Business Adm Quiz Econ

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What is the ratio of pound of squash @0.60/lb and a pound of butternut squash @1.20/lb

1 to 2

The amount of a product that is produced is most directly affected by

consumer demand

When changes in a product's price cause a change in consumer demand, the product has

elastic demand

Which of the following is an example of paradigm innovation 1) Facebook 2)Energy-saving light bulbs 3)The latest model of the honda civic 4)rechargeable batteries

facebook

To determine the final score in a decision matrix you ---- the weight and the criteria value

multiply

Baking soda is now used as a refrigerator deodorizer. This is an example of

positioning innovation

Which of the following is an example of excess supply 1)Price = $500, demand = 500, supply=300 2)price=700, demand=300, supply=500 3) price=500, demand=400, supply=400 4) price= 400, demand=600, supply=200

price=700, demand=300, supply=500

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

prices

Which tool can be used to help make the decision

Decision matrix

Which of the following is an example of innovation 1) The recipe for Twinkies 2)Electronic filing of federal income tax 3)Paying bills with checks 4)Mailing a letter to a customer

Electronic filling of federal income tax

The cost of raw materials needed to produce a new product is an example of this kind of cost

Explicit

The US offers a tax credit for solar panels installations. What type of incentive is this?

Financial and Positive

Which of the following might cause supply of a good to decrease 1) Advertising 2)Sales skills 3)Inelastic demand 4)Government regulations

Government regulations

Which of the following is a negative economic incentive 1)Tax reductions on fuel-efficient cars 2) High taxes in cigarettes 3)A 1% decrease in city taxes for residents who recycle 4)Free flu shots for all citizens

High taxes on cigarettes

The time it takes to complete an assignment is an example of this kind of cost.

Implicit

Which of the following is characteristic of a buyer's market 1)High demand 2)Steady demand 3)Low supply 4)Low prices

Low prices

Which of the following does consumption rely on to provide goods and services 1) producers 2) consumers 3)Owners 4) Deciders

Producers

Which of the following is an economic activity 1) following the stock market 2)Reading a bank statement 3)Balancing the checkbook 4) purchasing a candy bar

Purchasing a candy bar

What is being compared when analyzing; the cost of wood desks versus metal desks

Relative price

Why are human resources limited?

Some people are unable to work

Isabella owns a car and decides to drive to the movie theater. The cost of owning a car is a

Sunk

Which of the following is an example of culture affecting the production of a good or service? 1) A chocolate; shortage limits a cookie company's production 2)Anti-smoking laws lead to a decrease in cigarette demand 3) oil causes loss of business at seafood restaurants. 4) The green movement increases demand for recycled products

The green movement increases demand for recycled products

Why are resources considered limited?

There are not enough available

When customers buy the exact amount of goods that producers are selling at a specific price

the equilibrium price exists

When setting a decision matrix criteria weight, the most important criteria should receive

the largest weight

To calculate a decision matrix final score for each alternative _____ all of the weighted scores

add

A way to quickly generate many alternatives to be considered in a decision is

brainstorming

In some states, selling alcohol on Sundays is illegal This is culture impacting the

distribution of goods


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