Too many "cooks in the kitchen" is an example of?

Diminishing Marginal Return (Adding more workers will increase or decrease production)

Price that buyers & sellers will accept

According to the law of supply, if the price of a good increases from $15 to $30, what would happen to the quantity supplied of that item?

The quantity supplied would increase

The quantity demanded would increase

Which of the following would cause an outward shift (Increase in Supply) in the supply curve

Increase in the number of sellers

Which of the following would cause an inward shift (Decrease in Supply) of the supply curve

Hiring workers with less education

Expectations that prices will increase

The quantity of an item that is supplied at a given price

The quantity of an item that is desired at a given price

The quantity of an item that is not desired at a given price

The price of an item that is desired based on Quantity

The quantity of an item that is demanded at a given price

The quantity of an item that is supplied at a given price

The quantity of an item that is desired regardless of price

The quantity of an not desired.

According the law of Demand, which is the relationship to quantity and price

Price and quantity demanded have an inverse relationship

Price and quantity demanded have a positive relationship

Price and quantity demanded have a negative relationship

Price and quantity demanded have never dated

What has caused the decrease in the quantity demanded of the graph above?

There was no change in quantity

With respect to the circular flow model, businesses provide households with which of the following?

public goods and transfer payments

A volcano erupts in Hawaii that destroys or damages many of the orchards that supply the U.S. with pineapples. What will be the effect on price and quantity of pineapples sold, assuming all else is equal?

Price will rise but quantity will drop.

Price will rise and quantity will also rise.

Price will drop and quantity will also drop.

Price will drop but quantity will rise.

The use of money in an economy solves which of the following problems?

an efficient means of economic exchange

the condition of opportunity cost

With respect to raising funds, the primary difference between a corporation and other types of businesses is that

they can sell shares of the company to the general public.

they always have collateral, but other businesses do not.

they can more easily make decisions about whether to seek a loan.

A breakthrough in nanotechnology allows silicon chips for computers to be produced much more quickly and cheaply. If demand for computers remains unchanged, what will be the effect upon market price and supply?

The supply will rise while the price falls.

Both price and supply will rise.

Both price and supply will fall.

The supply will fall while the price rises.

All of the following are characteristics of perfectly competitive markets EXCEPT

the firm's prices are kept confidential.

production is similar in quality.

there is a large number of buyers and sellers.

there are few barriers to entering the market.

ECON 10: Assignment

Authored by DeVon Edwards

Business

9th - 12th Grade

Used 1+ times

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50 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The graph represents: Demand or Supply?

Demand

Supply

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Amount of a product consumers will buy at a given prices is called what?

Substitute

Demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Law of demand says if the price of pizza falls, the demand for pizza will what?

Increase

Decrease

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A necessity is something we need to live. Which answer describes a necessity?

Food

School

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What kind of graph is this?

Supply

Demand

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

This activity (Picture) was an example of what?

Diminishing Marginal Return

Elastic Supply

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The Law of Supply states:

as price increases, supply increases

as prices decrease, demand increases

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ECON 10: Assignment

The graph represents: Demand or Supply?

Amount of a product consumers will buy at a given prices is called what?

Law of demand says if the price of pizza falls, the demand for pizza will what?

A necessity is something we need to live. Which answer describes a necessity?

What kind of graph is this?

This activity (Picture) was an example of what?

The Law of Supply states:

Too many "cooks in the kitchen" is an example of?

Is this graph: Supply or Demand?

What is quantity of a good or service that producers sell at a market price?

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