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Economics Concepts - Sports & Entertainment Marketing Flashcards | StudBud
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Economics Concepts - Sports & Entertainment Marketing
Economics Concepts - Sports & Entertainment Marketing
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Quiz over Economic Concepts
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
The following is anything used to make goods/services & are also called factors of production
human needs
economic utility
resources
supply
2
Which of the following is NOT a governmental role in the U.S. economy?
supports businesses
determines prices
provides services
regulates by making laws
3
Which phase is defined as the period of lowest economic activity?
expansion
contraction
trough
peak
4
How humans allocate scarce resources to produce & distribute commodities for social consumption
economics
price
supply
demand
5
Which phase can be defined as a period of increasing economic activity?
trough
expansion
contraction
peak
6
Which of the following is NOT a suggested way to measure economic success?
employment rate
gross domestic product
rate of inflation
immigration rate
7
Employee productivity measures the total goods/services produced in a country?
TRUE
FALSE
8
This occurs when the quantity of a product supplied matches the quantity demand.
surplus
gross domestic product
equilibrium
shortage
9
Economic resources are also called factors of production.
FALSE
TRUE
10
Advertising which informs customers about new product is an example of this of the following
time utility
possession utility
information utility
place utility
11
Which of the following is NOT a phase of the business cycle?
peak
contraction
reaction
expansion
12
The following enhances value by having a product/service available during a certain time
information utility
place utility
possession utility
time utility
13
Which of the following is the total output of goods/services produced in a country?
equilibrium
shortage
gross domestic product
surplus
14
An economic system in which businesses are privately owned & profit is gained in a free market
capitalism
socialism
communism
monopoly
15
Which of the following can be defined as the taxes placed on imports?
embargos
quotas
risks
tariffs
16
Conditions of supply/demand interaction include which of the following?
equilibriums
shortages
all of the above
surpluses
17
Which of the following accurately defines tariff?
a type of trade agreement
a ban on certain imports
a limit on the quantity
a tax on imports
18
Which of the following enhances value & allows for easy use by consumers or transfer ownership
place utility
time utility
information utility
possession utility
19
What type of utility refers to using raw materials?
form utility
possession utility
information utility
time utility
20
The amount of product available in a market is known as which of the following?
demand
resources
stock
supply
21
Which of the following was NOT one of the basic economic questions listed in the presentation?
Who should benefit from the goods/services product?
When will we produce those goods/services?
How do we produce those goods/services?
What goods/services do we produce?
22
Which of the following is defined as two or more consecutive fiscal quarters of decreasing GDP?
contraction
recession
depression
expansion
23
A market economy usually has one person or a group of persons making production decisions.
FALSE
TRUE
24
Which of the following is the economic system in countries such as N. Korea & China?
communism
monopoly
capitalism
socialism
25
Phase of the business cycle with drastic unemployment up & severe down in economic activity
recession
expansion
depression
contraction
