What is a market?

• Group of deciders and sellers of a particular good

• Group of representatives and producers of a particular good

• Group of buyers and sellers of a particular good

• Group of producers and sellers of a particular good

In a marketplace, who is responsible for determining the demand for a new smartphone model?

• Consumers

• The smartphone store owners

• The smartphone manufacturers

• The smartphone app developers

In a local farmer's market, who determines the supply of vegetables?

• Colin

• Consumers

• Buyers

• Producers

The amount of a good or service that a consumer is willing and able to buy at various prices

• Quantity Supplied

• Demand

• Supply

• Shortage

The law of demand states that, the higher the price of a good, the less people will demand that good

• True

• False

• None of the above

• Peace and love

Purchasing Power refers to

• Producers and Consumers

• The amount of value that you have to gain from goods and services

• The amount of supply that producers have to spend on goods and services

• The amount of income that consumers have to spend on goods and services

When a person’s income increases so does their demand. On the other hand, when their income decreases their demand also decreases

• Income Effect

• Purchasing Parity

• Purchasing Plague

• Income DIstribution Center

WHich of the following is an example of the substitution effect?

• Hot dogs and hot dog buns

• Mustard and ketchup

• Airpods and nearpod

• Apple iPhone and Samsung Galaxy

What is Economics?

• The study of the velocity of money

• Developing governments to solve equality

• Study of Choices people make to satisfy their unlimited wants and needs

• Study of questions people make to satisfy their limited wants and needs

A popular music artist campaigns against the use of plastic bags resulting in a

• Increase in supply for plastics

• Decrease in the demand of money

• increase in demand for plastics

• decrease in demand for plastics