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