EOPA Quiz 3 Flashcards
Why is it important for businesses to monitor customer purchases?
a) To satisfy consumers’ needs and wants
Natural resources are provided by nature, and capital resources are provided by
b) People
What might cease if producers decide that their incomes are inadequate to continue making goods and services?
a) Consumption
T-shirts sold at music concerts that are imprinted with a rock group’s name are examples of products that have _______
utility.
b) Form
What tvpe of market likely exists when a local automobile dealer has many cars for sale at low prices but demand is low?
b) Buyer’s
Which of the following is an example of excess demand:
b) Price = $400, demand = 600, supply = 400
Who owns a good if the good is used in performing a service for a customer?
a) The business performing the service
Which of the following is a function that is an important part of the human resources management activities of business:
d) Staffing
Which of the following types of economic systems would offer the most benefits to business owners and to their employees:
a) Market
The differences in the education and skills of the workforce are reasons why market economies usuall experience
a) Unequal income distribution
During the summer, wildfires swept through Montana and consumed many homes and businesses. Business owners rebuilt their businesses because they believed that the risk involved with wildfires was “just part of doing business in Montana.” Which type of risk did the business owners encounter?
a) Natural
Which of the following pairs of businesses are examples of indirect competitors:
c) JC Penny & Pizza Hut
Which of the following does not give exclusive ownership of certain types of property to individuals:
c) License
By counting the number of gifts wrapped at the gift-wrapping booth in a local mall, you are determining
b) Output
One advantage of labor specialization by job task is that workers’
d) Transfers within the industry are easier
