Question : 61. (p. 404) To spur U.S. industry into action, the _____ indicated that : 1242110

Economics

61. (p. 404) To spur U.S. industry into action, the _____ indicated that accepting the metric system will not be mandatory unless you want to sell something to the U.S. government; all U.S. government purchases are to be conducted exclusively in metric.
A. Office of the United States Trade Representative
B. International Electrotechnical Commission
C. Department of Labor
D. International Organization for Standardization
E. Department of Commerce

62. (p. 404) Which of the following countries is not officially on the metric system?
A. The United States
B. Japan
C. Saudi Arabia
D. Mexico
E. China

63. (p. 405) Many suppliers are adopting ISO 9000 standards because:
A. customer satisfaction surveys indicate retail customers prefer ISO certified suppliers.
B. it is the latest fad that adds value according to customer perception.
C. they want to be perceived as eco-friendly.
D. the WTO expects international suppliers to conform to ISO standards.
E. manufacturers are requiring them to do so.

64. (p. 405) ISO 9000 concerns the:
A. ability of a company to meet quality expectations of consumers.
B. registration and certification of a manufacturer’s quality system.
C. profitability of a production line.
D. ability of a company’s computer system to adapt to SAP.
E. assurance of product application.

65. (p. 405) Which of the following about ISO 9000 is true?
A. ISO 9000 standards apply to specific products.
B. It guarantees that a manufacturer produces a “quality” product or service.
C. The series describes five quality system models.
D. ISO 9000 standards relate to generic system standards that enable a company to provide assurance that it has a quality control system.
E. ISO 9000s were originally designed by the International Organization for Standardization in Zurich.

66. (p. 405) A strong level of interest in ISO 9000 is being driven more by:
A. government regulations.
B. marketplace requirements.
C. coercive action.
D. collective action.
E. internal perspectives.

67. (p. 405) Identify the correct statement about ISO 9000.
A. To receive ISO 9000 certification, a company requests a certifying body to conduct an audit of the governance framework of a company.
B. The object of the assessor asking questions about everything is to develop a transitory plan to ensure that minute details are not overlooked.
C. A complete assessment for recertification is done every four years.
D. Although ISO 9000 is generally involuntary, the EU Product Liability Directive puts pressure on all companies to become certified.
E. The assessor helps employees create a quality manual, which will be made available to customers wishing to verify the organization’s reliability.

68. (p. 405) Which of the following is considered to be an important competitive tool in Europe?
A. Adoption of ISO 9000 by a company.
B. All packaging instructions are printed in English.
C. All pricing is pegged to the dollar as the international standard.
D. The ability to incorporate U.S. products into inventories.
E. All product components are indigenously sourced.

69. (p. 406) The _____ measures customers’ satisfaction and perceptions of quality of a representative sample of America’s goods and services.
A. ISO 9000
B. Loyalty business model
C. Net Promoter Score (NPS)
D. American Customer Satisfaction Index (ACSI)
E. American Price Index (API)

70. (p. 406) For many industrial products, the revenues from associated services exceed the revenues from the products. Which of the following examples best illustrates this statement?
A. Paper produced in a paper mill
B. A dental laboratory that prepares false teeth
C. Cell phones
D. A fax machine
E. A heavy duty lathe machine

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July 1, 2023

61.When there is a shortage in a market, prices are likely to:

A. Fall because buyers do not wish to buy as much as sellers want to sell.

B. Rise because some buyers will offer to pay a higher price.

C. Fall because sellers are likely to reduce their production if prices rise.

D. Rise because the government will put a price ceiling in place.

62.If a market shortage exists:

A. The invisible hand will work to reduce the price.

B. The only solution is for the government to raise the price.

C. Producers will compete for customers by reducing prices.

D. Consumers will compete for the product by offering to pay more.

63.A market surplus occurs when:

A. People cannot buy the amount of goods and services that they are willing and able to buy.

B. The price is less than the equilibrium price.

C. The quantity supplied exceeds the quantity demanded at a given price.

D. There is a price ceiling.

64.When there is a surplus in a market, prices are likely to fall because:

A. Buyers do not wish to buy as much as sellers want to sell.

B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.

C. Sellers are likely to increase their production.

D. Buyers will wait for the government to establish a price floor.

65.If a market surplus exists:

A. The only resolution is for the government to set the price.

B. Consumers will compete for the product buy offering to pay more.

C. Producers will compete for customers by reducing prices.

D. The equilibrium price is equal to the price ceiling.

66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:

A. To rise and quantity to fall.

B. And quantity both to rise.

C. To fall and quantity to rise.

D. And quantity both to fall.

67.If demand is constant, a leftward shift in the supply curve will result in:

A. A decrease in equilibrium quantity and a lower equilibrium price.

B. An increase in equilibrium quantity and a lower equilibrium price.

C. A decrease in equilibrium quantity and a higher equilibrium price.

D. An increase in equilibrium quantity and a higher equilibrium price.

68.The price of chocolate candy bars rises. This could be due to:

A. A decrease in the wage rate paid to workers in the candy bar factories.

B. A decrease in the cost of chocolate, which is used to produce candy bars.

C. A subsidy by the federal government for the producers of chocolate candy bars.

D. A decrease in the number of chocolate candy bar producers.

69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:

A. A decrease in equilibrium quantity and a higher equilibrium price.

B. An increase in equilibrium quantity and a higher equilibrium price.

C. An increase in equilibrium quantity and a lower equilibrium price.

D. A decrease in equilibrium quantity and a lower equilibrium price.

70.Which of the following would cause a decrease in the price of automobiles?

A. A technological advance in automobile manufacturing.

B. An increase in the wages paid to automobile assembly line workers.

C. A decrease in the cost of gasoline.

D. An increase in the number of buyers.