Unit Test Part 2: The Players
Answer the following questions based on what you have learned.
(2 points)
Score. Describe the role that workers play in the game of economics.
(3 points)
Score. Explain why the worker’s role is unique.
(2 points)
Score. Explain why it is important for producers to conduct market research.
(3 points)
Score. Give at least one example of a type of market research that producers conduct. Explain the kind of information this research provides.
(3 points)
Score. Describe the meaning of utility in economics and explain why it is different from one consumer to another.
(2 points)
Score. Why do economists try to measure and understand utility?
(2 points)
Score. List two characteristics of an oligopolistic industry.
(3 points)
Score. Why are so many familiar industries oligopolies?
(5 points)
Score. Explain why circulation and ratings systems determine how much money different advertisements cost to run.
