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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
recovery
B
prosperity
C
recession
D
depression
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
demand
B
supply
C
risk
D
scarcity
3) Having a product where customers can buy it is an example of which form of utility?
A
Possession
B
place
C
information
D
Time
4) All materials used to produce goods and services are called:
A
utilities
B
capital
C
resources
D
labor
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
cuba
B
germany
C
spain
D
france
7) Which of the following is an example of a socialist economy?
A
north korea
B
germany
C
japan
D
cuba
8) Amy would prefer to buy the Sweet Home Alabama DVD when prices:
A
are low
B
fluctuate
C
are high
D
remain constant
9) The degree to which demand for a product is affected by its price is known as:
A
utility
B
elasticity
C
inelastic demand
D
brand loyalty
10) When a product is a necessity, demand is:
A
inelastic
B
controlled
C
mixed
D
elastic
*select an answer for all questions
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