Sports And Entertainment I ECONOMICS 2: Question Preview (ID: 5664)

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A gradual increase in leisure time activities and purchase of related merchandise occurs in which phase of the business cycle?
a) depression b) prosperity c) recession d) recovery
What condition exists when Blockbuster does not have enough copies of a new video game to satisfy the demand of all its consumers?
a) demand b) risk c) scarcity d) supply
Having a product where customers can buy it is an example of which form of utility?
a) information b) place c) Possession d) Time
All materials used to produce goods and services are called:
a) capital b) labor c) resources d) utilities
A system based on the way things have always been done describes what type of economy?
a) command b) market c) socialist d) traditional
Which of the following is an example of a communist economy?
a) cuba b) france c) germany d) spain
Which of the following is an example of a socialist economy?
a) cuba b) germany c) japan d) north korea
Amy would prefer to buy the Sweet Home Alabama DVD when prices:
a) are high b) are low c) fluctuate d) remain constant
The degree to which demand for a product is affected by its price is known as:
a) brand loyalty b) elasticity c) inelastic demand d) utility
When a product is a necessity, demand is:
a) controlled b) elastic c) inelastic d) mixed
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