PoB Objective Exam 1

Question 1

Specialty Wear is the only company that has written permission to use a team's logo on its sportswear. This is an ex of

Accepted Answer

licensing agreement.

Question 2

The following situations involves finding an alternative resource to use in place of a nonrenewable natural resources

Accepted Answer

Powering a motor vehicle with biodiesel instead of gasoline.

Question 3

In the late 1800s, market domination by a small number of extremely large, powerful companies led to the

Accepted Answer

passage of antitrust laws.

Question 4

Consumers are typically most willing to pay more for goods and services that bring them greater

Accepted Answer

satisfaction.

Question 5

A popular product is said to be

Accepted Answer

in demand.

Question 6

Members of Gen.X and Gen.Y are expected to fill many job positions vacated by retiring Baby Boomers. This an example of

Accepted Answer

workforce demographics.

Question 7

Which activities are likely to increase a firm's profit?

Accepted Answer

Increasing sales and decreasing expenses

Question 8

During the Industrial Revolution, the factory system caused

Accepted Answer

production costs to decrease.

Question 9

A manufacturer is a type of business that

Accepted Answer

turns raw goods into useful products.

Question 10

In recent years, the employment of __________ workers has significantly increased.

Accepted Answer

manufacturing

Question 11

To reduce the time, effort, and cost needed to produce its Model T cars, the Ford Motor Company developed

Accepted Answer

the assembly line.

Question 12

If a good or service is scarce, consumers will usually be

Accepted Answer

willing to pay money to get it.

Question 13

Lack of economic growth is a major problem for __________ economic systems.

Accepted Answer

traditional

Question 14

Businesses can protect themselves from the risk associated with lost shipments by

Accepted Answer

purchasing transportation insurance.

Question 15

One reason a physicians' practice might form a partnership as an LLP is to

Accepted Answer

protect innocent partners from the malpractice of another partner.

Question 16

Why are entrepreneurs important in a private enterprise system?

Accepted Answer

They encourage the development of new products.

Question 17

One of the freedoms provided to individuals by the private enterprise system is the freedom to choose

Accepted Answer

where they will work.

Question 18

Management decides to hold its meeting in a U.S. city rather than another because of crime in that city. Ex of___risk

Accepted Answer

avoiding

Question 19

Which of the following financial institutions was established after World War II to facilitate global economic growth:

Accepted Answer

International Monetary Fund (IMF)

Question 20

Which of the following is a potential problem in market economies?

Accepted Answer

Financial loss

Question 21

Which of the following are qualities of monopolies:

Accepted Answer

High prices and low production

Question 22

Which change provides the most time utility for a consumer?

Accepted Answer

Staying open for business on the weekend

Question 23

A student purchased a laptop to use for home. In economic terms, this computer would be classified as a(n) _____good

Accepted Answer

consumer

Question 24

What role does utility play in the implementation of the marketing concept?

Accepted Answer

A satisfaction gauge

Question 25

The ultimate goal of all economic activity is

Accepted Answer

consumption.

Question 26

One way that competition helps to build a prosperous society is by

Accepted Answer

creating new jobs.

Question 27

Retailing takes place whenever goods are

Accepted Answer

sold to the ultimate consumer.

PoB Objective Exam 1

Questions 27

PoB Objective Exam 1

Questions 27