Question 1

Which of the following is considered a service?
A) Teaching
B) Waiting tables
C) Cutting hair
D) All of the choices are correct

Accepted Answer

All the options listed (teaching, waiting tables, and cutting hair) are considered services because they involve providing intangible benefits or actions to others rather than producing tangible goods.

Question 2

What is the rate at which goods and services are produced based upon total output given total inputs?
A) Goods
B) Services
C) Production
D) Productivity

Accepted Answer

Productivity measures the rate at which goods and services are produced based upon total output given total inputs.

Question 3

Which of the following is considered a good?
A) Milk and eggs
B) Managing a team
C) Selling groceries
D) All of the choices are correct

Accepted Answer

Goods are tangible products that can be consumed or used, such as milk and eggs. Managing a team and selling groceries are considered services, not goods.

Question 4

Assume you are in the business of producing and selling cars. If you could produce more cars with the same input what would happen to your productivity and profits assuming the price of your cars remains the same?
A) Increase in productivity, decrease in profits
B) Increase in productivity, increase in profits
C) Decrease in productivity, decrease in profits
D) Decrease in productivity, increase in profits

Accepted Answer

Producing more cars with the same input increases productivity because you're getting more output per unit of input. Assuming the price of cars remains the same and costs do not increase, selling more cars would also increase profits.

Question 5

What are goods?
A) Material items or products that customers will buy to satisfy a want or need
B) Tasks performed by people that customers will buy to satisfy a want or need
C) The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services
D) The rate at which goods and services are produced based upon total output given total inputs

Accepted Answer

Goods are tangible items that customers purchase to fulfill their needs or wants, such as electronics, clothing, and food. Tasks performed by people are considered services, not goods.

Question 6

Which of the following is considered a good?
A) Cars
B) Teaching
C) Waiting tables
D) All of the choices are correct

Accepted Answer

Goods are tangible products that can be seen, touched, and owned, such as cars. Teaching and waiting tables are considered services, not goods, because they are intangible activities or benefits provided to consumers.

Question 7

Cars, groceries, and clothing belong in which category?
A) Goods
B) Services
C) Production
D) Productivity

Accepted Answer

Cars, groceries, and clothing are tangible items that can be bought and sold, making them goods. Services, on the other hand, are intangible activities or benefits that are provided. Production is the process of creating goods or services, and productivity is a measure of the efficiency of production.

Question 8

What is production?
A) Material items or products that customers will buy to satisfy a want or need
B) Tasks performed by people that customers will buy to satisfy a want or need
C) The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services
D) The rate at which goods and services are produced based upon total output given total inputs

Accepted Answer

Production refers to the process where a business takes raw materials and processes or converts them into a finished product for its goods or services. This encompasses a wide range of activities from manufacturing to digital goods creation.

Question 9

Which of the following is considered a service?
A) Cars
B) Groceries
C) Cutting hair
D) All of the choices are correct

Accepted Answer

Cutting hair is considered a service because it involves providing a direct service to a customer, unlike cars and groceries, which are tangible goods.

Question 10

Assume you are in the business of producing and selling t-shirts. If you could produce more t-shirts with the same input what would happen to your productivity and profits assuming the price of your t-shirts remains the same?
A) Increase in productivity, decrease in profits
B) Increase in productivity, increase in profits
C) Decrease in productivity, decrease in profits
D) Decrease in productivity, increase in profits

Accepted Answer

Producing more t-shirts with the same input increases productivity because you're getting more output per unit of input. Assuming the price remains the same and costs don't increase, selling more t-shirts would also increase profits.

Question 11

The lettuce, tomatoes, patty, bun, and ketchup are included in which category of making a hamburger?
A) Input
B) Process
C) Output
D) All of the choices are correct

Accepted Answer

The lettuce, tomatoes, patty, bun, and ketchup are considered inputs in the process of making a hamburger, as they are the raw materials needed to create the final product.

Question 12

The actual hamburger is included in which category of making a hamburger?
A) Input
B) Process
C) Output
D) All of the choices are correct

Accepted Answer

The actual hamburger is considered the output in the process of making a hamburger. Inputs are the raw materials (like meat, buns, and toppings), the process involves cooking and assembling the burger, and the output is the finished hamburger.

Question 13

Which of the following is considered a service?
A) Selling groceries
B) Managing a team
C) Cutting hair
D) All of the choices are correct

Accepted Answer

All of the choices are considered services because they involve providing intangible benefits or activities to customers rather than physical goods.

Question 14

Teaching, waiting tables, and cutting hair belong in which category?
A) Goods
B) Services
C) Production
D) Productivity

Accepted Answer

These are all examples of services, which involve providing intangible products like expertise, experience, or labor directly to customers.

Question 15

Which of the following is considered a good?
A) Cars
B) Groceries
C) Clothing
D) All of the choices are correct

Accepted Answer

All of the choices are considered goods because they are tangible items that can be bought and sold.

Question 16

Cooking a patty and putting the ingredients together are included in which category of making a hamburger?
A) Input
B) Process
C) Output
D) All of the choices are correct

Accepted Answer

Cooking a patty and assembling the ingredients are part of the process category in making a hamburger, as they involve the steps taken to transform inputs (like raw meat and buns) into the final product (the hamburger).

Question 17

What is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services?
A) Goods
B) Services
C) Production
D) Productivity

Accepted Answer

Production is the process where a business takes raw materials and processes or converts them into a finished product for its goods or services.

Question 18

Assume you are in the business of producing and selling hamburgers. If you could produce more hamburgers with the same input what would happen to your productivity and profits assuming the price of your hamburgers remains the same?
A) Increase in productivity, decrease in profits
B) Increase in productivity, increase in profits
C) Decrease in productivity, decrease in profits
D) Decrease in productivity, increase in profits

Accepted Answer

Producing more hamburgers with the same input increases productivity because you're getting more output per unit of input. Assuming the price remains the same and costs do not increase, selling more hamburgers would also increase profits.

Question 19

What are services?
A) Material items or products that customers will buy to satisfy a want or need
B) Tasks performed by people that customers will buy to satisfy a want or need
C) The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services
D) The rate at which goods and services are produced based upon total output given total inputs

Accepted Answer

Services are intangible tasks performed by people or companies to satisfy the wants or needs of customers, unlike goods, which are tangible items.

Question 20

What is productivity?
A) Material items or products that customers will buy to satisfy a want or need
B) Tasks performed by people that customers will buy to satisfy a want or need
C) The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services
D) The rate at which goods and services are produced based upon total output given total inputs

Accepted Answer

Productivity refers to the efficiency of the production process, measured by the amount of output produced per unit of input over a specific period. It's a key indicator of economic performance and efficiency.

Quiz 2: Identifying Competitive Advantages

Which of the following is considered a service?

What is the rate at which goods and services are produced based upon total output given total inputs?

Which of the following is considered a good?

Assume you are in the business of producing and selling cars. If you could produce more cars with the same input what would happen to your productivity and profits assuming the price of your cars remains the same?

What are goods?

Which of the following is considered a good?

Cars, groceries, and clothing belong in which category?

What is production?

Which of the following is considered a service?

Assume you are in the business of producing and selling t-shirts. If you could produce more t-shirts with the same input what would happen to your productivity and profits assuming the price of your t-shirts remains the same?

The lettuce, tomatoes, patty, bun, and ketchup are included in which category of making a hamburger?

The actual hamburger is included in which category of making a hamburger?

Which of the following is considered a service?

Teaching, waiting tables, and cutting hair belong in which category?

Which of the following is considered a good?

Cooking a patty and putting the ingredients together are included in which category of making a hamburger?

What is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services?

Assume you are in the business of producing and selling hamburgers. If you could produce more hamburgers with the same input what would happen to your productivity and profits assuming the price of your hamburgers remains the same?

What are services?

What is productivity?