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- 1. Multiple-choice45 seconds1 pt
Which of the following are potential factors of production used to create a textbook? (Check all that apply)
forests
writers
editors (to proof-read)
students
printing machines
- 2. Open-ended1 minute3 pts
Specialization is...
- 3. Fill-in-the-Blank45 seconds1 pt
The basic economic problem is a result of _______: there exist unlimited wants but limited resources to produce goods and services to satisfy those wants.
- 4. Fill-in-the-Blank45 seconds1 pt
Due to the problem of scarcity, we have to make choices. Due to choices, there is an ________ involved when making decisions.
- 5. Multiple-choice30 seconds1 pt
Netflix belongs to which sector of the economy?
Primary sector
Secondary sector
Tertiary sector
- 6. Multiple-choice30 seconds1 pt
Oil refining belongs to which sector of the economy?
Primary sector
Secondary sector
Tertiary sector
- 7. Multiple-choice30 seconds1 pt
Facebook bought Instagram for $1 billion in 2012. This is an example of...
horizontal integration
backward vertical integration
forward vertical integration
conglomerate integration
- 8. Fill-in-the-Blank1 minute1 pt
Horizontal integration is an example of _______ growth.
- 9. Multiple-choice30 seconds1 pt
Internal growth is usually slow.
True
False
- 10. Multiple-choice30 seconds1 pt
The lack of a detailed business plan can be a cause of business failure
Yes
No
- 11. Multiple-choice30 seconds1 pt
Apple acquired the firm AuthenTec in 2012 which develops a touch-based ID fingerprint sensor that is used for its iPhones. This is an example of...
backward vertical integration
forward vertical integration
horizontal integration
conglomerate integration
- 12. Fill-in-the-Blank1 minute2 pts
Profit = ? - ?
