Unit 2-Review_9.18.25

Multiple Choice

What roles do consumers, producers, and workers play in the economy?

• Consumers make purchases and express needs

• Producers decide production and pricing

• Workers create goods and services

• All of the above

Multiple Choice

What are the roles of consumers and producers in the market?

• Consumers decide what to buy and influence producers

• Producers decide on the quantity and quality of goods

• Both consumers and producers have equal power

• Consumers have no influence over producers

Open Ended

Despite these six reasons for keeping a budget, many people do not have a budget. Why do you think this is?

Multiple Choice

What are the key differences between short term planning and long term planning in financial planning?

• Short term planning focuses on fixed expenses, while long term planning focuses on discretionary spending.

• Short term planning looks at the future 5 years or more, while long term planning covers immediate expenses.

• Short term planning involves covering fixed expenses, while long term planning involves assets and income.

• Short term planning is not necessary for financial goals, while long term planning is essential.

Multiple Choice

Which describes risk aversion?

• The best alternative given up by a particular decision

• Weighing the extra costs and benefits of one more unit

• The amount of reluctance a person has to taking chances

• The personal satisfaction gained from consumption

Multiple Choice

Why is understanding opportunity cost important in economics?

• It helps in calculating the total revenue.

• It aids in understanding market demand.

• It is crucial for making informed decisions.

• It determines the price elasticity of products.

Multiple Choice

Which of the following best states the purpose of using a production possibilities frontier graph?

• pursuing the profit motive

• balancing economic goals

• 
  to survey customer needs

• how to set up production efficently to maximizing revenue

Multiple Choice

With a given level of resources, an economy that can produce food or computers is at point Q on its production possibility curve.

Population growth means more resources need to be allocated to

food production.

At which point in the short term will the economy be in the diagram?

• C

• A

• B

• D

Multiple Choice

What is the difference between a monopoly and perfect Competition?

• A monopoly is a market with a single seller, and perfect competition has many sellers with similar products

• A monopoly is a market with a single seller, and perfect competition is regulated by government leaders

• A monopoly is a market with a many sellers, and perfect competition has a single seller with similar products

• much money and property possible and a perfect competion is ensures all players have equal money and

Multiple Choice

Monopolistically competitive firms are considered inefficient in allocating society’s resources for which of the following reasons? 

• In long-run equilibrium, the marginal benefit exceeds the price charged by the firms. 
• In long-run equilibrium, the price is greater than the marginal cost. 
• In long-run equilibrium, average total costs are minimized.
• In long-run equilibrium, the firm is earning economic profits. 

Open Ended

Discuss with a partner then answer:

Describe how McDonalds and Burger King are examples of monopolistic competition. (2 sentences)

Sentence/Speaking stem: McDonalds and Burger King are examples of monopolistic competitions because they both use _______________ and their products are very ________________.

Discuta con un compañero y luego responda:

Describe cómo McDonalds y Burger King son ejemplos de competencia monopolística. (2 frases)

Open Ended

If we decided to start a new business selling custom-made t-shirts, how could you describe the promotion component of our business? Do we offer sales or discounts? What kind of advertising do we do? What kind of message do we send to customers that makes them want to buy our products?

Multiple Choice

Which of the following is a way that companies attempt to influence consumers so that they will buy their products instead of those being sold by the competition?

• 
  sabotage

• 
  market research

• negative news stories

  
  

• branding

Multiple Choice

What is the primary focus of advertising according to the image?

• Access to an audience

• Creating brand loyalty

• Increasing sales

• Market competition

Multiple Select

What are the main types of business structures?

• Sole Proprietorship

• Partnership

• Corporation

• Non-Profit Corporation

Multiple Choice

Which of the following statements indicates why Google has been successful at branding?

• 
  Google is very popular among major businesses seeking online partnerships

• 
  Google is a corporate name that has become a common term for "search the Internet".

• Google is well-known for its relaxed and non-traditional corporate culture.

• Google's motto "Don't Be Evil" is a famous corporate motto.

Multiple Choice

What is the primary advantage of the Subscription Model in business?

• Provides one-time sales

• Offers steady revenue and predictable profits

• Requires high initial investment

• Relies on physical store presence

Poll

How confident do you feel about this topic now?

• Very confident
• Somewhat confident
• Not confident