EOPA Quiz One

Question 1

The amount of output (goods and services) that result from a given input (land, labor, capital, entrepreneurship)

Accepted Answer

Productivity

Question 2

Increasing productivity by hiring new workers is .....

Accepted Answer

Labor

Question 3

The intermediary that brings buyers and sellers together but does not take ownership of the product

Accepted Answer

Agent

Question 4

Competition in business generally lowers prices for consumers

Accepted Answer

True

Question 5

A command economy system is based on consumers

Accepted Answer

False

Question 6

Your business sponsors a local charity event. This is an example of

Accepted Answer

Promotion

Question 7

Conducting a survey to get customer input into developing a new product is an example of

Accepted Answer

Market research

Question 8

What you give up in order to purchase another product or service is .....

Accepted Answer

Opportunity cost

Question 9

Getting information to make sound business decisions is

Accepted Answer

Market Planning

Question 10

The process where marketers ensure their product is distributed to customers efficiently and effectively

Accepted Answer

Channel Management

Question 11

Too low of a price will result in a loss and too high may prevent customers from buying

Accepted Answer

True

Question 12

Purchasing robotic equipment for an assembly line is increasing productivity by

Accepted Answer

Technology

Question 13

The resources or factors of production in an economy include:

Accepted Answer

Land, Labor, Capital, Entrepreneurship

Question 14

The amount of goods producers are willing to make and sell

Accepted Answer

Supply

Question 15

The quantity of something that consumers are willing and able to buy is

Accepted Answer

Demand

Question 16

A market economy is based on

Accepted Answer

Consumers

Question 17

Profit does not play a part in private enterprise

Accepted Answer

False

Question 18

A mixed economy system is based on

Accepted Answer

both government and consumers

Question 19

The intermediary that obtains good to sell to industrial users

Accepted Answer

Wholesaler

Question 20

Communicating with customers to inform, persuade or remind them about a product

Accepted Answer

Promotion

Questions 20