiscal policy to increase taxes:
When inflation is too high
What kind of strike occurs when the members of a union local stop work without the consent of their national organization?
Wildcat
To reduce the chance of investigations and orders to cease production, businesses should
adhere to government regulations.
The category of GDP called gross private domestic investment includes
all purchases of capital goods.
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
The use of robots in assembly-line work is a form of specialization involving
capital goods.
As the gross domestic product increases, it is easier for all levels of government to
carry out their functions.
The amount of a product that is produced is most directly affected by
consumer demand.
Technological advances may increase the chance of job obsolescence. For workers, this is a(n) __________ labor specialization.
disadvantage of
When changes in a products price cause corresponding changes in consumer demand, the product has
elastic demand.
A managers allowing employees to set the pace of their work is an example of providing job
enrichment.
When customers buy the exact amount of goods that producers are selling at a specific price, the __________ price exists.
equilibrium
When consumers purchase gasoline, telephone services, and tobacco products, they must often pay a(n) ___________ tax.
excise
A governments fiscal policies that are intended to encourage economic growth are known as __________ policies.
expansionary
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.
external
The highest level of labor union organization is the
federation.
Higher prices that result from a tax on luxury goods are likely to result in
fewer customers and less productivity.
During the peak phase of a business cycle, a business could be expected to have
high prices.
To stimulate the economy, the government is likely to
increase spending.
When producers are hopeful about the economic business outlook, they often
increase their investment in capital goods.
If a government wants to decrease economic growth, it would use a contractionary fiscal policy that might involve
increasing taxes.
When union members of Local 654 arrived at 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)
lockout.
The addition of too many workers on a job may cause the marginal product to turn
negative.
A countrys standard of living can be calculated by dividing the goods and services its people have by
population.
The markets 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.
A six-month decline in GDP is known as a
recession.
One of the functions of certain types of taxes is to
regulate business activity.
One of the main functions of a countrys monetary policy is to
regulate the economy.
One way for a business to increase productivity is to increase its
research and development.
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 overall objective of workers who form labor unions is to
strengthen their bargaining power.
The use of thorough job orientation helps to increase productivity through
training and education.
A countrys easy monetary policy is often used to correct the problem of
unemployment.
An automobile assembly line currently has 75 cars being assembled. These partially-complete cars are considered
work in process.