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

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

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

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

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

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

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

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

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

• It increases the need for labor.

• It decreases the need for capital.

• It enhances productivity and efficiency.

• It reduces the availability of natural resources.

Tags

DOK Level 3: Strategic Thinking

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

• Supply always exceeds demand.

• Demand always exceeds supply.

• Supply and demand are independent.

• Supply and demand determine prices.

Tags

DOK Level 3: Strategic Thinking

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

• Focus solely on profit potential.

• Respect local customs and laws.

• Prioritize cost-cutting measures.

• Implement aggressive marketing strategies.

Tags

DOK Level 3: Strategic Thinking