Unit 3 Review Game

Which of the following is a characteristic of a command economy?

• the economy is traditionally ran

• consumers and producers have freedom to buy and sell goods

• Government makes all economic decisions

• All people in the community share economic power

The U.S. government allows Mike Jones to choose the price for his waffles. However, the U.S. government also tells Mike that he must pay his employees a certain amount of money. When the government did this, which type of economy were they.

• market economy

• command economy

• mixed economy

• traditional economt

a shortage happens whenever the....

• product sold is GREATER than the equilibrium price

• product sold is LESS than the equilibrium price

Which is an example of a capital resource?

• drone

• farmer

• dog

• sunlight

Some companies are waiting for free food because of a trade dispute with China. The gov't will buy and then give away billions in food grown on U.S. farms. Because of the trade disagreements, some countries are now buying less goods from American farms. As a result, the gov't is buying the surplus of extra food that the farmers have in order to help them make their money back. The surplus of food will be sent to other companies in the U.S.

Which of the following is an accurate conclusion that a person could make after reading the article?

• U.S. farmers decreased their supply of farm products due to the dispute.

• During the trade dispute, China will start exporting farm products to U.S. schools.

• The U.S. will import farm products from China until the trade dispute ends.

• China’s demand for U.S. farm exports decreased due to the trade dispute.

Which of the following situations would create a surplus of Jordan shoes? (remember if it's higher than the equilibrium price it's a surplus, if it's lower it's a shortage)

• The equilibrium price of the Jordan shoe is $500 and footlocker sets the price at $500.

• The equilibrium price of the Jordan shoe is $300 and footlocker sets the price at $400.

• The equilibrium price of the Jordan shoe is $500 and footlocker sets the price at $400.

• The equilibrium price of the Jordan shoe is $500 and footlocker is unwilling to sell them.

What is demand?

• the amount of goods and services PRODUCERS are willing and able to make

• the amount of goods and services CONSUMERS are willing and able to buy

Which of the following would be a part of the demand for a product

• a person who has the money to make and sell the product and decides to put them in his store

• a person who has the money to buy an product but prefers to buy a different product

• a person who doesn’t have the money for the product but is hoping to get one someday

• a person who has the money to buy the product and instantly orders one once it is available

what is supply?

• the amount of goods and services PRODUCERS are willing and able to make

• the amount of goods and services CONSUMERS are willing and able to buy

Each of the following CORRECTLY categorizes a factor of production needed to make a baseball bat with an example of that factor of production EXCEPT—

• A the wood - natural resource

• B the saw used to cut the wood - capital resource

• C the person who manufactured the bat - capital resource

• D the factory used to build the bat - capital resource