Economics

Economics

Multiple Choice

All of a sudden Samsung comes out with a phone that is WAY cooler than the iphone, what will probably happen to the price of Samsung phones?

• It will decrease

• It will increase

• It will stay the same

Multiple Choice

What is supply?

• How much of a good or service is available

• All types of labor or work that people can purchase

• People who buy goods and services

Multiple Choice

According to the Law of Scarcity, resources in the world are....

• All over the place

• Unlimited

• Plentiful

• Limited

Multiple Choice

Where are snow shovels probably the least expensive (Based on what you know about how demand impacts price)?

• Colorado

• Alaska

• Florida

• Minnesota (it snows a lot there)

Multiple Choice

What is Demand?

• How much of a good or service is available

• People and businesses who make goods and services

• How much of a good or service people are want to buy

Multiple Choice

In a Command Economy the....

• People make all of the decisions

• People and businesses make all of the decisions

• The government makes all of the decisions

• Everyone helps make decisions

Multiple Choice

According to the Law of Scarcity, people's needs and wants are....

• Unlimited

• Huge

• Limited

• Small

Multiple Choice

In a Market Economy the

• People and businesses make decisions

• The government make decisions

• The people, businesses, and government make decisions

• Ms.Bolin makes the decisons

Multiple Choice

Consumers are...

• Items that are purchased for wants and needs

• The people who buy goods and services

• Work/activities that are purchased

• How people and societies exchange goods and services

Multiple Choice

My candy show has a very low supply of chocolate. What should I do to the price of the chocolate to build up a bigger supply?

• Lower the price

• Raise the price

• Keep the price the same

• Throw the chocolate out

Multiple Choice

An economy is...

• The price paid for a good or service

• How much of a good or service is available

• A system in which goods and services are produced

Multiple Choice

I live in a country where the government only allows me to sell black pants and white shirts. What kind of economy do I seem to live in?

• Mixed Economy

• Market Economy

• Command Economy

Multiple Choice

I decided to open a popcorn stand on the side of the road and made TONS of popcorn. People are buying it, but I will probably have a lot left over at the end of the day. What should I do to the price?

• Keep the price the same

• Give away the popcorn for free

• Increase the price

• Drop the price