HSB Business Economics Final Review #1

Question 1

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

Accepted Answer

the equilibrium price exists

Question 2

Which of the following is an example of process innovation?

Accepted Answer

Electronic filing of Federal Income tax

Question 3

Which of the following is an example of paradigm innovation:

Accepted Answer

Facebook

Question 4

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

Accepted Answer

Relative price

Question 5

The weight given to each criteria in a decision matrix is directly related to its_______.

Accepted Answer

importance

Question 6

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

Accepted Answer

distribution of goods

Question 7

Which of the following is an economic activity:

Accepted Answer

Purchasing a candy bar

Question 8

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

Accepted Answer

prices

Question 9

When setting decision matrix criteria weight, the most important criteria should recive

Accepted Answer

the largest weight

Question 10

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

Accepted Answer

Explicit

Question 11

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

Accepted Answer

brainstorming

Question 12

What is the opportunity cost of buying $40 jeans rather than a $40 amusement park ticket?

Accepted Answer

Trip to amusement park

Question 13

Which of the following factors affects consumers' decisions to buy goods or services:

Accepted Answer

Buying power

Question 14

Which of the following does consumption rely on to provide goods and services:

Accepted Answer

Producers

Question 15

Which of the following is an example culture affecting the production of a good or service:

Accepted Answer

The green movement increases demand for recycled products.

Question 16

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

Accepted Answer

Sunk

Question 17

Which of the following is an example of excess supply:

Accepted Answer

Price = $700, demand = 300, supply = 500

Question 18

Why are human resources limited?

Accepted Answer

Some people are unable to work.

Question 19

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

Accepted Answer

multiply

Question 20

Which tool can be used to help make the decision?

Accepted Answer

Decision matrix

Question 21

What can be used to gather information from stake holders when developing a decision matrix ?

Accepted Answer

survey

Question 22

A decision matrix can be used to evaluate these two kinds of elements:

Accepted Answer

options or alternatives and selection criteria

Question 23

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

Accepted Answer

Implicit

Question 24

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

Accepted Answer

elastic demand.

Question 25

Why are resources considered limited?

Accepted Answer

There are not enough available

Question 26

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

Accepted Answer

consumer demand.

Question 27

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

Accepted Answer

Financial and positive

Question 28

Which of the following is characteristic of a buyer's market:

Accepted Answer

Low prices

Question 29

Sam spends $5 to go to the movies rather than to Dairy Queen. What is the opportunity cost?

Accepted Answer

ice cream at Dairy Queen.

Question 30

Which of the following might cause supply of a good to decrease:

Accepted Answer

Government regulations

Question 31

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

Accepted Answer

add

Question 32

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

Accepted Answer

positioning innovation

Question 33

Which of the following is a negative economic incentive:.

Accepted Answer

High taxes on cigarettes

Question 34

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

Accepted Answer

1 to 2

Question 35

Justin spends $50 on a DVD player rather than on concert tickets. What is the opportunity cost?

Accepted Answer

Concert tickets

HSB Business Economics Final Review #1

Questions 35

HSB Business Economics Final Review #1

Questions 35