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- 1. Multiple Choice
Which group of players provides all goods and services in the game of economics?
consumers
producers
media
researchers
- 2. Multiple Choice
Which describes the effect of the purchases that consumers make?
provide jobs for distributors
increase producers' costs
indicate their desires to producers
are not taxed in a free-market system
- 3. Multiple Choice
Which group of players in the game of economics both produces and uses goods and services?
producers
workers
distributors
consumers
- 4. Multiple Choice
Which group of players uses the goods and services produced in the game of economics?
consumers
economists
producers
workers
- 5. Multiple Choice
Which best explains the purpose of market research?
Market research helps producers earn more profits.
Market research leads to efficient production.
Market research keeps the economy growing.
Market research gives consumers reliable product information.
- 6. Multiple Choice
Which consumer influence is represented by the action of buying an item because everyone else is doing it?
trend
price
environmental
cutural
- 7. Multiple Choice
Which is an example of an action that is part of making a rational choice?
expanding your discretionary spending
adding up your assets
calculating flexible and fixed expenses
doing a cost-benefit analysis
- 8. Multiple Choice
Which is a budget used for?
planning income and expenses
helping get a better loan
eliminating opportunity costs
keeping track of rising and falling prices
- 9. Multiple Choice
Which term refers to the personal satisfaction someone gets from consuming goods and services?
preference
money
outcomes
utility
- 10. Multiple Choice
Which best describes discretionary spending?
the personal satisfaction gained from consumption
weighing the extra costs and benefits of one more unit
reluctance for taking chances when making investments
buying goods according to what one want or needs
- 11. Multiple Choice
Which best explains why some people get life insurance and others don't?
Life insurance is a cost that has no direct benefit.
different people are willing to face different kinds of risks.
Some people have more than one life insurance policy.
Some life insurance companies go out of business before you die.
- 12. Multiple Choice
Which is a way that the media influences consumer behavior?
product placement
marginal analysis
rational choice
risk aversion
- 13. Multiple Choice
Which does the news media do?
enable advertising
entertain people
warn about dangers
provide information
- 14. Multiple Choice
Which is determined by subtracting costs from revenue?
debt
wages
profits
overhead
- 15. Multiple Choice
Which most strongly drives producers in a free-market economy?
government planning
coercion
utility satisfaction
profit motive
- 16. Multiple Choice
Which best states the main difference between a monopoly and monopolistic competition?
Monopolies involve a much lower level of competition than monopolistic competition.
Monopolistic competition involves corporations and oligopolies while monopolies involve only corporations.
Monopolistic competition involves slightly differentiated products while monopoly involves a single product.
Both monopolies and near monopolies can exist with a certain low level of competition.
- 17. Multiple Choice
Which method do media companies use to make revenue?
selling ads and subscriptions
recycling old programming
making capital investments
buying low and selling high
- 18. Multiple Choice
Which best describes the purpose of advertising?
increase subscription prices
transmit product messages to an audience
generate high-quality content
balance programming schedules
- 19. Multiple Choice
Which best explains why the media industry is characterized by an oligopolistic market structure?
Government licensing allows media companies to have a near monopoly.
It is impossible for any company to compete with a local media company.
Centralization of ownership has led to an industry controlled by a few large companies.
There are many innovative entrepreneurs in the media.
- 20. Multiple Choice
Which is a characteristic of general partnerships but not limited partnerships?
unlimited liability for all partners
stockholders and a board of directors
option to declare bankruptcy without penalty
an unlimited number of partners
- 21. Multiple Choice
Which type of business is owned by stockholders?
sole proprietorship
limited partnership
private corporation
public corporation
- 22. Multiple Choice
Which is an advantage corporations enjoy over partnerships?
Corporations involve less paperwork and fewer management fees.
The taxes paid by a corporation are generally much smaller.
The owners of a corporation don't have to work together to make all of the business decisions.
Partnerships cannot protect their investors against being responsible for business debts.
- 23. Multiple Choice
Which type of business is most likely to use the bricks-and-clicks business model?
clothing sellers
newspapers
grocery stores
construction companies
- 24. Multiple Choice
Which generates revenue for Google?
sale of advertisements
sale of computers
sale of books and records
sale of electronic equipment
- 25. Multiple Choice
Which best demonstrates how successful Google has been at establishing a well-known brand?
Google is used by people around the world.
The word google has been added to dictionaries.
Google has a relaxed and non-traditional corporate culture.
Many Internet companies want partnerships with Google.
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