Chapter 6: Economics Trivia 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!
- 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
- 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
- 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
- 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
- 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
- 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
- 7.Tertiary activities comprise a large and growing segment of the labor force in the United States today.
- A.
True
- B.
False
- 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
- 9.An example of a market-oriented manufacturing industry is:
- A.
Paper manufacturing
- B.
Beer brewing
- C.
Oil refining
- D.
Toy manufacturing
- 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
- 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)
- 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
- 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
- 14.Break-of-bulk locations are areas that produce raw materials.
- A.
True
- B.
False
- 15.A high-value, information-based service is a:
- A.
Primary activity
- B.
secondary activity
- C.
Tertiary activity
- D.
Quaternary activity
Questions: 10 | Attempts: 16886 | Last updated: Jun 15, 2020
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