EPF 3.2 Review
Quiz
•
Social Studies
•
9th Grade
•
Practice Problem
•
Medium
Marlee McNamee
Used 4+ times
FREE Resource
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7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do businesses tend to produce more products when they can sell them at higher prices?
To reduce production costs
To increase market competition
To maximize profits
To decrease demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some factors that can cause businesses to produce more or less?
Changes in consumer preferences
Changes in costs, new technology, or government taxes and help
Seasonal weather changes
Employee satisfaction levels
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is considered a consumer in economic terms?
A person looking to sell a good
A person looking to purchase a good
A person producing a good
A person distributing a good
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are producers in the context of supply?
People looking to purchase a good
People looking to consume a good
People looking to sell a good
People looking to store a good
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors affect the ability of a business to produce?
Resources, Costs of Production, and Productivity
Marketing Strategies and Branding
Employee Satisfaction and Customer Feedback
Social Media Presence and Advertising
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to current supply if sellers expect higher future profits?
Increase current supply
Reduce current supply
Keep current supply constant
Eliminate current supply
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is likely to happen to the supply of milk if the price for dairy cows increases drastically?
The supply of milk will increase.
The supply of milk will decrease.
The supply of milk will remain the same.
The supply of milk will double.
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