Sports And Entertainment I ECONOMICS: Question Preview (ID: 5640)

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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) Information
b) Time
c) Possession
d) Place

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) Economics.
b) Utility.
c) Segmentation.
d) Marketing.

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

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) Capitalist.
b) Sales Representative
c) Risk Manager.
d) Entrepreneur.

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) Good
b) Want
c) Utility
d) Service

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) Depression
b) Recovery
c) Recession
d) Prosperity

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) services
c) supplies
d) utilities

When the government answers the three basic economic questions, what type of economy exists?
a) command
b) market
c) mixed
d) traditional

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

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) prosperity
c) recession
d) recovery

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