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Sports And Entertainment I ECONOMICS
Test Description: Supply and demand, utility
Instructions: Answer all questions to get your test result.
1) The group Phish performed to raise funds for needy children. T-shirts to commemorate the event were sold for $35. Exchanging a product for monetary value is an example of which type of utility
A
Place
B
Possession
C
Time
D
Information
2) An entire crop of Florida oranges was destroyed due to a harsh winter storm. As an owner of an Orange Julius franchise meeting the unlimited wants of your customers with a limited supply of oranges demonstrates the study of
A
Segmentation.
B
Economics.
C
Utility.
D
Marketing.
3) The Louisville Slugger baseball bats are made out of high quality ashe wood. The conversion of raw materials into useful products is an example of which type utility?
A
Form
B
Time
C
Possession
D
Place
4) A local high school student earns extra money on game days at Ericsson Stadium by painting designs on the faces of fans. This high school student is an example of a(n):
A
Sales Representative
B
Capitalist.
C
Entrepreneur.
D
Risk Manager.
5) The Johnson’s took their children to see a live performance of The Lion King at the Meymandi Performing Arts Center in Raleigh. This is an example of an economic:
A
Utility
B
Good
C
Service
D
Want
6) During which phase of the business cycle does production of concert-related merchandise begin to slow down due to a decrease in leisure-time activities?
A
Prosperity
B
Recovery
C
Recession
D
Depression
7) In order to safely play softball, Lauren need a mouthpiece, sliding pants, a softball glove, and a helmet. These items are known as:
A
goods
B
utilities
C
supplies
D
services
8) When the government answers the three basic economic questions, what type of economy exists?
A
market
B
command
C
traditional
D
mixed
9) The economic principle that states that the supply of DVDs increases when demand is great and decreases when demand is low is known as:
A
law of economies
B
law of supply and demand
C
demand
D
supply
10) When fans are willing to pay any price to see their favorite band perform, which phase of the business cycle is represented?
A
depression
B
recession
C
prosperity
D
recovery
*select an answer for all questions
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