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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
Possession
B
Information
C
Place
D
Time
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
Marketing.
B
Utility.
C
Segmentation.
D
Economics.
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
Place
B
Form
C
Time
D
Possession
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
Entrepreneur.
B
Capitalist.
C
Sales Representative
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
Want
B
Utility
C
Good
D
Service
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
Recovery
B
Prosperity
C
Depression
D
Recession
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
supplies
B
utilities
C
goods
D
services
8) When the government answers the three basic economic questions, what type of economy exists?
A
mixed
B
command
C
market
D
traditional
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
demand
B
supply
C
law of supply and demand
D
law of economies
10) When fans are willing to pay any price to see their favorite band perform, which phase of the business cycle is represented?
A
prosperity
B
recovery
C
recession
D
depression
*select an answer for all questions
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