Economics

Question 1

The people of Yap island used to use giant stones with holes as money. Which characteristic did NOT describe the money?

Accepted Answer

portable

Question 2

The supply is high, and the demand is low. What will happen to the price?

Accepted Answer

it will decrease

Question 3

Paying someone to mow your lawn is an example of a service.

Accepted Answer

True

Question 4

Coffee is not grown much in the United States. However, it is available to buy all across the country. Why?

Accepted Answer

Scarcity leads to trade

Question 5

When the supply is high, which of the following is most likely true?

Accepted Answer

The price is low.

Question 6

Money makes trading easier.

Accepted Answer

True

Question 7

You only want to buy a book for $2, but you only have a $20. Which characteristic of money makes your purchase easier?

Accepted Answer

divisible

Question 8

The supply is low, and the demand is high. What will happen to the price?

Accepted Answer

it will increase

Question 9

Metal coins last for a long time. What characteristic does this illustrate?

Accepted Answer

durable

Question 10

The new PS5 is hard to find in stores. Which word would describe the PS5?

Accepted Answer

scarce

Question 11

In Mexico, each denomination of bills is a different color and size. Which characteristic does this describe?

Accepted Answer

recognizable

Question 12

What does supply mean?

Accepted Answer

How much of a good or service is available

Question 13

When the demand is high, the price is low.

Accepted Answer

False

Question 14

All countries have symbols or historical figures on their money. What characteristic does this illustrate?

Accepted Answer

recognizable

Question 15

Which of the following are goods? Select all that apply.

Accepted Answer

a new bike, a milkshake

Questions 15