APEX Econ Unit 2: The Players – Flashcards
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Which of the following statements best explains why producers conduct market research?
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Producers need to know what consumers want so they can sell more and make more profit
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Consumers influence the decisions of producers in which of the following ways?
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Through the purchasing decisions they make
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Which of the following statements best explains why some people get life insurance and others don't?
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Different people are willing to face different kinds of risks
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Which group of players provide all goods and services in the game of economics?
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Producers
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The purpose of the news media is to do which of the following?
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Provide Information
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Match each action with the type of consumer influence it represents. A. Buying presents for your friends' birthdays B. Buying an iPod because everyone has one C. Buying a used car to save money.
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A. Cultural B. Trend C. Price
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Media companies earn money by selling which of the following?
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Advertisements and subscriptions
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In a free-market system, producers are motivated to reduce costs and increase revenues because of which of the following?
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The profit motive
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A business owned by stockholders is known as a ____
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Corporation
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Match each term with its definition. A. Financial planning B. Rational choice C. Risk aversion D. Utility.
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A. A stragety to save for financial goals B. A decision-making method that compares costs & benefits C. Reluctance for taking chances D. Personal satisfaction gained from consumption
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Which of the following is an example of a successful effort at branding?
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The word "google" has been added to the dictionary
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Which of the following actions provides the most help for making a rational choice?
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Engaging in financial planning
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Match the role with the correct example of someone playing that role. A. Consumer B. Producer C. Worker
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A. Restaurant patron B. Restaurant Owner C. Waiter
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Subtracting costs from revenue calculates _______.
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Profit
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People use budgets in order to help them with which of the following?
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Their financial goals
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Which of the following best explains why the media industry is characterized by an oligopolistic market structure?
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Centralization of ownership has led to an industry controlled by a few large companies
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Which of the following is a technique advertisers employ to increase consumer demand for their goods and services?
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Turning luxuries into necessities
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Which of the following best states one effect of advertising?
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Consumer behavior is influenced
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Which of the following best states the main difference between a monopoly and pure competition?
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A monopoly involves no competition at all while pure competition involves a high level of competition
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In the game of economics, workers are the players who function as both producers and _______.
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Consumers
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Unlike a limited partnership, a general partnership has which of the following?
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Unlimited liability for all partners
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Which of the following is an advantage corporations enjoy over sole proprietorships?
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Corporations have an easier time raising money to start or expand a business
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Google's business model is the most similar to that used by companies in which industry?
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Media
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Which of the following types of business is most likely to use the cutting out the middleman business model?
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Computer Companies
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Which of the following is used by economists to measure the satisfaction a person gets from the use or consumption of goods and services?
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The concept of utility
