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Applied Economics: Written Test #1 M1-4

This document contains 20 multiple choice questions about business concepts such as environmental scanning, strengths, weaknesses, opportunities, threats (SWOT) analysis, economies of scale, manufacturing industry trends, and the five forces model. For each question there are two possible answers: true or false. The questions cover topics like how environmental scanning assesses threats and opportunities, the definition of strengths and weaknesses in a SWOT analysis, when economies of scale can be implemented, factors that influence the manufacturing industry, and the five components of the five forces model: threats of new entrants, bargaining power of suppliers and buyers, threat of substitute products, and competitive rivalry.

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76 views21 pages

Applied Economics: Written Test #1 M1-4

This document contains 20 multiple choice questions about business concepts such as environmental scanning, strengths, weaknesses, opportunities, threats (SWOT) analysis, economies of scale, manufacturing industry trends, and the five forces model. For each question there are two possible answers: true or false. The questions cover topics like how environmental scanning assesses threats and opportunities, the definition of strengths and weaknesses in a SWOT analysis, when economies of scale can be implemented, factors that influence the manufacturing industry, and the five components of the five forces model: threats of new entrants, bargaining power of suppliers and buyers, threat of substitute products, and competitive rivalry.

Uploaded by

MariaAngelaAdanEvangelista
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

APPLIED ECONOMICS

Written Test #1
M1-4
•1. Environmental scanning is a
strategic tool in assessing the
level of threat or opportunity
the factors might affect the
business.
•a. True
•b. False
•2. Strengths describe what
an organization excels at
and what separates it from
the competition.
•a. True
•b. False
•3. Economies of scale can
be implemented by a firm
at any stage of the
production process.
•a. True
•b. False
•4. Weaknesses refer to
factors that have the
potential to harm an
organization.
•a. True
•b. False
•5. The presence of one or more
competitors can reduce the
prices of goods and services as
the companies attempt to gain
a larger market share.
•a. True
•b. False
•6. A manufacturing business
is any business that uses
components, parts, or raw
materials to make a finished
good.
•a. True
•b. False
•7. Economic factors include
economic growth, interest
rates, exchange rates, inflation,
disposable income of
consumers and businesses.
•a. True
•b. False
•8. There is a decrease
of 3,803 manufacturing
establishing in 2017.
•a. True
•b. False
• 9. This force studies how easy it is for
consumers to switch from a business’s
product or service to that of a competitor.
• a. threats of substitute products or services
• b. Threats of new entrants
• c. Bargaining power of buyers
• d. Bargaining power of suppliers
• e. Competitive Rivalry
•10. Threat stop an
organization from
performing at its
optimum level.
•a. True
•b. False
• 11. This force examines how easy or
difficult it is for the competition to join the
marketplace in the industry being
examined.
• a. threats of substitute products or services
• b. Threats of new entrants
• c. Bargaining power of buyers
• d. Bargaining power of suppliers
• e. Competitive Rivalry
•12. Manufacturing is
called the engine of
the economy.
•a. True
•b. False
•13. Identifying core strengths,
weaknesses, opportunities, and
threats lead to fact-based
analysis, fresh perspectives,
and new ideas.
•a. True
•b. False
•14. A customer is an
individual or business
that purchases products.
•a. True
•b. False
•15. This force examines how intense the
competition currently is in the market.
•a. threats of substitute products or
services
•b. Threats of new entrants
•c. Bargaining power of buyers
•d. Bargaining power of suppliers
•e. Competitive Rivalry
•16. This force analyzes how much power
a business’ suppliers has.
•a. threats of substitute products or
services
•b. Threats of new entrants
•c. Bargaining power of buyers
•d. Bargaining power of suppliers
•e. Competitive Rivalry
•17. Opportunities refer to
favorable external factors that
could give an organization a
competitive advantage.
•a. True
•b. False
•18. This force looks at the power of the
consumer to affect pricing and quality.
•a. threats of substitute products or
services
•b. Threats of new entrants
•c. Bargaining power of buyers
•d. Bargaining power of suppliers
•e. Competitive Rivalry
•19. Manufacturing
industry has been
improved in the second
quarter of 2020.
•a. True
•b. False
•20. Environmental analysis is
a process used by
organizations to monitor their
external and internal
environments.
•a. True
•b. False

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