HST 413 2.08 Quiz
8 months ago
mrskharvin
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  • Question 1
    30 seconds
    Q.

    Which accurately explains how profit is calculated?

    answer choices

    Total retail sales are determined.

    Costs are subtracted from revenues.

    Benefits and costs are balanced.

    Gross domestic product is calculated.

  • Question 2
    30 seconds
    Q.

    Which explains how revenue is determined?

    answer choices

    The maximum level of benefits is figured.

    Costs are subtracted from revenues.

    Gross domestic product is calculated.

    The total amount of money brought in by sales is calculated.

  • Question 3
    30 seconds
    Q.

    Which directly generates revenue for a business?

    answer choices

    output

    assets

    capital

    resources

  • Question 4
    30 seconds
    Q.

    Which best explains what the profit motive pushes producers to do?

    answer choices

    minimize costs and maximize revenue

    produce as much as possible

    achieve the maximum revenue

    balance monetary and nonmonetary benefits

  • Question 5
    30 seconds
    Q.

    Which identifies the reason why producers try to minimize costs and maximize revenue?

    answer choices

    government regulations

    market research

    product placement

    the profit motive

  • Question 6
    30 seconds
    Q.

    Which best states the purpose of using a production possibilities frontier?

    answer choices

    pursuing the profit motive

    maximizing revenue

    balancing economic goals

    setting up efficient production

  • Question 7
    30 seconds
    Q.

    Which statement best explains how using a production possibilities frontier (PPF) helps set up efficient production?

    answer choices

    A PPF helps predict whether gross domestic product is rising or falling.

    A PPF shows the maximum amount of goods that can be produced with a given set of inputs.

    A PPF allows a producer to calculate the cost of producing one more unit of goods.

    A PPF allows a producer to balance supply and demand in order to find the best selling price.

  • Question 8
    30 seconds
    Q.

    Which is a market structure that can exist in a free-market system?

    answer choices

    socialist planning

    communism

    government planning

    monopolistic competition

  • Question 9
    30 seconds
    Q.

    Which is a market structure characterized by at least some competition between producers?

    answer choices

    monopoly

    socialist planning

    oligopoly

    command economy

  • Question 10
    30 seconds
    Q.

    Which describes a situation where monopolistic competition exists?

    answer choices

    A small number of producers are selling identical products.

    Many producers are selling slightly differentiated products

    Fewer than five producers command the entire market for a certain good or service

    A single producer is the only one selling a good or service with no close substitutes.

  • Question 11
    30 seconds
    Q.

    Which best describes a situation where an oligopoly exists?

    answer choices

    A small number of producers command nearly the entire market for a certain good or service.

    Many producers are selling slightly differentiated products that are close substitutes of each other.

    A large number of businesses are selling identical products to a well-informed customer base.

    A single producer is the only one selling a good or service with no close substitutes.

  • Question 12
    30 seconds
    Q.

    Which type of market structure is most closely associated with the automobile industry?

    answer choices

    pure competition

    monopoly

    monopolistic competition

    oligopoly

  • Question 13
    30 seconds
    Q.

    Which type of market structure is most closely associated with fast-food restaurants?

    answer choices

    pure competition

    monopoly

    monopolistic competition

    oligopoly

  • Question 14
    30 seconds
    Q.

    Which characteristic or motivation is not strongly associated with entrepreneurs?

    answer choices

    high risk aversion

    working for oneself

    profit

    innovation

  • Question 15
    30 seconds
    Q.

    Which do entrepreneurs not use to introduce innovation into a market?

    answer choices

    new products

    new economic systems

    new means of production

    new forms of organization

  • Question 16
    30 seconds
    Q.

    Which is the main source of revenue for media corporations?

    answer choices

    product placements

    advertising

    rating systems

    subscriptions

  • Question 17
    30 seconds
    Q.

    Which best explains why companies pay for advertising space?

    answer choices

    make sure costs are balanced with revenues

    generate better ratings for their programs

    expose an audience to messages about their products

    increase circulation for their magazine or newspaper

  • Question 18
    30 seconds
    Q.

    Which statement best describes what purchasing advertising space does for advertisers?

    answer choices

    Advertising space generates higher circulation and better ratings.

    Advertising space exposes a company's products to an audience of potential customers.

    Advertising space fills magazines and newspapers to their full print capacity.

    Advertising space allows a company to transmit product information to its investors.

  • Question 19
    30 seconds
    Q.

    Which controls almost all of the media industry?

    answer choices

    a few large companies

    small broadcasters

    government agencies

    innovative entrepreneurs

  • Question 20
    30 seconds
    Q.

    Which dominates the media industry?

    answer choices

    innovative entrepreneurs

    monopolistic markets

    Internet news sources

    media conglomerates

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