Wyatt CE 11ab

According to this table, what will happen if the price of a slice of pizza decreases from $2.50 to $1.00?

• Customers will not buy as much pizza.
• Profits of pizza makers will increase.
• There will not be enough pizza produced.
• The cost of producing pizzas will rise.

What is the opportunity cost of going to the movies?

• Value of the computer game.
• Price of the movie tickets.
• Time of buying the computer game.
• Enjoyment of seeing the movies.

Hot Dog City is competing with Hot Dog Town.  Which incentive would most likely motivate consumers to eat at Hot Dog City?

• Hot Dog City decreases their supply of hot dogs to create a scarcity situation.
• Hot Dog City advertises that it has been in business for 10 years.
• Hot Dog City offers a free drink with purchase at Hot Dog City.
• Hot Dog City raises their prices in order to make more money per sale.

The government of the Soviet Union provided food for its citizens.  However, the food was often in short supply, had little variety, and was of poor quality.  What type of economy was the Soviet Union?

• Mixed
• Market
• Command
• Traditional

Most countries today have which type of economic system?

• Mixed
• Market
• Traditional
• Command

Which economic system has the least amount of government involvement in decision making?

• Mixed
• Market
• Command
• Traditional

_________________ results in lower prices and better quality goods and services.

• Consumer Sovereignty
• Private Property
• Profit
• Competition

The amount of money you make after all expenses have been paid is called what?

• Profit
• Competition
• Private Property
• Free Markets

The balance of what two things determines the price of a good or service?

• supply and demand
• producers and consumers
• losses and profits
• output and resource markets

Chloe wanted to buy a new sweater, but she really needed a new pair of tennis shoes.  When her mom took her shopping at Kohls, she ended up buying the tennis shoes.  What was her opportunity cost?

• Kohls
• the sweater
• the tennis shoes
• no opportunity cost