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Marketing: Economics// Unit 2

Total questions: 44

Worksheet time: 44mins

Name
Class
Date
1.
If a person has an idea for an invention and gets it patented, his idea is protected by law.
a)
True
b)
False
2.
The government makes all economic decisions
a)
Traditional
b)
Command
c)
Market
3.

The government or groups of workers might control key industries but businesses are owned by private individuals or companies.

a)

Capitalism

b)

Communism

c)

Socialism

d)

Command

4.
Which of the following best explains why scarcity occurs? 
a)
Scarcity occurs due to society's unlimited wants and limited resources
b)
Scarcity occurs due to society's  unlimited wants and limited time
c)
Scarcity occurs due to society's  unlimited wants and limited money
d)
Scarcity occurs due to society's  unlimited wants and limited labor
5.
Area of economics that deals with behaviors and decision making of units 
a)
Microeconomics 
b)
demand curve 
c)
demand 
d)
marginal utility 
6.
The concept that people have the right and privilege to control their possessions as they wish.
a)
legal equality
b)
open opportunity
c)
private property
d)
profit incentive
7.
The rivalry between sellers to get more customers by lowering costs & better goods/services
a)
voluntary exchange
b)
competition
c)
incentives
d)
legal equality
8.
This is the study of the behavior/decision making of entire economies, not individuals.
a)
microeconomics
b)
macroeconomics
c)
finite economics
d)
economic models
9.
This is the study of the behavior/decision making of individuals & businesses. 
a)
microeconomics
b)
macroeconomics
c)
recession
d)
expansion
10.

What is the best measure of the economic well-being of a country?

a)

net worth

b)

GDP

c)

open market value of goods

d)

the daily stock market performance

11.

In a free market, __________________decide what to produce.

a)

the government

b)

consumers

c)

businesses

d)

planners

12.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

a)

Land, Capital, Need & Want

b)

Land, Labor, Capital, Entrepreneurs

c)

Water, Air, Food & Shelter

d)

Land, Capital, Good & Service

13.
Sally works in a private company that has to follow government rules for public safety.
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
14.
Who or what answers the basic economic questions in a command economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
15.
What is the fundamental problem of economics? 
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
16.
 The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not 
b)
Goods are tangible and services are not 
c)
Services are available in unlimited quantaties and goods are not 
d)
goods help satisfy unlimited wants and services do not
17.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market 
b)
Tradeoff
c)
Scarcity 
d)
Equity 
18.

The study of behavior of individual households, firms, and individuals...

a)

Microeconomics

b)

Macroeconomics

c)

Economics

19.

The study of the economy as a whole...

a)

Macroeconomics

b)

Microeconomics

c)

Economics

20.

Select 2 features of a recession

a)

Increasing Unemployment

b)

Higher Standard of Living

c)

Higher Wages

d)

Decreasing GDP

e)

Decrease in Government Borrowing

21.

When a recession comes to an end because it is improving, what is the next stage in the Economic cycle?

a)

Slump

b)

Boom

c)

Recovery

d)

Recession

e)

Relief

22.

When the economy experiences growth, it is most likely the case that

a)

GDP is increasing, unemployment is increasing, and inflation is decreasing

b)

GDP is decreasing, unemployment is decreasing, and inflation is increasing.

c)

GDP is increasing, unemployment is decreasing, and inflation is increasing

d)

GDP is decreasing, unemployment is decreasing, and inflation is decreasing.

23.

GDP is an important economic measurement because it

a)

provides valuable data on unemployment rates.

b)

provides valuable data on inflation rates.

c)

measures the value of final goods and services produced by a country.

d)

measures only the exports of a country

24.

If GDP falls for at least 2 Quarters, it is considered what stage of the business cycle?

a)

Expansion

b)

Recession

c)

Prosperity

d)

Recovery

25.

What term is used to describe an increase in the general price level?

a)

Deflation

b)

Monetary policy

c)

Stagnation

d)

Inflation

26.

Which of the following measures the responsiveness of producers to a price change?

a)

Marginal cost

b)

Elasticity of supply

c)

Equilibrium

27.

The place where the supply curve intersects the demand curve is known as which of the following?

a)

Utility

b)

Equilibrium

c)

Marginal cost

28.
In a market economy, who decides on the prices of goods and services?
a)
government
b)
buyers and sellers
c)
firms
d)
local leaders
29.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
30.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
31.

This graph shows that the quantity of say, ice cream, supplied is MORE than the quantity of ice cream demanded. What can be said about the supply of ice cream?

a)

There is a shortage of ice cream.

b)

There is a surplus

c)

There is a trade imbalance on ice cream.

d)

Ice cream is in equilibrium.

32.

We talked about how there is a trade embarge on Avocados. This will likely lead to a shortage. What usually happens to prices when there is a shortage of an item?

a)
rise
b)
fall
c)
remain the same
d)
equilibrium
33.

Who Owns the Copyright in a work, like a drawing, photo, or poem?

a)
you and family members 
b)
author who created it 
c)
the president 
d)
the government
34.

A work must have a copyright symbol (©) to be copy protected

a)

True

b)

False

35.

Artwork becomes copyright protected when?

a)

As soon as its written or drawn

b)

After you register it

c)

When you hire a lawyer that files the proper forms

d)

After you pay a fee

36.

What does a trademark identify?

a)

copyrighted material

b)

a product or service

c)

literary works

d)

all of the above

37.

What does the term "Intellectual property" mean?

a)

Anything owned by a scientist or professor

b)

Creations of the mind

c)

Media products produced by a specific company

d)

Media products advertised on TV

38.

What happens after trademarks are registered?

a)

No one else can use that trademark for those products.

b)

The business makes a lot of money.

c)

Other businesses can still use that trademark for their products.

d)

The business gets new customers.

39.
Susan invented a car engine that runs on fruit skins. She has received numerous investors for her business idea, located an empty garage to house her business, and is ready to begin operations of her new business.  Before opening her business, Susan should apply for a:  
a)
Copyright
b)
License
c)
Patent
d)
Trademark
40.

Which condition is a result of open competition in a free market system?

a)

government regulation

b)

higher quality goods

c)

higher prices

d)

poor customer service

41.

What is the principle that producers are entitled to make more money from a business than they invest

a)

profit motive

b)

free enterprise

c)

capital stock

d)

risk and reward

42.

This type of demand occurs when the demand for a product is NOT affected by changes in price.

a)

Elastic demand

b)

Inelastic demand

c)

Surplus

d)

Shortage

43.

In the summer, the demand for ice cream increases. Because of this, the demand for milk, sugar, strawberries, chocolate, and other ingredients also increases. This is knows as:

a)

Complementary Demand

b)

Capital Demand

c)

Substitute Demand

d)

Derived Demand

44.

You go to the store to buy toothpaste. You discover your brand is nearly double in price - so you choose another brand that is more what you expected. This is an example of which type of demand:

a)

Elastic demand

b)

Inelastic demand

c)

Surplus

d)

Shortage

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