SCARCITY QUIZ YR9

What two factors contributed to the wealth of the Dutch?

• Seizing land and selling it profit

• International trade in spices

• The growing profits made by merchants and traders

• Building windmills to power industry

Which of the following statements about tulips is NOT mentioned in the Tulip Mania video?

• They were not native plants to Europe

• Some flowers caught a virus which added to the plants beauty

• The bulbs of the plants were crushed to make medicine

• They took years to flower

Who pushed tulip prices up?

• The demand and supply of buyers/sellers

• Nobody knows

• The government

• Illuminate

150 Dutch florins in 1635 would have been roughly equal to how many American dollars today?

• $5000

• $10000

• $17750

• $25000

During the peak of Tulip Mania a single bulb sold for ten times the yearly wage of a skilled craftsman.

• TRUE

• FALSE

The year 2000 saw stock of Internet companies soar and then plummet, this is referred to as the what?

• Millenial Crash

• Y2K

• Tulip Mania

• Dot com bubble

Stocks of companies go up in value or down in value based on what?

• Time passing by

• What the company CEO decides

• The demand and supply of investors

• Stock prices in Japan

The tulip mania bubble burst when....

• people collectively realised tulips had no intrinsic worth

• Another flower took its place

• The government halted the trade of tulips

• The plant became extinct

What is an Economic Bubble?

• An Economic Bubble is when the price of any asset, rapidly decreases due to the consumer demands. This is then followed by the rapid increase in price.

• An Economic Bubble means that ‘the demand for a good or service is greater than the availability of the good or service’.

• An Economic Bubble is when the price of any asset, rapidly increases due to the consumer demands. This is then followed by the rapid decrease in price.

• Economic Bubble is the name of an influencial 1980's pop group who had a hit with the song 'Pins and Needles.'

The 'Dutch Golden Age' was in which century?

• 5th CE

• 14th CE

• 17th CE

• 19th BCE