SOL 12a,b,c test

To figure out what his profit is, Elijah must-

• Do nothing else. He has no profit.

• Add his earnings to his expenses.

• Subtract his expenses from his earnings.

• Multiply his earnings times his expenses.

In the United States, consumers have the ability to determine what goods and services will be produced through their purchases. This is called-

• Profit motive

• Free enterprise

• Private property

• Consumer sovereignty

What is the best title for the diagram below?

• Profit

• Scarcity

• Competition

• Free enterprise

The United States economy is primarily a free market economy, but since it has aspects of other types of economies, it is characterized as a-

• Mixed economy

• Command economy

• Traditional economy

• Specialized economy

In the United States, individuals and businesses have the right to own real and personal property without-

• Competition

• Profit motive

• Consumer sovereignty

• Undue government interference

What is the best title for the diagram below?

• Change in prices

• Change in supply

• Change in market

• Change in demand

What will most likely happen as a result of the scenario below?

• Bread prices will decrease.

• Less bread will be produced.

• More bread will be produced.

• People will stop buying bread.

The dot on the graph below represents-

• Supply price

• Demand price

• Consumer price

• Equilibrium price

Which of the following best describes the law of demand?

• The local golf course decreased the price to play and less players came to play.

• Apple released a new iPhone at a discounted price and it sold out in twenty minutes.

• When steel prices decreased, the profit on selling automobiles increased, and more cars were made to sell at this higher price.

• The cost of sugar increased, causing the price of the baked goods to increase. The local bakery baked less cookies and cakes because of this.

Which of the following best summarizes the law of supply?

• More of a product is produced when it can be sold at a lower price.

• More of a product is produced when it can be sold at a higher price.

• The price of a product does not change the amount that is produced.

• Supply is the amount of a good or service people are willing and able to buy.