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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