Chapter 6: Economics Trivia Quiz!

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Chapter 6: Economics Trivia Quiz! - Quiz

This is an economics trivia that gives the learner an opportunity to review what they learned in chapter 6 this past classes. Understanding economics gives someone the opportunity to understand some trends that occur in the environment and how to predict such a trend to ensure the economic environment isn’t that affected. Press start and see how informed you are. All the best!

Questions and Answers

1.

The regional multiplier is:
- A.
  
  The ratio of nonbasic to basic employment
- B.
  
  The ratio of basic to nonbasic employment
- C.
  
  the ratio of total to basic employment
- D.
  
  The ratio of nonbasic to total employment
- E.
  
  The ratio of total to nonbasic employment
Correct Answer
C. the ratio of total to basic employment
2.

Since 1969, the number of financial services companies in the top 20 of the Fortune list of largest U.S. corporations has increased.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
3.

The largest U.S. corporation, in terms of both revenues and employment, is:
- A.
  
  Exxon-Mobil
- B.
  
  General Electric
- C.
  
  Verizon Communications
- D.
  
  Wal-Mart
- E.
  
  IBM
Correct Answer
D. Wal-Mart
4.

In comparison to preindustrial times, which of the following sectors of the economy is smaller than it used to be?
- A.
  
  Primary
- B.
  
  Secondary
- C.
  
  Tertiary
- D.
  
  Quaternary
Correct Answer
A. Primary
5.

Which of the following was not one of the keys to wealth creation in the industrial economy?
- A.
  
  Economies of scale
- B.
  
  Specialization
- C.
  
  Mechanization
- D.
  
  Substitution of labor for capital
Correct Answer
D. Substitution of labor for capital
6.

According to the least-cost location theory, a firm for which the cost to transport raw materials is high is most likely to locate:
- A.
  
  Near the market for its goods
- B.
  
  Near its source of raw materials
- C.
  
  Near a large skilled labor pool
- D.
  
  Near a port
Correct Answer
B. Near its source of raw materials
7.

Tertiary activities comprise a large and growing segment of the labor force in the United States today.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
8.

Cost savings resulting from the production of larger quantities of a product are called:
- A.
  
  Cost minimization
- B.
  
  Economies of scale
- C.
  
  Labor productivity
- D.
  
  Transaction costs
Correct Answer
B. Economies of scale
9.

An example of a market-oriented manufacturing industry is:
- A.
  
  Paper manufacturing
- B.
  
  Beer brewing
- C.
  
  Oil refining
- D.
  
  Toy manufacturing
Correct Answer
B. Beer brewing
10.

What kind of economies are achieved when an area develops a specialization in a certain industry?
- A.
  
  Urbanization
- B.
  
  Transaction
- C.
  
  Disagglomeration
- D.
  
  Localization
Correct Answer
D. Localization
11.

Which of the following is not an outcome of the “Wal-Mart Effect” as identified in the case studies?
- A.
  
  Increased consumer buying power
- B.
  
  Improved wages, benefits, and union representation for retail sector workers
- C.
  
  Long-term decline in local retail employment (i.e., competitors close their doors)
- D.
  
  Increased infrastructure costs of supporting off-Main Street locations (i.e., large shopping centers)
Correct Answer
B. Improved wages, benefits, and union representation for retail sector workers
12.

Basic industries are industries that produce goods or services that are sold mostly to people/firms outside of the region.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
13.

The unseen costs of doing business, that is, of gaining information, making contracts, finding suppliers, learning about and meeting regulations, etc., are known as:
- A.
  
  Transaction costs
- B.
  
  Economic costs
- C.
  
  R&D costs
- D.
  
  Agglomeration cost
Correct Answer
A. Transaction costs
14.

Break-of-bulk locations are areas that produce raw materials.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
15.

A high-value, information-based service is a:
- A.
  
  Primary activity
- B.
  
  secondary activity
- C.
  
  Tertiary activity
- D.
  
  Quaternary activity
Correct Answer
D. Quaternary activity

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Current Version
Mar 20, 2022

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Oct 25, 2015

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Chapter 6: Economics Trivia Quiz!

The regional multiplier is:

Since 1969, the number of financial services companies in the top 20 of the Fortune list of largest U.S. corporations has increased.

The largest U.S. corporation, in terms of both revenues and employment, is:

In comparison to preindustrial times, which of the following sectors of the economy is smaller than it used to be?

Which of the following was not one of the keys to wealth creation in the industrial economy?

According to the least-cost location theory, a firm for which the cost to transport raw materials is high is most likely to locate:

Tertiary activities comprise a large and growing segment of the labor force in the United States today.

Cost savings resulting from the production of larger quantities of a product are called:

An example of a market-oriented manufacturing industry is:

What kind of economies are achieved when an area develops a specialization in a certain industry?

Which of the following is not an outcome of the “Wal-Mart Effect” as identified in the case studies?

Basic industries are industries that produce goods or services that are sold mostly to people/firms outside of the region.

The unseen costs of doing business, that is, of gaining information, making contracts, finding suppliers, learning about and meeting regulations, etc., are known as:

Break-of-bulk locations are areas that produce raw materials.

A high-value, information-based service is a: