Chapter 16 - Introduction to Economics
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Social Studies
•
8th Grade
•
Easy
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19 questions
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1.
FLASHCARD QUESTION
Front
In the U.S., prices are established primarily through
Back
the forces of supply and demand
2.
FLASHCARD QUESTION
Front
When "thinking like an economist", one should accept an option when
Back
the benefits outweigh the costs
3.
FLASHCARD QUESTION
Front
A surplus typically indicates that
Back
the price is too high
4.
FLASHCARD QUESTION
Front
What forces people and nations to make economic choices?
Back
scarcity of resources
5.
FLASHCARD QUESTION
Front
Which of the following is an example of what to produce? Options: printing new textbooks, regulating air pollution caused by factories, hiring new workers, deciding where to drill for oil
Back
printing new textbooks
6.
FLASHCARD QUESTION
Front
Which of the following directly causes a change in demand? new technology, lower costs of production, number of producers, number of consumers
Back
number of consumers
7.
FLASHCARD QUESTION
Front
Which of these actions might explain a shift to the right of a demand curve?
Options:
The average income of consumers declines during a recession.
People are shopping for a hard to find toy during the holidays.
A surplus of oil hits the market.
The number of consumers in the market area decreases.
Back
People are shopping for a hard to find toy during the holidays.
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