APPLIED ECONOMICS EXAM

31. When using the SWOT analysis to identify a/ an ______it should involve looking at supply gaps arising from society's need and functions.

a. Strength,

b. Weakness,

c. Opportunity,

d. Threats,

32. Manufacturers of prescription eyeglasses and contact lenses face a threat in the reduction of its sales due to an introduction of laser eye surgery. This pertains to _______in Porter's Five Forces.

a. Development of substitute products,

b. Bargaining power of the suppliers,

c. Bargaining power of the consumers,

d. None of these are correct,

33. Company X's main objective is to increase its market share from 5% to 15%. This shows that Company X is _______

a. Organizing, b. Leading, c. Planning, d. All of these are correct,

34. Giving sanctions and rewards to employees is under _________

a. Leading, b. Organizing, c. Controlling, d None of these are correct,

35. When Apple first introduced iPod, it is offering a product with a unique feature. Apple is able to create a ________

a. Critical Success Factor, b. Key Results Area, c. Unique Selling Proposition, d. none of these are correct

36. These are external conditions that a business has no control and may impede the achievement of a firm's goals.

a. Opportunities, b. Strengths, c. Weaknesses, d. Threats,

37. Kristine makes sure that the products she buys are sourced ethically and from a sustainable source. What factor is this in a PESTLE analysis?

A. Social Factor B. Environmental Factor C. Economic Factor D. None of these are correct

38. Cynthia plans to open a boutique that sells apparel, footwear, and accessories. What will happen to the competitiveness of the firms in the industry?

A. Lessen competition B. Increase competition C. Higher bargaining power of supplier D. None of these are correct

39. Company J processes and bottles fruit jams. It purchases its fruits from a supplier in Baguio. The company later decides to purchase its supplier to guarantee its fruit supply. Company J is indulging in

A. Environmental Scanning B. TOWS Analysis C. Backward Integration D. None of these are correct

40. Noel owns a restaurant. He recently read from a reputable magazine that there is a continuous increase number of people that are embracing healthier eating options. This situation shows a/an for Noel to exploit.

A. Strength B. Opportunity C. Threats D. None of these are correct

41. Monsanto Company, which manufactures the herbicide Roundup (glyphosate) plus various Roundup Ready genetically modified seeds belongs to what industry?

A. International Trade B. Agribusiness C. Manufacturing D. Retail and Services

42. Coke is a globally renowned soft drink. It is produced by Coca-Cola Bottlers which is responsible for the creation of its flavoring extracts, syrup, powders and related products to make up the soft drink. What industry does the makers of Coke belong?

A. Retail and Services B. Manufacturing C. International Trade D. Agribusiness

43. Delle is an entrepreneur who obtains his goods from manufacturers or wholesalers. He makes sure that his store always has what a customer asks for so he can reduce the number of walkouts and the number of customers that don't return. Delle is into what type of industry?

A. Manufacturing B. Retail and Services C. International Trade

44. The Apple iPhone is assembled in China from components made in Japan, Singapore, and a half-dozen other locales. The designs and instructions are from the engineers and managers in California. These iPhones are then shipped and transported in every parts of the world. What type of industry is highlighted?

A. Retail and Services B. International Trade C. Manufacturing D. Agribusiness

45. Debrah sent a pair of jeans to her friend abroad. Is this considered as exporting?

A. No B. It depends C. Yes D. It is out of the context

46. Joe obtains his goods from the manufacturer and wholesalers of shoes. Now it is easier for the locals to buy those trendy shoes. As a retailer what vital role does Joe play?

A. A rich entrepreneur B. Final link between consumers and manufacturers C. Trendsetter D. Shoe Mogul 47. Hilda thinks that there is a need for them to import different components from Asian countries necessary to manufacture their computer tablets which her company successfully exports abroad. What could probably be the reason behind this?

A. They do not have time to produce the components B. The components are effectively and cheaply produced by another country C. For them to be able to participate in the International Trade D. None of these are correct

48. Mindy likes to help her fellow fashionista find clothes to wear so easily so she decides to put up her own store. What industry will Mindy soon venture?

A. Retail and Services B. Agribusiness C. Manufacturing D. International Trad

49. Kris is able to go to college because her mother raises hens that lays hundreds of eggs every day and then sells the eggs to the local market. Kris' mother is in what industry?

A. Agribusiness B. Manufacturing C .Retail and Services D. Export/Import

50. Alice is a sales lady in a local store. She greets customers and assists them. She also helps maintain an inventory of merchandise. To what industry does Alice work in?

A. International Trade B. Agribusiness C. Manufacturing D. Retail and Services