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- 1. Multiple Choice
Which is the primary role of a producer?
using goods and services
providing goods and services
creating goods and services
inventing new technologies
- 2. Multiple Choice
Consumers influence the decisions of producers in which way?
through the purchasing decisions they make
only in a planned economy
because consumers are also workers
by setting prices for natural resources
- 3. Multiple Choice
Which economic player is most closely associated with the dual role of consumer and producer?
entrepreneur
factory owner
worker
shopper
- 4. Multiple Choice
Which is the primary role of the consumer?
using goods and services
providing goods and services
providing goods and services
inventing new technologies
- 5. Multiple Choice
Which best describes the results provided by market research?
Market research allows producers to create trends that lead to more sales.
Market research helps producers understand market forces better.
Market research tells producers what consumers want and what they're willing to pay.
Market research lets producers predict what laws the government is planning to make.
- 6. Multiple Choice
Which consumer influence is represented by the action of buying an item to save money?
trend
price
environmental
cultural
- 7. Multiple Choice
Which is an essential part of making a rational choice?
balancing financial and non-financial goals
conducting a cost-benefit analysis
calculating monetary values
evening out utilities
- 8. Multiple Choice
Which is the purpose of a budget?
conserving on scarce natural resources
keeping their expenses below their income
finding the lowest prices for goods and services
weighing the information needed to make rational decisions
- 9. Multiple Choice
Which term is used by economists to measure the satisfaction a person gets from the use or consumption of goods and services?
the concept of utility
marginal analysis
a cost-benefit ratio
nonmonetary costs and benefit
- 10. Multiple Choice
Which describes risk aversion?
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 wants or needs
- 11. Multiple Choice
Which best explains why some people consider it foolish to gamble while other people like to gamble?
Some people don't understand how to play the game.
Gambling isn't legal in every state.
Gambling involves too much risk for some people.
Some people are able to win money at gambling.
- 12. Multiple Choice
Which is a way that companies attempt to get consumers to buy their products instead of their competitor's products?
marginal analysis
sabotage
branding
market research
- 13. Multiple Choice
Which does branding accomplish?
creates a positive association
allocates resources
warns about dangers
differentiates products
- 14. Multiple Choice
Which are subtracted from revenues to calculate profit?
costs
debt
wages
overhead
- 15. Multiple Choice
What encourages produces to reduce costs and increase revenues?
marginal analysis
the profit motive
opportunity costs
the production possibilities frontier
- 16. Multiple Choice
Which best states the main difference between a monopoly and pure competition?
A monopoly involves no competition at all while pure competition involves a high level of competition.
A market structure with pure competition is much easier to establish than a monopoly.
Both monopolies and pure competition involve multiple sellers with undifferentiated products.
A monopoly is only possible in a mixed economy while pure competition is only possible in a free-market system.
- 17. Multiple Choice
Which do media companies sell to earn money?
airtime to media conglomerates
services to local cable companies
advertisements and subscriptions
directly to consumers
- 18. Multiple Choice
Which best states one effect of advertising?
Consumer behavior is influenced.
Media revenues exceed costs.
Stockholders have a high level of utility.
Market research becomes more accurate.
- 19. Multiple Choice
Which is the market structure of the media industry?
oligopoly
monopoly
monopolistic competition
pure competition
- 20. Multiple Choice
Which is a characteristic of general partnerships but not sole proprietorships?
serves its members rather than making a profit
is run by a board of directors
has unlimited liability for the owners
requires collective decision-making
- 21. Multiple Choice
Which does a corporation pay to its stockholders?
dividends
profits
revenue
costs
- 22. Multiple Choice
Which is an advantage the owners of a sole proprietorship enjoy over the owners of a corporation?
Sole proprietors have an easier time raising money to start or expand their business.
Sole proprietors don't have to pay any taxes on their profits.
Sole proprietors are supported by stockholders and a board of directors.
Sole proprietors get to make all of the business decisions themselves.
- 23. Multiple Choice
Which type of business is most likely to use the subscription business model?
newspapers
retail stores
furniture sellers
clothing companies
- 24. Multiple Choice
Google's business model is the most similar to that used by companies in which industry?
media
manufacturing
retail
shipping
- 25. Multiple Choice
Which explains how google has become a household word?
The term google was invented after the company conducted extensive market research.
Millions of people identify with and approve of the motto "Don't Be Evil.
Google has been successful at associating its service with the generic act of searching the Internet.
The relaxed corporate culture and its non-traditional business model are well-known facts about Google.
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