
Standard 2 Indicator 2.01 LAP 906
Authored by Natalie Coronas
Social Studies
12th Grade
Used 4+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the amount of money for which an item sells in the competitive marketplace?
Value
Price
Market
Utility
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much a consumer is willing to pay for a product depends partly on the consumer's opinion of the product's
value
production costs
efficiency
target market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one factor that will determine how much a customer is willing to pay for a good or service?
Production costs
Buying power
Rationing
Incentive
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks:
Incentives
Excess demand
Relative price
Inflated price
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a change in the relative price ratio when the original price of red apples is 60¢ per pound and the original price of green apples is 80¢ per pound:
Red apples @ 30¢ per pound; green apples @ 40¢ per pound
Red apples @ 90¢ per pound; green apples @ 80¢ per pound
Red apples @ 45¢ per pound; green apples @ 60¢ per pound
Red apples @ $1.20 per pound; green apples @ $1.60 per pound
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do producers answer the economic question of what to produce in a market economy?
They produce products that are the most profitable.
They produce products that provide the least incentives.
They produce products that cost them the most to produce.
They produce products for which they have the most information.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To be able to charge competitive prices in our economy, producers must combine resources and technologies to produce
limited quantities of goods.
items to sell at relative prices.
more than consumers will buy.
items at the lowest cost possible.
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