ICEV Economic Concepts: Questions and Answers, Exams of Nursing

Download ICEV Economic Concepts: Questions and Answers and more Exams Nursing in PDF only on Docsity!

icev economic concepts question and

answers graded A+ 2023

Which of the following enhances value by having a product or service available to consumers during a certain time of day, month or year? - correct answer Time utility Advertising which informs consumers about a new product is an example of which of the following? - correct answer Information utility Which of the following are materials used in producing goods or providing services? - correct answer Economic resources Which of the following is the rule which states at some point adding more factors to a production process will not improve returns? - correct answer Law of diminishing returns Which of the following is the theories, principles and models which deal with production, distribution and consumption of goods and services? - correct answer Economics Which of the following is an economic system in which businesses are privately owned and product development is proportionate to the accumulation and reinvestment of profits gained in free market? - correct answer Capitalism Economic Success can NOT be measured in the following ways? - correct answer DGP Which of the following shows an economic decline when high and an economic expansion when low? - correct answer Unemployment rate Which of the following is the amount charged as a percentage of the initial loan borrowed from a lender? - correct answer Interest rate

The amount of product available to the market is known as which of the following? - correct answer Supply Which of the following can be defined as the taxes placed on imports? - correct answer Tariffs Which of the following constitutes economic production rising then falling in a long cycle of expansion and contraction? - correct answer Business cycle Which phase in the business cycle is defined as the period of lowest economic activity? - correct answer Trough Which of the following countries is NOT a member of the EU? - correct answer Turkey Which of the following is defined as two or more consecutive fiscal quarters of decreasing GDP? - correct answer Recession Current events can impact personal financial decisions, particularly through the stock market? - correct answer True Unprofitable firms negatively affect the economy by increasing the job market and increasing salaries and benefits. - correct answer False Gross National Income includes all of the income earned by a country's residents and businesses including those earned abroad. - correct answer True A country possessing unique resources or capabilities to allow the lowest cost of production for a product is known as which of the following? - correct answer Absolute advantage Which of the following types of utility enhances value by creating more useful or desirable products out of raw materials or separate parts? - correct answer Form

When companies are understaffed employees can become overworked, cause a hostile work environment and increase the time of production. - correct answer True When describing supply and demand, which of the following defines when a product is demanded in larger quantities than is produced? - correct answer Shortage An economic system in which there is increased government involvement where the goal is to keep prices low and provide jobs for everyone is known as which of the following? - correct answer Socialism Which of the following is NOT one of the basic economic questions listed in the presentation? - correct answer When will we produce those goods and services Protection for business, individuals and resources are NOT provided by which of the following types of government departmental regulation? - correct answer NHAC