Chapter 6: Economics Trivia Quiz!

15 Questions | Attempts: 145
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  • 1/15 Questions

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

    • True
    • False
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About This 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!

Chapter 6: Economics Trivia Quiz! - Quiz

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  • 2. 

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

    • Near the market for its goods

    • Near its source of raw materials

    • Near a large skilled labor pool

    • Near a port

    Correct Answer
    A. Near its source of raw materials
  • 3. 

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

    • True

    • False

    Correct Answer
    A. True
  • 4. 

    The regional multiplier is:

    • The ratio of nonbasic to basic employment

    • The ratio of basic to nonbasic employment

    • the ratio of total to basic employment

    • The ratio of nonbasic to total employment

    • The ratio of total to nonbasic employment

    Correct Answer
    A. the ratio of total to basic employment
  • 5. 

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

    • Economies of scale

    • Specialization

    • Mechanization

    • Substitution of labor for capital

    Correct Answer
    A. Substitution of labor for capital
  • 6. 

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

    • Exxon-Mobil

    • General Electric

    • Verizon Communications

    • Wal-Mart

    • IBM

    Correct Answer
    A. Wal-Mart
  • 7. 

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

    • Primary

    • Secondary

    • Tertiary

    • Quaternary

    Correct Answer
    A. Primary
  • 8. 

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

    • Cost minimization

    • Economies of scale

    • Labor productivity

    • Transaction costs

    Correct Answer
    A. Economies of scale
  • 9. 

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

    • Transaction costs

    • Economic costs

    • R&D costs

    • Agglomeration cost

    Correct Answer
    A. Transaction costs
  • 10. 

    An example of a market-oriented manufacturing industry is:

    • Paper manufacturing

    • Beer brewing

    • Oil refining

    • Toy manufacturing

    Correct Answer
    A. Beer brewing
  • 11. 

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

    • Urbanization

    • Transaction

    • Disagglomeration

    • Localization

    Correct Answer
    A. Localization
  • 12. 

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

    • Increased consumer buying power

    • Improved wages, benefits, and union representation for retail sector workers

    • Long-term decline in local retail employment (i.e., competitors close their doors)

    • Increased infrastructure costs of supporting off-Main Street locations (i.e., large shopping centers)

    Correct Answer
    A. Improved wages, benefits, and union representation for retail sector workers
  • 13. 

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

    • True

    • False

    Correct Answer
    A. True
  • 14. 

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

    • True

    • False

    Correct Answer
    A. False
  • 15. 

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

    • Primary activity

    • secondary activity

    • Tertiary activity

    • Quaternary activity

    Correct Answer
    A. Quaternary activity

Quiz Review Timeline (Updated): Mar 20, 2022 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 20, 2022
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 25, 2015
    Quiz Created by
    Ericwu651
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