Evaluate the effects of a technological advancement on the factors of production in an industry.

It enhances productivity and efficiency.

It increases the need for labor.

It decreases the need for capital.

It reduces the availability of natural resources.

Which of the following best describes the relationship between supply and demand in a free market?

Supply and demand determine prices.

Supply and demand are independent.

Discuss the ethical considerations a company should take into account when entering a new international market.

Respect local customs and laws.

Focus solely on profit potential.

Prioritize cost-cutting measures.

Implement aggressive marketing strategies.

How does the concept of "opportunity cost" relate to the decision-making process in economics?

It is the benefit of the next best alternative foregone.

It represents the total cost of a decision.

It is the sum of all possible alternatives.

It is the cost of the least preferred alternative.

Analyze the impact of consumer preferences on the supply and demand of a product.

Consumer preferences affect both supply and demand.

Consumer preferences have no impact on supply and demand.

Consumer preferences only affect supply.

Consumer preferences only affect demand.

Evaluate the role of profit in motivating businesses to innovate and improve their products.

Profit incentivizes innovation.

Profit is irrelevant to innovation.

Profit only benefits shareholders.

Which of the following best describes a mixed economy?

An economy with both private and public sector involvement.

An economy with no government intervention.

An economy with complete government control.

An economy based on barter and trade.

Discuss the ethical challenges faced by etailers in ensuring data privacy for their customers.

Etailers must balance data collection with customer trust.

Data privacy is not a concern for etailers.

Etailers should prioritize data collection over privacy.

Data privacy is solely the responsibility of customers.

Analyze the effects of a government-imposed price ceiling on the market for a basic necessity.

It leads to a shortage of the product.

It leads to a surplus of the product.

It has no effect on the market.

It increases the price of the product.

Evaluate the impact of globalization on the factors of production in developing countries.

It enhances access to technology and capital.

It decreases access to capital.

It reduces the availability of natural resources.

Which of the following best illustrates the concept of "ethical principles" in business?

Ensuring fair treatment of employees and customers.

Maximizing shareholder value at all costs.

Prioritizing short-term profits over long-term sustainability.

Ignoring environmental regulations to cut costs.

Discuss the role of consumer education in influencing supply and demand in the market.

Consumer education affects both supply and demand.

Consumer education has no impact on supply and demand.

Consumer education only affects supply.

Consumer education only affects demand.

Analyze the ethical implications of a business using child labor in its supply chain.

It is unethical as it exploits vulnerable populations.

It is acceptable if it reduces costs.

It is justified if it increases profits.

It is irrelevant if the product quality is maintained.

Evaluate the impact of technological advancements on the supply and demand for skilled labor.

It increases the demand for skilled labor.

It decreases the demand for skilled labor.

It increases the supply of skilled labor.

It has no impact on skilled labor.

Which of the following best describes the concept of "profit" in a business context?

The difference between total revenue and total costs.

The total revenue generated by a business.

The total costs incurred by a business.

The total assets owned by a business.

Discuss the ethical considerations involved in marketing products to children.

Marketing to children should be truthful and age-appropriate.

Children are not a significant market segment.

Marketing to children should prioritize profit over ethics.

Children should be targeted with aggressive marketing strategies.

Analyze the impact of a decrease in consumer income on the demand for luxury goods.

Demand for luxury goods decreases.

Demand for luxury goods increases.

Demand for luxury goods remains unchanged.

Demand for luxury goods becomes unpredictable.

Evaluate the role of government regulation in ensuring ethical business practices.

Government regulation ensures compliance with ethical standards.

Government regulation is unnecessary for ethical practices.

Government regulation hinders business innovation.

Government regulation is irrelevant to business ethics.

Which of the following best describes the relationship between needs and wants in economics?

Needs are limited, wants are unlimited.

Needs are unlimited, wants are limited.

Needs and wants are both unlimited.

Needs and wants are both limited.

Discuss the impact of cultural differences on the ethical principles of international businesses.

Cultural differences require businesses to adapt their ethical principles.

Cultural differences have no impact on ethical principles.

Cultural differences justify unethical practices.

Cultural differences are irrelevant to business ethics.

Analyze the effects of a monopoly on the supply and demand of a product in the market.

A monopoly restricts supply and controls demand.

A monopoly increases supply and decreases demand.

A monopoly decreases supply and increases demand.

A monopoly has no effect on supply and demand.

Evaluate the ethical implications of a company using deceptive advertising to increase sales.

It is unethical as it misleads consumers.

It is acceptable if it boosts profits.

It is justified if competitors do the same.

It is irrelevant if the product is of high quality.

Which of the following best describes the concept of "factors of production" in economics?

The resources used to produce goods and services.

The total output of an economy.

The demand for goods and services.

The distribution of income in an economy.

Discuss the role of corporate social responsibility in enhancing a company's ethical image.

Corporate social responsibility enhances a company's ethical image.

Corporate social responsibility is irrelevant to ethics.

Corporate social responsibility is solely for marketing purposes.

Corporate social responsibility decreases a company's profitability.

Analyze the impact of an increase in production costs on the supply curve of a product.

The supply curve shifts to the left.

The supply curve shifts to the right.

The supply curve remains unchanged.

The supply curve becomes vertical.

Refers to a socio-economic and political system in which the government regulates the ownership of natural resources and the production of goods connected to societal needs

This ideology aims to establish common ownership and eliminate the private property concept.

( owners own their businesses) refers to an economy where the market determines prices, products, and services rather than the government.

Who or what answers the basic economic questions in a mixed economy?

Individuals, Businesses, and Government

What is the primary role of government in a mixed economy?

To provide public goods and regulate private sector activities.

To completely control all economic activities.

To eliminate all forms of private enterprise.

To ensure that all resources are distributed equally.

Which of the following best describes the concept of "opportunity cost" in economics?

The value of the next best alternative foregone.

The total cost of all resources used in production.

The total revenue generated by a business.

The difference between total revenue and total costs.

Which scenario best illustrates the concept of "scarcity" in economics?

A business with more demand than supply for its products.

A country with unlimited natural resources.

A family with more income than expenses.

A government with a budget surplus.

Which of the following best describes the concept of "market equilibrium"?

When prices are constantly changing.

Analyze the impact of globalization on local businesses.

It increases access to international markets.

It reduces competition for local businesses.

It decreases the need for innovation.

It limits the availability of resources.

What is the primary function of money in an economy?

To serve as a medium of exchange.

To act as a measure of social status.

To be a tool for government control.

To serve as a source of entertainment.

Which of the following best describes the concept of "elasticity" in economics?

The responsiveness of demand to changes in price.

The total revenue generated by a business.

The fixed costs associated with production.

The total output of an economy.

How does inflation impact the purchasing power of money?

Inflation decreases purchasing power.

Inflation increases purchasing power.

Inflation has no effect on purchasing power.

Inflation stabilizes purchasing power.

B. E. Unit 1 &2 Review (b)

Authored by Angela Royster

Professional Development

9th Grade

DOK Level 3: Strategic Thinking covered

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following scenarios best illustrates the concept of "needs vs. wants" in economics?

A family choosing between buying groceries and a new television.

A company deciding to invest in new technology to increase production.

A government allocating funds for infrastructure development.

A student saving money for college tuition.

Tags

DOK Level 3: Strategic Thinking

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Analyze the impact of an increase in the minimum wage on the supply and demand for labor in a competitive market.

Supply increases, demand decreases.

Supply decreases, demand increases.

Both supply and demand increase.

Both supply and demand decrease.

Tags

DOK Level 3: Strategic Thinking

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Evaluate the ethical implications of a company prioritizing profit over environmental sustainability.

It leads to short-term gains but long-term losses.

It is justified if it benefits shareholders.

It is unethical as it harms future generations.

It is acceptable if it complies with legal standards.

Tags

DOK Level 3: Strategic Thinking

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic type is characterized by government ownership of resources and centralized decision-making?

Capitalism

Socialism

Mixed Economy

Traditional Economy

Tags

DOK Level 3: Strategic Thinking

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Discuss how the ethical principle of "justice" can be applied in the distribution of resources in a society.

Resources should be distributed based on merit.

Resources should be distributed equally among all.

Resources should be distributed based on need.

Resources should be distributed to maximize efficiency.

Tags

DOK Level 3: Strategic Thinking

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do etailers differ from traditional brick-and-mortar retailers in terms of supply chain management?

Etailers have longer supply chains.

Etailers have more flexible supply chains.

Etailers have less control over their supply chains.

Etailers have higher supply chain costs.

Tags

DOK Level 3: Strategic Thinking

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Analyze the role of ethical principles in guiding business decisions during a financial crisis.

Ethical principles are secondary to profit maximization.

Ethical principles ensure long-term sustainability.

Ethical principles are irrelevant in a crisis.

Ethical principles should be adapted to the situation.

Tags

DOK Level 3: Strategic Thinking

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