WorksheetsLesson 9 TCI Test: Choices in a Free Market
Total questions: 23
Worksheet time: 12mins
Which of the following people is earning money by providing a service?
Anthony grows fruit to sell.
Laura sews stuffed animals.
Carl sells lemonade he makes.
Marie teaches a third grade class.
Which of the following will increase the profit at a lemonade stand?
using cheaper lemons
using more ingredients
selling during cold weather
giving glasses away for free
At Georgia's fruit stand, she sells apples. The _____________ of apples is how many she has to sell.
buyer
demand
seller
supply
Oprah and Bill Gates are entrepreneurs because they
watched television all day long.
spent all their time on the internet.
grew fruits and vegetables to sell.
took risks to start their own businesses.
A new toy becomes very popular, and many people want it. How will the price of the toy change?
Price will go up.
Price will go down.
A new bakery moves into the neighborhood. Now there are many more cookies that people can buy. How will the price of cookies change?
Price will go up.
Price will go down.
Cold weather in Florida kills many trees that grow oranges. How will the price of oranges change?
Price will go up.
Price will go down.
Julie sells hot chocolate during the winter. This winter has been very warm. How will the price of hot chocolate change?
Price will go up.
Price will go down.
One company charges a high price to ship mail quickly. Soon many other companies start shipping mail just as quickly. How will the price of this service change?
Price will go up.
Price will go down.
How can you earn money?
by owning your own business
by providing a service to others
by making something and selling it.
all of the above
Which of the following is the main goal of a charity?
work on television shows
give money to people in need
make billions of dollars in profit
create computer programs to sell
The amount of money earned by a business after costs are removed is called
profit
supply
demand
incentives
Which of the following is an example of an incentive?
a person sleeps a lot because he is sick.
a farmer loses her crop because of bad weather.
A store owner chooses to sell different goods.
A business uses cheaper materials to increase profits.
If you have a lemonade stand, what is the supply?
the amount of lemonade that customers buy.
the other lemonade stands in your town.
the amount of lemonade you make to sell.
the tablespoons of sugar you put in it.
The total amount of a good or service that customers will buy at a certain price is called
a demand
economy
services
supply
A farmer grows peaches, but the supply of peaches is already high. How can this farmer compete in the economy?
raise the prices
lower his prices
stop selling peaches
add more peaches to the market
What happens when demand is high and supply is low?
Prices go up.
Prices go down.
People stop buying.
Prices stay the same.
Cold weather kills many apple trees, but many customers still want to buy apples. How would you describe this situation?
low supply and low demand
high supply and high demand
low supply and high demand.
high supply and low demand
Why do sellers raise prices when demand is high and supply is low?
The law says they hve to.
They want to sell fewer goods.
People will pay more for high-demand items.
They want to lower their profits a lot.
Farmers in Washington want to sell their huge crop of apples. What must they do if they want to sell all of them?
They must raise their prices.
They must lower their prices.
They must keep their prices the same.
They must grow more apples.
Suppose a disease kills half of the tomato plants in California one year. What happens?
Tomato farmers will raise their prices.
Tomato farmers will lower their prices.
Tomato farmers will keep their prices the same.
Tomato farmers will sell even more tomatoes.
More people travel on long holiday weekends than on regular weekends. If the supply of tickets stays the same, what happens to the price on the weekends?
The prices go up.
The prices stay the same.
The prices drop dramatically.
The prices go down a small amount.
The total amount of a good or service that customers will buy at all prices is called _________________.
supply
demand
incentive
profit
