Friday Social Studies Quiz

The amount of goods or services available for a producer to sell is called?

• supply
• demand
• producer
• consumer

An individual who purchases (buy) goods.

• producer
• consumer
• goods
• services

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

• The supply will probably go up

• The supply will probably go down

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

• The price will increase

• The price will decrease

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.
• The price will go down.

Lucas fixes his friend's sink.  He is providing a _____________.

• trade
• opportunity cost
• product
• service

What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?

• The price will increase

• The price will decarese

This term refers to how much of a good or service consumers are willing to buy at a particular price.

• Demand
• Compettition
• Supply
• Equilibrium Price

What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high.  What will happen to the price of the card?

• The price will go up.
• The price will go down.

Your dad buys the family a brand new swimming pool.

• need

• want