#1
Which of the following is a primary sector activity?
Manufacturing
Services
Agriculture
Information Technology
#2
What is the economic term for the total value of all goods and services produced by a country in a specific time period?
Net Income
Trade Balance
Gross National Product
Consumer Price Index
#3
What is the main objective of a SWOT analysis in the context of production management?
Identifying Strengths, Weaknesses, Opportunities, and Threats
Maximizing Profits
Implementing Quality Control
Reducing Lead Time
#4
In production management, what does the acronym ERP stand for?
Enterprise Resource Planning
Efficient Resource Production
Economic Resource Provision
Effective Resource Processing
#5
What is the main purpose of the Pareto Principle in production management?
Minimizing Resource Utilization
Focusing on Vital Few Issues
Maximizing Inventory Levels
Random Allocation of Resources
#6
What does GDP stand for in the context of economics?
Gross Domestic Product
General Development Process
Global Demand Projection
Government Debt Percentage
#7
Which economic system is characterized by government ownership of key industries?
Capitalism
Socialism
Communism
Mixed Economy
#8
Which production management concept emphasizes minimizing the time between the order and the delivery of a product?
Kaizen
Six Sigma
Lead Time Reduction
Batch Production
#9
What is the primary focus of cost-benefit analysis in economic decision-making?
Maximizing Costs
Minimizing Benefits
Balancing Costs and Benefits
Ignoring Costs and Benefits
#10
Which economic principle suggests that as more units of a good are consumed, the additional satisfaction (utility) decreases?
Marginal Utility
Law of Diminishing Returns
Elasticity of Demand
Comparative Advantage
#11
What is the main objective of Total Quality Management (TQM) in production management?
Maximizing profits
Minimizing costs
Ensuring customer satisfaction
Expanding market share
#12
In the context of production management, what does JIT stand for?
Just in Time
Joint Integration Technique
Job Information Technology
Juxtaposed Industrial Trend
#13
In the context of economics, what does the term 'elasticity' measure?
Price sensitivity of demand
Profit margins of firms
Government intervention
Market competition
#14
Which economic indicator is used to measure the average prices received by domestic producers for their output?
Consumer Price Index (CPI)
Producer Price Index (PPI)
Gini Coefficient
Unemployment Rate
#15
In the context of economic systems, which of the following is a characteristic of a market economy?
Centralized Planning
Private Ownership of Resources
Equal Distribution of Wealth
Government Control of Production