Which of the following would a company do if the demand for a product increases?

the business raises the price of the product

What is true if the price of a product decreases?

Consumers have more money to spend on other products.

What's the difference between taking a guess and making a prediction?

A prediction is an educated guess based on certain clues

A con of scarcity is which of the following?

Consumers are less likely to have their needs and wants met.

What is productivity?

The amount a company can produce with a certain amount of labor

Which of the following are examples of services?

trumpet lessons and babysitting

Which describes a benefit of computer technology in the world of business?

Saving money from flying people to meetings

What is the definition of export?

A good that is shipped from the US to another country to be sold there.

What is the definition of import?

A good that is brought in to the US to be sold here.

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SS Ch. 4 The Nation's Economy

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Questions 14

Answers

1
Why is money used instead of bartering?
It is uniform (the same)
It can be traded for anything
All of the above
It is easy to carry
2
Which of the following would a company do if the demand for a product increases?
the business raises the price of the product
the business decreases the supply of the product
the business keeps the price of the product the same
the business creates an entirely new product
3
Which of the following are examples of goods?
trumpet lessons and babysitting
video games and clothes
4
If the supply becomes greater than the demand, the price of the product will...
fall
stay the same
effect the demand
rise
5
What is true if the price of a product decreases?
Consumers have more money to spend on other products.
Consumers purchase a smaller quantity of the product.
Supply of the product decreases.
Demand for the product decreases.
6
What's the difference between taking a guess and making a prediction?
A guess is usually funny
A guess is informed by what you already know
A prediction is based on analyzing an image
A prediction is an educated guess based on certain clues
7
A con of scarcity is which of the following?
Consumers are less likely to have their needs and wants met.
Consumers are faced with fewer opportunity costs.
Consumers pay less for a product.
Consumers see their incomes go down.
8
What is productivity?
The amount of goods a country has
Division of labor
The amount a company can produce with a certain amount of labor
Specialization
9
Which of the following are examples of services?
trumpet lessons and babysitting
video games and shoes
10
A man who owns a business in which the government sets the prices operates in what type of economy?
private property system
command economy
market economy
free enterprise system
11
Which describes a benefit of computer technology in the world of business?
Not seeing someone "in the flesh" at a meeting
Misunderstanding someone's email
Using email but having to call people anyway
Saving money from flying people to meetings
12
What is the definition of export?
A good that is brought in to the US to be sold here.
A good that is shipped from the US to another country to be sold there.
An economy in which the producer sets the prices of goods.
An economy in which the government sets the prices of goods.
13
If the supply of a product is low and the demand for that product is high, then the price of the product will...
stay the same
effect the demand
fall
rise
14
What is the definition of import?
A good that is brought in to the US to be sold here.
An economy in which the government sets the price of goods.
A good that is shipped from the US to another country to be sold there.
An economy in which the producer sets the price of goods.

SS Ch. 4 The Nation's Economy Flashcards | StudBud