Worksheets5.01 Quiz POBF
Total questions: 13
Worksheet time: 10mins
What do economists call the intersection of a Demand curve and a Supply curve?
Equilibrium price
Surplus
Shortage
Rationing
A business that begins selling winter holiday decorations in late autumn is creating __________ utility.
Place
Time
Form
Possession
Which of the following items would be considered a non-economic want:
A walk
A car
Nutritious Food
New Clothing
What is demand?
An indication of how changes in price will affect changes in the amounts demanded and supplied.
Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.
The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
Tangible items produced for personal use.
The three economic questions each organization must answer are; What should be produced? How should it be produced? and:
Where should it be produced?
When should it be produced?
For whom should it be produced?
Why should it be produced?
Define Goods:
Tangible objects that can be manufactured or produced for resale
The process of trading one good/service for another
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.
The people who make or provide goods and services.
A local dry cleaner that also launders and presses shirts is selling:
specialty goods
consumer services
Scarcity is
Unlimited wants with limited resources
Limited wants with unlimited resources
Hurricane Floyd led to increased losses for insurance companies. What type of risk?
Economic
Natural
An indication of how changes in price will affect changes in the amounts demanded and supplied is known as
elasticity
inelasticity
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is known as
supply
demand
A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
utility
opportunity cost
(Bonus) + 2 If oil executives read in the newspaper that massive new oil supplies have been discovered under the Pacific Ocean but will likely only be useful in 10 years, what is likely to happen to the supply of oil today?
