Gr 9 Term 1 Exam Review

Grade 9 Term 1 Exam Review

Review content and questions to prep for the term 1 exams

Some text here about the topic of discussion

Topics to review

Demands, Supply and Elasticity

Law of Supply, Demand, and Elasticity

Factors that influence Supply and Demand

Factors of Production

Subject | Subject

Some text here about the topic of discussion

Demand, Supply and Elasticity

Multiple Choice

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of

• supply

• demand

• elasticity

• market price

Multiple Choice

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is

• demand

• elasticity

• market price

• supply

Multiple Choice

Quantity demand will be determined by the changes in which factor?

• Price

• Supply

• Elasticity

• Slope

Multiple Choice

a graph that shows the quantity demanded at each price.

• Demand Curve

• Demand Slope

• Demand Function

• Quantity Demand

Multiple Choice

It states that as the price of goods and services increases, the quantity demand of the product decreases.

• Law of Diminishing Return

• Law of Supply

• Law of Demand

• Demand Funtion

Multiple Choice

are similar products that a customer may use for the same purpose.

• Primary Goods

• Substitute Goods

• Complimentary Goods

• Basic Goods

Multiple Choice

a good whose appeal increases with the popularity of its complement.

• Substitute Goods

• Primary Goods

• Basic Goods

• Complimentary Goods

Multiple Choice

In a market, if quantity supplied is greater than quantity demanded what occurs?

• Shortage

• Surplus

• Scarcity

• Equilibrium

Multiple Choice

What does this curve represent?

• demand

• supply

• equilibrium

• shortage

Multiple Choice

What does this curve represent?

• supply

• equilibrium

• demand

• surplus

Multiple Choice

Supply is

• how much consumers are willing to  buy.

• how much a producer (a business) is  able and willing to make for sale to  consumers.

• the goods that are left over after a  sale.

• All of the above

Multiple Choice

What does the law of demand say

• consumers will buy less of something  when the price goes down

• consumers will buy more of something  when price increases. 

•  consumers will buy more of something  when prices decrease.

• None of the above.

Multiple Choice

Equilibrium is 

• when there is a surplus

• when there is a shortage

• when there is both a surplus and a  shortage

• when the producer and the consumers  agree on a price

Factors which influence Demand, Supply and Elasticity

Multiple Choice

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up

• it goes down

• it stays the same

• it is not effected

Multiple Choice

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up

• it goes down

• it stays the same

• it is not effected

Multiple Choice

When quantity supplied and quantity demanded is equal

• surplus

• shortage

• equilibrium

• law of demand

Multiple Choice

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise

• fall

• stay the same

• Consumer

Multiple Choice

Supply and demand determine

• needs and wants

• all goods produced

• the price for a good or service

• All of the above

Multiple Choice

Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

• The arena forgot to print enough tickets.

• The supply of tickets was greater than the demand.

• The arena charged too much money for each ticket.

• The demand for tickets was greater than the supply.

Multiple Choice

Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 

• The price will remain the same.

• The price will rise.

• The price will fall.

Multiple Choice

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will go up.

• The price will go down.

Multiple Choice

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.

• The price will go down.

Multiple Choice

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

• The price will go up.

• The price will go down.

Multiple Choice

Which of the following determines whether consumers can purchase goods or services:

• Buying power

• Labor costs

• Competition

• Production costs

Multiple Choice

For 20 years, Don owned a small grocery store. When several big box stores that sell groceries at discounted prices moved into the area, Don’s sales declined, and he had to close his business. Which of the factors that affect supply affected Don’s business?

• Natural disasters

• Government regulation

• Labor demands

• Number of producers

Factors of Production

Multiple Choice

What are the resources called that are needed to produce a good or service?

• Goods and services.

• Needs and wants.

• Factors of production.

• All of the above.

Multiple Choice

How many factors of production are needed to produce a good or service?

• 2

• 4

• 6

• 8

Multiple Choice

What are natural resources?

• Animals

• Things from nature (not man-made)

• Tree

• All of the above

Multiple Choice

What is labor?

• Hard Work

• People who only do the physical work.

• People who do the work to produce something.

• None of the above.

Multiple Choice

What could be an example of capital?

• Buildings

• Machines

• Money

• All of the above

Multiple Choice

What is entrepreneurship?

• Shipping of products and services.

• Starting or improving a business.

• Improving needs and wants.

• All of the above.

Multiple Choice

__________ It only takes one factor of production to make a good or service.

• True

• False

Multiple Choice

__________ The creation of all goods and services are made from different resources.

• True

• False

Multiple Choice

__________ An example of a natural resource is a cell phone.

• True

• False

Multiple Choice

__________ The entrepreneur combines natural resources, labor, and capital to produce a good or service.

• True

• False

Multiple Choice

Which one of the four factors of production does the image show?

• Entrepreneur

• Capital

• Natural Resources

• Labor

Multiple Choice

Which one of the four factors of production does the picture show?

• Natural Resources

• Labor

• Capital

• Entrepreneur

Multiple Choice

Which one of the four factors of production does the picture show?

• Labor

• Natural Resources

• Capital

• Entrepreneur