Economy Represents....

the wealth and resources of an area and how they are managed

Market Equilibrium is

Where supply = demand and everyone is happy on price.

An economic advantage is

one country or area is really good at producing one good

A Capitalistic Economy is

where the business/individuals control the economy

A tax on goods imported into the country

Where there are more goods than the consumers want to buy

price goes up, demand for it will decrease, and vice versa

price goes up more companies will want to produce that good

where the government and business both have roles in it.

where the government controls the economy.

Where there are less goods than the consumers want to buy

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Basics of Economics

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This is a quiz about the types of economies, supply, demand and trade.

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Questions 19

Answers

1
Economy Represents....
The total amount of trade a country does.
The study of money and trade in a country.
the total amount of money a country has.
the wealth and resources of an area and how they are managed
2
Market Equilibrium is
Where nobody wants to sell or buy goods.
Where supply = demand and everyone is happy on price.
The price is less than the what the business are selling at
Nobody knows????
3
Which price best represents what would happen to the equilibrium price if demand goes down
$3
$2
$4
$1
4
Which price best represents what would happen to the equilibrium price if supply goes down
$3
$4
$1
$2
5
An economic advantage is
one country or area is really good at producing one good
one country or area does not produce goods.
Trading
I dont Know.
6
A Capitalistic Economy is
where the business/individuals control the economy
where the government and business both have roles in it.
where nobody controls the economy.
where the government controls the economy.
7
A Tariff is....
A tax on goods imported into the country
A shortage of goods
A tax on goods exported out of the country
A surplus of goods
8
A surplus is
Where the supply is equal to the demand
Where there are more goods than the consumers want to buy
Where everyone wants to buy that good.
Where there are less goods than the consumers want to buy
9
Which price best represents what would happen to the equilibrium price if demand goes up
$1
$4
$3
$2
10
If the price of corn is high, people will
produce more
buy more
buy less
produce less
11
Demand of a good is
price goes up less companies will want to produce that good
Price goes up, demand for it will increase, and vice versa
price goes up more companies will want to produce that good
price goes up, demand for it will decrease, and vice versa
12
What is the study of economy?
Capitalism
Trade
Economy
Economics
13
Supply of a good is
Price goes up, demand for it will increase, and vice versa
price goes up more companies will want to produce that good
price goes up, demand for it will decrease, and vice versa
price goes up less companies will want to produce that good
14
A Mixed Economy is
where the government controls the economy.
where nobody controls the economy.
where the government and business both have roles in it.
where the business/individuals control the economy
15
What is the type of economy that the United States?
Mixed Economy
Donald Trump Economy
Command Economy
Capitalistic Economy
16
A Command Economy is
where the business/individuals control the economy
where the government controls the economy.
where the government and business both have roles in it.
where nobody controls the economy.
17
Which price best represents what would happen to the equilibrium price if supply goes up
$2
$4
$1
$3
18
A Shortage is
Where the supply is equal to the demand
Where there are less goods than the consumers want to buy
Where everyone wants to buy that good.
Where there are more goods than the consumers want to buy
19
What is the Equilibrium Market price for this product?
$2
$3
$4
$1

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