EOPA - ECONOMICS

Why is it important for businesses to monitor customer purchases?

• A. To satisfy consumers' needs and wants

• B. To block consumers' economic votes

• C. To promote slow-selling merchandise

• D. To classify their products

Natural resources are provided by nature, and capital resources are provided by ________________.

• A. machinery.

• B. people.

• C. technology.

• D. automation.

What might cease if producers decide that their incomes are inadequate to continue making goods and

services?

• A. Consumption

• B. Competition

• C. Compensation

• D. Communication

T-shirts sold at music concerts that are imprinted with a rock group's name are examples of products that

have __________ utility.

• A. service

• B. form

• C. price

• D. intangible

What type of market likely exists when a local automobile dealer has many cars for sale at low prices but demand is low?

• A. Elastic

• B. Buyer's

• C. Seller's

• D. Inelastic

Which of the following is an example of excess demand:

• A. Price = $500, demand = 500, supply = 500

• B. Price = $400, demand = 600, supply = 400

• C. Price = $600, demand = 400, supply = 600

• D. Price = $700, demand = 300, supply = 700

Who owns a good if the good is used in performing a service for a customer?

• A. The business performing the service

• B. The customer who buys the service

• C. The producer of the good

• D. The supplier of the good to the business

Which of the following is a function that is an important part of the human resources management

activities of business:

• A. Promoting

• B. Pricing

• C. Selling

• D. Staffing

Which of the following types of economic systems would offer the most benefits to business owners and

to their employees:

• A. Market

• B. Socialist

• C. Communist

• D. Traditional

The differences in the education and skills of the workforce are reasons why market economies usually

experience

• A. unequal income distribution.

• B. low unemployment levels.

• C. unpredictable taxation rates.

• D. minimal profit margins.