Unit 5 Review Game

Question 1

Equilibrium or market price is always found when the supply and demand lines cross on a graph

Accepted Answer

True

Question 2

Producers are businesses or people who make goods and services

Accepted Answer

True

Question 3

What are the three major resources needed to make goods and services in an economy?

Accepted Answer

Land, Labor, Capital

Question 4

When the price is $4 , what will the quantity supplied be?

Accepted Answer

80

Question 5

If the price of gas goes up to $1.80 per gallon what will happen in the market for gasoline?

Accepted Answer

A surplus of gas

Question 6

Country produces 9 tons of wheat. How many tons of guns will they be able to produce according to the graph?

Accepted Answer

6

Question 7

The government can shift supply in the market by providing things like a subsidy or taxing a business heavily

Accepted Answer

True

Question 8

The idea that there are limited resources in society.

Accepted Answer

scarcity

Question 9

Notice the relationship between price and quantity. What law is being graphed here?

Accepted Answer

The law of Supply

Question 10

The equilibrium price or price the soybeans will be sold at on the market is...

Accepted Answer

$12

Question 11

A country produces a only specific goods or services to develop an advantage in producing those things.

Accepted Answer

Specialization

Question 12

The best example of a 'good' in economics is

Accepted Answer

A sneaker you buy and wear

Question 13

Ana decides to have a sale on her sneakers. The price of sneakers goes down, therefore..

Accepted Answer

The quantity of shoes demanded will go up

Questions 13