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.
