Identify absolute advantage. Twinkle Inc. can make 30 lightbulbs or 40 laptops. Star Inc. can make 50 lightbulbs or 25 laptops.

Twinkle Inc. has an absolute advantage in laptops.

Twinkle Inc. has an absolute advantage in lightbulbs.

Star Inc. Has an absolute advantage in laptops

Which type of business attracts the largest number of repeat consumers?

A business that is profitable and trustworthy.

A business that is profitable but not trustworthy

A business that is trustworthy but not profitable.

A natural disaster happens in your area. What is likely to happen to prices, Costs and the availability of products?

There will be fewer goods and resources available for businesses and households. Prices will go up.

Businesses wil simply make more goods and resources available for other businesses and house holds regardless of cost.

There will be more goods and resources available for businesses and households. Prices will go down.

When the price of an item increases, how do producers and consumers respond?

Producers are motivated to increase production while consumers are motivated to purchase less.

Producers are motivated to lower production while consumers are motivated to purchase more.

Producers are motivated to increase production while consumers are motivated to purchase more.

Joe wants to increase his profit from his lawn mowing service. What strategy might he use?

Continue to mow the same number of yards but raise the prices.

Hire more help and pay them a really high salary.

Continue to mow the same number of yards but drop the price.

Joe is able to mow 10 yards on weekends. He charges $20 per yard. His mower and gas cost him $20 each week. How would joe figure out his profit for a week?

Find the revenue by multiplying the number of yards by the price, then subtract the cost. His profit is $180.

Find the revenue by dividing the price by the number of yards, then subtract the cost. He has a loss of $18.

Find the revenue by multiplying the number of yards by the price, then add the cost. His profit is $220.

Business owners earn more than what it costs to produce the goods and services they sell.

Total cost of productions exceeds money earned from sales.

Amount that is spent to obtain something.

Unit 5 Test Business Decisions

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Business

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9th - 12th Grade

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Practice Problem

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Unit 5 Test Business Decisions

20 questions

Choice in economically related decisions.

When people who want to work can find jobs.

When maximum output is obtained.

When the output of goods and services increases.

A condition of economic fairness.

A producer has an _____________ if it can produce the most with available resources.

A producer has a _____________ at supplying one thing if it can produce at lower opportunity cost than another producer.

Identify absolute advantage.
Twinkle Inc. can make 30 lightbulbs or 40 laptops. Star Inc. can make 50 lightbulbs or 25 laptops.

The final value of all goods and services produced within a country in a year.

A government action based on political rather than economic factors.

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business

Unit 5 Test Business Decisions

20 questions

Choice in economically related decisions.

When people who want to work can find jobs.

When maximum output is obtained.

When the output of goods and services increases.

A condition of economic fairness.

A producer has an _____________ if it can produce the most with available resources.

A producer has a _____________ at supplying one thing if it can produce at lower opportunity cost than another producer.

Identify absolute advantage.Twinkle Inc. can make 30 lightbulbs or 40 laptops. Star Inc. can make 50 lightbulbs or 25 laptops.

The final value of all goods and services produced within a country in a year.

A government action based on political rather than economic factors.

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business

Identify absolute advantage.
Twinkle Inc. can make 30 lightbulbs or 40 laptops. Star Inc. can make 50 lightbulbs or 25 laptops.