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Economics - Unit 2 Test Review Flashcards | StudBud
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Economics - Unit 2 Test Review
Economics - Unit 2 Test Review
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1
Which of the following statements best describe the outcome of successful product branding?
Rivals selling similar products are forced to change their name
A product is automatically associated with quality & popularity
News stories on a specific brand outnumber news stories of their rivals
None of these
2
Why do producers conduct market research?
Pursue additonal businesses
Pursue profit
Pursue a balanced budget
Pursue enough to go on vacation
3
Which of the following is one common business model for retail stores?
Bait and Hook
Subscription
Shopkeeper
Cutting out the Middleman
4
In the game of economics, producers provide all goods and services. Who
makes
all of the goods and services?
Government
Consumers
Workers
Businesses
5
Which of the following market structures does not limit consumer choice?
Oligopoly
Monopoly
Pure Competition
Monopolistic Competition
6
Which of the following is one advantage offered by the bricks and clicks business model?
Steady revenue and predictable profits can be made
Consumers are required to purchase expensive equipment
Customers can purchase goods online or at the store
Costs are reduced by simplifying the distribution process
7
How is profit calculated?
By subtracting costs from revenue
By multiplying costs and revenue
By subtracting revenue from costs
By adding costs to revenue
8
Google is a _______________.
Non Profit Corporation
Private Corporation
Public Corporation
Monopoly
9
________________ transmits values & beliefs that affect the kinds of things consumers prefer.
Entertainment
Culture
Art
Poetry
10
A business funded by more than one person and has stockholders.
Business Partner
Corporation
Sole Proprietorship
Entrepreneur
11
Entrepreneurs drive innovation in a free-market system by introducing ___________________________.
Easier-to-understand product information
New forms of organization or production
Better brand names for old products
Stronger protections against fraud, theft and coercion
12
What is a Monopoly?
Two producers are the only two selling a good/service with no competition
One producer is the only one selling a good/service w/no competition
It's a fun game
Many producers selling a good/service
13
The purpose of the news media is to provide which of the following?
Product Recall Warnings
Advertising Space
Objective Information
Low-Cost Entertainment
14
How do media companies make money?
Good Budgeting Techniques
Advertising Sales
None of these
Marketing
15
What is a budget?
A way to figure out your checking account balance
A rental car company
Estimate of income & expenditures for a set period of time
A tool to figure out how well stocks are doing.
16
What could be a disadvantage of a partnership compared to a sole proprietorship?
None of these
No medical/dental benefits
Partners may have a hard time agreeing on business decisions
They won't be able to split assets equally
17
One person is completely in charge of all aspects and operation of a business.
The Head Honcho
Entrepreneur
Sole Propreitorship
Corporation
18
A corporation is run by a board of directors chosen by ________________.
A government agency
Unanimous vote of the partners
The sole proprietor
A majority of the stockholders
19
The Red Cross is an example of a _____________________.
Private Corporation
A Hospital
Non-Profit Corporation
Public Corporation
20
To know how much to produce and what price to charge, producers must pay attention to ________.
Resource Allocations
Economic Indicators
Consumer Decisions
Government Regulations
21
What are different ways companies use media to influence consumer behavior?
Branding
Product Placement
All of these
Advertising
22
Al sees the price of a movie went up $2. Is it worth paying? He is engaged in a form of _____.
Allocation
Market Research
Product Testing
Marginal Analysis
23
_______________ - Costs = Profit
Labor
Capital
Spending
Revenue
24
Which of the following tools is most central to rational choice?
Cost-Benefit Analysis
Marginal Analysis
Product Information
A Powerful Computer
25
Utility measures the ________ a person gets from the use or consumption of goods and services.
Joy
Happiness
Helpfulness
Satisfaction
