APEX Econ 2.3

Which of the following accurately explains how profit is calculated?Costs are subtracted from revenues
Which of the following explains how revenue is determined?The total amount of money brought in by sales
Which of the following directly generates revenue for a business?Output
Which of the following is the main force behind the decisions made by producers in a free-market society?The profit motive
Which of the following best explains what the profit motive pushes producers to do?Minimize costs and maximize revenue
Which of the following identifies the reason why producers try to minimize costs and maximize revenue?The profit motive
Which of the following tools helps a producer set up an efficient system of production?A production possibilities frontier graph
Which of the following best states the purpose of using a production possibilities frontier?Setting up efficient production
Which of the following statements best explains how using a production possibilities frontier (PPF) helps set up efficient production?A PPF shows the maximum amount of goods that can be produced with a given set of inputs
Which of the following are possible market structures for an economic system?Oligopoly, Monopoly, Pure Competition
Which of the following are market structures that can exist in a free-market system?Monopolistic Competition, Oligopoly, Pure Competition
Which of the following are market structures that are characterized by at least some competition between producers?Pure Competition, Monopolistic Competition, Oligopoly
Which of the following describes a situation where competition between producers exists?Two or more producers are trying to sell the same good or service to the same consumers
Which of the following describes a situation where monopolistic competition exists?When many producers are selling slightly differentiated products
Which of the following best describes a situation where an oligopoly exists?A small number of producers command nearly the entire market for a certain good or service
Match the type of market structure with each example.
A. Pure Competition
B. Monopoly
C. Monopolistic Competition
D. Oligopoly
A. eBay
B. Cable Company
C. Gas Stations
D. Airlines
Match the type of market structure with each example.
A. Pure Competition
B. Monopoly
C. Monopolistic Competition
D. Oligopoly
A. Online auctioning
B. Water and Sewage service
C. Video Rental stores
D. Digital Camera Makers
Match the type of market structure with each example.
A. Pure Competition
B. Near Monopoly
C. Monopolistic Competition
D. Oligopoly
A. Online actioning
B. Computer operating syatems
C. Fast food resturants
D. Car makers
Which of the following does not motivate entrepreneurs?Security
Innovation is a characteristic most strongly associated with which of the following groups?Entrepreneurs
Entrepreneurs do not use which of the following to introduce innovations into a market?New economic systems
Which of the following are sources of revenue for media companies?Advertising and subscriptions
Which of the following is the main source of revenue for media corporations?Advertising
Advertising is the main source of revenue for which of the following industries?Media
Which of the following best explains why companies pay for advertising space?To expose an audience to messages about their products
Which of the following statements best describes what purchasing advertising space does for advertisers?Advertising space exposes a company’s products to an audience of potential customers
Which of the following statements best explains the purpose of advertising?Advertising is about buying the attention of an audience of potential consumers
The media industry is characterized by which of the following?Centralization of ownership
Nearly all of the media industry is controlled by which of the following?A few large companies
The media industry is dominated by which of the following?Media Conglomerates