HST413 Econ - Unit 2 Test Review

Question 1

Al sees the price of a movie went up $2. Is it worth paying? He is engaged in a form of _____.

Accepted Answer

Marginal Analysis

Question 2

Which of the following is one common business model for retail stores?

Accepted Answer

Shopkeeper

Question 3

A business funded by more than one person and has stockholders.

Accepted Answer

Corporation

Question 4

The purpose of the news media is to provide which of the following?

Accepted Answer

Objective Information

Question 5

To know how much to produce and what price to charge, producers must pay attention to ________.

Accepted Answer

Consumer Decisions

Question 6

Entrepreneurs drive innovation in a free-market system by introducing ______.

Accepted Answer

New forms of organization or production.

Question 7

A corporation is run by a board of directors chosen by ________.

Accepted Answer

A majority ofthe stockholders.

Question 8

Why do producers conduct market research?

Accepted Answer

Pursue profit!

Question 9

_______________ - Costs = Profit

Accepted Answer

Revenue

Question 10

Which of the following market structures does not limit consumer choice?

Accepted Answer

Pure Competition

Question 11

The Red Cross is an example of a _____.

Accepted Answer

Non-Profit Corporation

Question 12

What is a Monopoly?

Accepted Answer

1 prod is only 1 selling a good/service w/no close subs.

Question 13

Which of the following tools is most central to rational choice?

Accepted Answer

Cost-Benefit Analysis

Question 14

One person is completely in charge of all aspects and operation of a business.

Accepted Answer

Sole Proprietorship

Question 15

What are different way companies use media to influence consumer behavior?

Accepted Answer

All of these

Question 16

Utility measures the ________ a person gets from the use or consumption of goods and services.

Accepted Answer

Satisfaction

Question 17

Google is a _______________.

Accepted Answer

Public Corporation

Question 18

What could be a disadvantage of a partnership compared to a sole proprietorship?

Accepted Answer

Partners may have a hard time agreeing on biz decisions.

Question 19

In the game, producers provide all goods and services. Who makes all of the goods and services?

Accepted Answer

Workers

Question 20

___________ transmit values & beliefs that affect the kinds of things consumers prefer.

Accepted Answer

Culture

Question 21

Which of the following statements best describe the outcome of successful product branding?

Accepted Answer

A product is automatically associated w/quality & popularity.

Question 22

Which of the following is one advantage offered by the bricks and clicks business model?

Accepted Answer

Customers can purchase goods online or at the store.

Question 23

How do media companies make money?

Accepted Answer

Advertising Sales

Question 24

What is a budget?

Accepted Answer

Estimate of income & expenditures for a set period of time.

HST413 Econ - Unit 2 Test Review

Questions 24

HST413 Econ - Unit 2 Test Review

Questions 24