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Sports And Entertainment I ECONOMICS 2
Test Description: MORE ECONOMICS FROM 3.01
Instructions: Answer all questions to get your test result.
1) A gradual increase in leisure time activities and purchase of related merchandise occurs in which phase of the business cycle?
A
prosperity
B
depression
C
recession
D
recovery
2) What condition exists when Blockbuster does not have enough copies of a new video game to satisfy the demand of all its consumers?
A
scarcity
B
demand
C
supply
D
risk
3) Having a product where customers can buy it is an example of which form of utility?
A
Time
B
information
C
Possession
D
place
4) All materials used to produce goods and services are called:
A
resources
B
utilities
C
labor
D
capital
5) A system based on the way things have always been done describes what type of economy?
A
market
B
socialist
C
command
D
traditional
6) Which of the following is an example of a communist economy?
A
spain
B
france
C
germany
D
cuba
7) Which of the following is an example of a socialist economy?
A
japan
B
cuba
C
north korea
D
germany
8) Amy would prefer to buy the Sweet Home Alabama DVD when prices:
A
are low
B
are high
C
fluctuate
D
remain constant
9) The degree to which demand for a product is affected by its price is known as:
A
utility
B
inelastic demand
C
brand loyalty
D
elasticity
10) When a product is a necessity, demand is:
A
elastic
B
controlled
C
mixed
D
inelastic
*select an answer for all questions
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