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