Which of the following would best fill the blank space?

Mrs. Baxter may have to reteach material

Which of the following statements best describes the economic questions this paragraph addresses?

For whom to produce? and What to produce?

What would happen to the quantity demand for chargers because of the change in price?

Quantity demanded would increase.

If the x-axis is Quantity and the y-axis is Price, what does the 85 in point (85, 5) represent?

The quantity supplied on the blue line

A console game, ZOMBIES!, has come out recently. It sells for $60. Which of these might lower the price of the game?

A negative article about the game from a reviewer, causing sales to drop

Which statement best interprets the graph?

As the price decreases, the quantity demanded increases.

Which of the following best addresses the economic question How to produce?

Zara uses manufacturers in Turkey to make high-fashion clothing.

Which of the following would best fill the blank space?

Students will be happier with Mrs. Baxter.

Economics is defined as a study of the

ways people obtain their wants with limited resources

Look at the graph. Where P is price and Q is quantity, what might cause a move from B to A?

A nationwide discount program is implemented.

Which answers the economic questions For whom to produce? and What to produce?

Patients and a virtual support program

This graph represents the market for books. Which situation would cause the graph to shift from line 1 to line 2?

A celebrity commercial encouraging reading

Which of the following addresses all three of the basic economic questions?

You start a restaurant serving organic meals baked in your home.

Which of the following best addresses the economic question For whom to produce?

InFocus conducts focus groups to determine its target market.

Which of these is an opportunity cost of Lois using Tuesday to work on her project?

She and her nephew enjoy an afternoon at the zoo.

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Economics Basics

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Questions 23

Answers

1
Which of the following would best fill the blank space?
Mrs. Baxter may have to reteach material
Parents may be happier with grades
Parents will encourage children to study
Mrs. Baxter will not need to proctor the exam
2
Which of the following statements best describes the economic questions this paragraph addresses?
For whom to produce? and What to produce?
How to produce? and For whom to produce?
What to produce? and How to produce?
For whom to produce? and When to produce?
3
What would happen to the quantity demand for chargers because of the change in price?
Quantity demanded would reset to zero.
Quantity demanded would increase.
Quantity demanded would decrease.
Quantity demanded would remain the same.
4
If the x-axis is Quantity and the y-axis is Price, what does the 85 in point (85, 5) represent?
The quantity supplied on the blue line
The price on the blue line
The quantity supplied on the red line
The price on the red line
5
A console game, ZOMBIES!, has come out recently. It sells for $60. Which of these might lower the price of the game?
A significant increase in the cost of a competitor's game, U.S. Zombies
A positive article about the game from a reviewer, causing sales to rise
A negative article about the game from a reviewer, causing sales to drop
A rise in the cost of gas, causing shipments of the game to slow down
6
Which statement best interprets the graph?
As the quantity demanded increases, the price remains the same.
As the price increases, the quantity demanded increases.
As the price decreases, the quantity demanded increases.
As the quantity demanded decreases, the price increases
7
Changing prices to attract customers is most difficult in a
purely competitive market
monopoly market
oligopoly market
monopolistically competitive market
8
Which of the following best addresses the economic question How to produce?
InFocus conducts focus groups to determine its target market.
Head Tome sells online targeted ads to generate revenue.
Peachtree designs a new smartphone for visually impaired users.
Zara uses manufacturers in Turkey to make high-fashion clothing.
9
When price increases, quantity supplied
stays the same
increases
decreases
becomes zero
10
Which of the following would best fill the blank space?
Students will be happier with Mrs. Baxter.
Students may not bring their books to class.
Mrs. Baxter will have to make the test harder.
Parents may complain about grades.
11
Jen plans to sell handmade African scarves and jewelry. Which economic question(s) would Jen still need to answer?
For whom to produce?
What to produce? and How to produce
How to produce?
What to produce? and for whom to produce
12
Economics is defined as a study of the
ways businesses and government operates
properties of money
best ways to increase the profits of a company
ways people obtain their wants with limited resources
13
Ann buy's ingredients, follows her own recipes, and sells cakes and cookies. Cakes and cookies answers what question?
How to produce?
What to produce? and How to produce?
How to produce? and For whom to produce?
What to Produce?
14
Which may occur as a result of a decrease in the price of laptop computers?
Increase in quantity demanded
Decrease in demand
Decrease in quantity demanded
Increase in demand
15
Look at the graph. Where P is price and Q is quantity, what might cause a move from B to A?
Fewer workers are needed to manufacture the product.
Two other firms open to manufacture the same product.
A nationwide discount program is implemented.
New technologies make manufacturing more efficient.
16
Which answers the economic questions For whom to produce? and What to produce?
Support program and hospitals
Hospitals and patient instructions
Patients and a virtual support program
A virtual support program and patient instructions
17
This graph represents the market for books. Which situation would cause the graph to shift from line 1 to line 2?
A fire that destroys the paper factories
An increase in the price of books
A celebrity commercial encouraging reading
A decrease in the price of book-binding glue
18
The U.S. economy begins to slow, so the U.S. prints more currency. What is the risk of this action?
The government will pressure banks.
The currency will lose value.
The government will gain debt.
The currency will be hoarded.
19
Which of the following addresses all three of the basic economic questions?
You decide to work from home using your dining room as your headquarters.
You launch a nanny service focusing on young families in your community.
You start a wedding planning business and advertise your services online.
You start a restaurant serving organic meals baked in your home.
20
You choose to write your essay rather than watch TV so that you can earn an "A". You made the choice with the lowest
benefit
demand
opportunity cost
scarcity
21
Which of the following best addresses the economic question For whom to produce?
Head Tome runs a social networking site with incorporated advertising.
Compass Learning Group contracts a team from India to write a course.
Lady Zigzag's agent makes concert tickets available on a new smartphone app
InFocus conducts focus groups to determine its target market.
22
Jim invents a device that uses body heat to power electronic devices. Jim's idea for this invention be classified as
Entrepreneurship
Labor
Land
Capital
23
Which of these is an opportunity cost of Lois using Tuesday to work on her project?
She and her nephew enjoy an afternoon at the zoo.
Her project will be late.
She will save the cost of two zoo tickets.
She could lose her job.

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