Chapter 7 SS

Question 1

Which word describes when there isn't enough of something?

Accepted Answer

scarcity

Question 2

Which type of economic system do consumers and business control the supply and demand of goods?

Accepted Answer

a free enterprise system

Question 3

Which transportation would most likely deliver the freshest mangoes to the store the fastest?

Accepted Answer

airplane

Question 4

Which is the best example of a need for a student in school?

Accepted Answer

notebook paper

Question 5

A video game costs $10 to purchase. With sales tax, what will a customer pay for the game?

Accepted Answer

more than $10

Question 6

If the supply of shirts at a store is greater than the demand for the shirts, what will happen?

Accepted Answer

The store will reduce the price of shirts.

Question 7

What is the difference between the sales and production costs called?

Accepted Answer

profit

Question 8

You clean your neighbor's garage, and your neighbor cuts your lawn. This is an example of—

Accepted Answer

a barter

Question 9

How do most people buy a house?

Accepted Answer

with a bank loan

Question 10

Which is a way to earn extra money to buy things that you need and want?

Accepted Answer

Get a part-time job after school

Question 11

Freezing temps killed orange trees in Florida. What would happen to the supply of orange juice?

Accepted Answer

Orange juice supplies would be scarce.

Question 12

What would happen if banks loaned money to people who couldn't pay it back?

Accepted Answer

The banks would not get their money back and lose money.

Question 13

What could cause the supply of gasoline to go down?

Accepted Answer

high demand

Question 14

A person who purchases and uses products or services is—

Accepted Answer

a consumer

Question 15

In the U.S., who decides which products to sell in stores?

Accepted Answer

the store owners

Questions 15