Economics Unit 2 quizes – Flashcards
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Which describes the economic role of a producer?
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provides goods and services
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In economics, workers are producers. Which other role do they play?
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consumers
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In economics, which is the major role of business?
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organize production
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Which consumer purchase is the result of peer pressure?
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mirrored sunglasses because all your friends have them
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Which helps producers figure out what consumers want?
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market research
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Which best explains how consumers' purchases influence the decisions of producers?
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Producers can figure out what consumers are willing to pay based on what they buy
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In economics, which provides the goods and services available to consumers?
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producers
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Which can intensify peer pressure?
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trends
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Which best describes the purpose of market research?
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helping producers make more money
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In the game of economics, which player use goods and services?
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consumers
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Which best explains how budgeting helps consumers reach their financial goals?
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Budgets allow consumers to control how much money they have going out for expenses
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Which best explains why some people play the lottery and others do not?
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Different people have different levels of risk aversion
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Which is not a tool of rational choice?
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devising monetary policies
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Which best states the purpose of advertising?
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getting consumers to choose a specific brand of product or service
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Which is a way that the media influences consumer behavior?
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product placement
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Which describes opportunity cost?
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the benefits of the best alternative option that are given up by a particular decision
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Which refers to the satisfaction consumers get from the goods and services they purchase?
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utility
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Which best explains the difference between short-term and long-term planning?
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Short-term planning takes care of regular expenses in the near future while long-term planning involves saving for large purchases further in the future
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Which is an essential part of making a rational choice?
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doing cost-benefit analysis
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Which describes one of the ways that culture influences consumer behavior?
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Traditions and holidays often involve specific foods or gifts
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Which accurately explains how profit is calculated?
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Costs are subtracted from revenues
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Which statement best explains the purpose of advertising?
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Advertising is about buying the attention of an audience of potential consumers
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Which type of market structure is most closely associated with fast-food restaurants?
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monopolistic competition
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Which best explains what the profit motive pushes producers to do?
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minimize costs and maximize revenue
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Which do entrepreneurs not use to introduce innovation into a market?
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new economic systems
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Which are sources of revenue for media companies?
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advertising and subscriptions
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Which is a market structure that can exist in a free-market system?
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monopolistic competition
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Which controls almost all of the media industry?
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a few large companies
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Which describes a situation where competition between producers exists?
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Two or more producers are trying to sell the same good or service to the same consumers
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Which best states the purpose of using a production possibilities frontier?
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etting up efficient production
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A corporation is owned by whom?
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stockholders
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Before starting a business, many people find it useful to describe the way the company will operate in which of the following?
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a business plan
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Which type of business is owned by anyone who wants to buy stock?
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public corporation
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For which are sole proprietors completely responsible?
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financial losses
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The addition of the word google to dictionaries demonstrates that Google has been successful at which business strategies?
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branding
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The Google business model is most similar to the model followed by which other industry?
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media
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Which is a disadvantage of partnerships compared to sole proprietorships?
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It is sometimes difficult for partners to agree on every business decision
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Which business model is utilized by a grocery store?
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shopkeeper
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Which explains one way that a general partnership differs from a limited partnership?
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Each partner in a general partnership is fully responsible for all of the business's debts
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Which best characterizes the corporate culture at Google?
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relaxed and non-traditional
