Which of the following statements best explains why producers conduct market research?
Producers need to know what consumers want so they can sell more and make more profit
Consumers influence the decisions of producers in which of the following ways?
Through the purchasing decisions they make
Which of the following statements best explains why some people get life insurance and others don’t?
Different people are willing to face different kinds of risks
Which group of players provide all goods and services in the game of economics?
The purpose of the news media is to do which of the following?
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.
Media companies earn money by selling which of the following?
Advertisements and subscriptions
In a free-market system, producers are motivated to reduce costs and increase revenues because of which of the following?
The profit motive
A business owned by stockholders is known as a ____
Match each term with its definition.
A. Financial planning
B. Rational choice
C. Risk aversion
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
Which of the following is an example of a successful effort at branding?
The word “google” has been added to the dictionary
Which of the following actions provides the most help for making a rational choice?
Engaging in financial planning
Match the role with the correct example of someone playing that role.
A. Restaurant patron
B. Restaurant Owner
Subtracting costs from revenue calculates _______.
People use budgets in order to help them with which of the following?
Their financial goals
Which of the following best explains why the media industry is characterized by an oligopolistic market structure?
Centralization of ownership has led to an industry controlled by a few large companies
Which of the following is a technique advertisers employ to increase consumer demand for their goods and services?
Turning luxuries into necessities
Which of the following best states one effect of advertising?
Consumer behavior is influenced
Which of the following 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
In the game of economics, workers are the players who function as both producers and _______.
Unlike a limited partnership, a general partnership has which of the following?
Unlimited liability for all partners
Which of the following is an advantage corporations enjoy over sole proprietorships?
Corporations have an easier time raising money to start or expand a business
Google’s business model is the most similar to that used by companies in which industry?
Which of the following types of business is most likely to use the cutting out the middleman business model?
Which of the following is used by economists to measure the satisfaction a person gets from the use or consumption of goods and services?
The concept of utility
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