We the Economy Ch 1 Quiz

Something we pay for that we can touch

• goods
• services

Which of these provides a service?

• Pumpkins

• Mailman

• Turtles

• Cars

An individual or group who purchases goods.

• producer

• consumer

• goods

• services

Which of these is a good?

• Librarian

• Teacher

• Computer

• Mechanic

A consumer is

• Someone who buys goods and services

• Someone who makes goods and services

• Someone who eats a lot of food.

The amount of goods or services available is called?

• supply

• demand

• producer

• consumer

The market equilibrium price is the price at which

• surpluses depress the number of goods supplied
• shortages and surpluses will have no effect on the market
• the government will not intervene in the market
• the quantity demanded is the same as the quantity supplied

How much people want something

• supply
• demand

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

When there is a shortage the price will usually?

• rise

• fall

• remain the same

• equilibrium