Ja Chapter 9 Review Game

37 Questions | Total Attempts: 354

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Ja Chapter 9 Review Game

Here it is after a brief hiatus. The chapter 9 quiz. The questions are the same as the questions on the test!


Questions and Answers
  • 1. 
    Do you prefer this quiz to the older ones or id you like it before?
  • 2. 
    1. Which of the following statements is the BEST example of an increase in productivity?
    • A. 

      A factory produces more units than in the previous year.

    • B. 

      A factory uses fewer resources than in the previous year.

    • C. 

      A factory produces fewer units using more resources than in the previous year.

    • D. 

      A factory uses fewer resources to produce more units than in the previous year.

  • 3. 
    When total cost exceeds total revenues, a business has registered
    • A. 

      A loss

    • B. 

      A profit

    • C. 

      A benefit

    • D. 

      A risk

  • 4. 
    When total revenues exceed total costs, a business has registered
    • A. 

      A loss

    • B. 

      A profit

    • C. 

      A benefit

    • D. 

      A risk

  • 5. 
    An economist would probably argue that technological changes are usually the direct result of
    • A. 

      Division of labor

    • B. 

      Additional equipments

    • C. 

      Low wages and productivity

    • D. 

      New knowledge and processes

  • 6. 
    An economist would most likely define fixed costs as
    • A. 

      Extra charges incurred when workers demand higher wages

    • B. 

      Extra charges incurred when a business ships additional goods

    • C. 

      Expenses that increase or decrease with the rate of productionê

    • D. 

      Expenses that remain unchanged regardless of the rate of production

  • 7. 
    Which of the following statements is TRUE about the introduction of the assembly line in the American automobile industry?
    • A. 

      It utilized the concept of division of labor to improve efficiency

    • B. 

      It helped companies train employees to do a wide variety of jobs

    • C. 

      It required workers to have comprehensive knowledge of all production tasks

    • D. 

      It improved product quality by slowing down the time needed to produce cars

  • 8. 
    To an economist, when an automobile factory operates efficiently it means that
    • A. 

      Profit per vehicle is highv

    • B. 

      All cars produced are sold

    • C. 

      The ratio of cars produced per input is high

    • D. 

      The output of cars produced per year increases

  • 9. 
    Division of labor is best described as a process in which
    • A. 

      Different companies specialize in producing similar productsjobs

    • B. 

      Each worker performs a specific task in the production process

    • C. 

      Workers share shifts with other workers on the job to increase production

    • D. 

      Unions protect jobs and benefits by organizing employees in different industries

  • 10. 
    A market economy generally encourages producers to realize greater profits by
    • A. 

      Restricting consumer choices

    • B. 

      Obtaining government loans and subsidies

    • C. 

      Increasing production output for all products and services

    • D. 

      Reducing production costs and making higher quality productsjobs

  • 11. 
    Which of the results above most likely reflect an increase in productivity?
    • A. 

      I and II

    • B. 

      I and III

    • C. 

      II and III

    • D. 

      I, II and II

  • 12. 
    Economists generally describe productivity as
    • A. 

      The amount of profit gained from output

    • B. 

      The increase in goods produced from input

    • C. 

      The increase in profit per unit of input per hour

    • D. 

      The amount of output produced per worker per hour

  • 13. 
    In economic terms, losses are the financial incentive that induce entrepreneurs to
    • A. 

      Reduce efficiency

    • B. 

      Increase current productionÿà¥

    • C. 

      Continue running their businesses as usualp\

    • D. 

      Use productive resources in different ways

  • 14. 
    In economics, the formula for determining productivity is
    • A. 

      Output divided by input

    • B. 

      Profit divided by losses

    • C. 

      Price divided by production cost

    • D. 

      Output divided by quantity demanded

  • 15. 
    An economist would probably argue that an increase in productivity affects a nation's standard of living because
    • A. 

      Workers who are more productive are likely to earn higher wages.

    • B. 

      Companies with productive workers are likely to earn lower profits.

    • C. 

      The productive output of a country determines its inflation rate.

    • D. 

      The productive output of a country determines income tax rates.

  • 16. 
    Which of the following business expenses is most likely to vary each month?
    • A. 

      A loan payment

    • B. 

      An electric bill

    • C. 

      A building’s rental cost

    • D. 

      An employee’s health insurance cost

  • 17. 
    An investment in a college education is an investment in
    • A. 

      Capital goods

    • B. 

      Human capital

    • C. 

      Natural resources

    • D. 

      Technological change

  • 18. 
    Which of these describes an increase in productivity?
    • A. 

      Higher total output of goods and services

    • B. 

      Higher profit margins on goods and services

    • C. 

      More goods and services are produced at increased prices

    • D. 

      More goods and services are produced with the same resources

  • 19. 
    An economist would most likely define variable costs as expenses that
    • A. 

      Result from equipment that wears out over time

    • B. 

      Result from executive salaries and property taxes

    • C. 

      Increase or decrease with the rate of production

    • D. 

      Remain unchanged regardless of productive output

  • 20. 
    In the scenario above, Company A’s total variable costs would be
    • A. 

      $4,500

    • B. 

      $9,200

    • C. 

      $10,400

    • D. 

      $14,900

  • 21. 
    Which of the following statements is true about investments in physical and human capital?
    • A. 

      They reduce employment opportunities and standards of living.

    • B. 

      They require productivity losses in exchange for reduced upfront costs.

    • C. 

      They require short-term costs in exchange for improved long-term results.­

    • D. 

      They create little or no opportunity costs or economic risks for companies.

  • 22. 
    Which of the following are most likely to improve a company's overall productivity?
    • A. 

      Higher tax rates on its workers' incomes

    • B. 

      Improvements in its trade relations

    • C. 

      Advances in its technology

    • D. 

      None of the above

  • 23. 
    Dividing total output by total input is a way to measure
    • A. 

      Productivity

    • B. 

      Relative price

    • C. 

      Absolute advantage

    • D. 

      Comparative advantage

  • 24. 
    A country's gross domestic product (GDP) is a measurement of the
    • A. 

      Total value of stocks traded on the nation's major stock exchanges

    • B. 

      Amount of labor required to produce the nation's goods and services

    • C. 

      Average costs to employers for producing the nation's most commonly used goods

    • D. 

      Total value of final goods and services produced per year within the nation's borders

  • 25. 
    An automobile manufacturer enjoyed a 5% increase in profit from one year to the next, even though the cost of the company's productive resources remained constant. Which of these is the most likely explanation?
    • A. 

      The company paid lower wages to the workers\

    • B. 

      The workers increased their productivity

    • C. 

      The demand for automobiles decreasedm

    • D. 

      None of the above

  • 26. 
    An economist would probably argue that the situation described above would most likely result in
    • A. 

      Lower rates of inflation in Country A

    • B. 

      Lower levels of consumer spending in Country A

    • C. 

      Higher rates of unemployment in Country A

    • D. 

      Higher standards of living for people in Country AL

  • 27. 
    Consumers are affected by government regulations that increase entrepreneurs' costs of production because
    • A. 

      Production costs are rarely if ever passed along to consumers

    • B. 

      Entrepreneurs generally increase production when their own costs go up

    • C. 

      Production cost increases are likely to increase consumer demand for goods

    • D. 

      Consumers may ultimately have fewer choices as a result of higher production costs

  • 28. 
    If a business wants to maximize profits, it attempts to produce a quantity of goods which creates
    • A. 

      The lowest total costs

    • B. 

      The highest possible revenues

    • C. 

      The most equality between costs and revenues

    • D. 

      The greatest positive difference between costs and revenues

  • 29. 
    A company employs 100 workers and each works 35 hours per week. They produce a total of 7,000 items per week. According to this information, labor productivity at the company is
    • A. 

      1 item per worker per hour

    • B. 

      2 items per worker per hour

    • C. 

      3.5 items per worker per hour

    • D. 

      7 items per worker per hour

  • 30. 
    The MAIN purpose of using division of labor is to
    • A. 

      Distribute work evenly

    • B. 

      Lower transaction costs

    • C. 

      Improve productivity

    • D. 

      Increase consumption

  • 31. 
    Which of these actions is an investment in human capital?
    • A. 

      Paying higher wages

    • B. 

      Saving more money

    • C. 

      Learning new skills

    • D. 

      Buying equipment

  • 32. 
    Which expense is most likely a fixed cost?
    • A. 

      Wages for workers

    • B. 

      Monthly shipping charges

    • C. 

      Rent for a company’s warehouse

    • D. 

      Raw materials used in production

  • 33. 
    Which of the following best completes the statement above?
    • A. 

      Fixed costs

    • B. 

      Fixed benefit

    • C. 

      Marginal cost

    • D. 

      Marginal benefit

  • 34. 
    An economist would most likely define economic growth as
    • A. 

      An increase in profits from goods and services in the short run

    • B. 

      An improved standard of living for a nation's government officials

    • C. 

      A higher level of employment in manufacturing and agriculture

    • D. 

      A sustained increase in the nation's production of goods and services

  • 35. 
    Which of the following statements about investing in human capital is most likely true?
    • A. 

      It can increase productivity, because it increases a worker's abilities on the job.

    • B. 

      It can raise future standards of living, because workers will be more productive.

    • C. 

      It can reduce the cost of doing business, because workers will be more productive.

    • D. 

      All of the above.

  • 36. 
    Which of the following would occur as a business increases the quantity it produces?
    • A. 

      Total cost falls as more units are produced.

    • B. 

      Average fixed cost falls as more units are produced.

    • C. 

      Average variable cost falls after reaching the point of diminishing returns.

    • D. 

      Total fixed cost falls, then increases after reaching the point of diminishing returns.

  • 37. 
    In economic terms, worker specialization is likely to lead to
    • A. 

      Fewer job options

    • B. 

      Greater productivity

    • C. 

      Increased production costs

    • D. 

      Exclusion from the job market