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Economics Flashcards | StudBud
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Economics
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Scarcity, Supply and Demand, Profit
Flashcards
11 cards
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Questions
11
Answers
1
Target had to lower the price of toilet paper to match Walmart's prices. What will happen to Target's profits?
They will increase.
They will remain the same.
They will decrease.
2
If the demand of a product goes up, what happens to the price?
It is free.
The cost increases.
The cost decreases.
It stays the same.
3
Jason's sales from lemonade was $20.00. His costs were $23.00. Did Jason make a profit?
Yes
No
4
Which of the following
is NOT
an example of scarcity?
poor weather causes less crops
not conserving water
raining for days
gasoline shortage
5
A business who gets to choose what goods or services it wants to provide is called a...
government
free business
free enterprise/free market
consent of the governed
6
Scarcity is when...
You are scared.
You do not have enough of something.
You have just the right amount of something.
You have more than you need of something.
7
Which of these government regulations affect the cost of a product to a consumer?
the selection of products
taxes
the price
what store they shop at
8
A factory was told by the government to buy a machine to help pollution. How does this affect the cost of tires to you?
The government can't do that.
I will pay more for the tires.
I will pay less for the tires.
It will not affect the cost of tires.
9
Which of the following
is not
an example of a producer?
watching a movie at the movie theater
seamstress
Apple Computer Company
growing crops
10
All of the following are examples of goods
except...
cars
taxi driver
toys
crops
11
Which of these is a way to prevent scarcity of water and conserve it?
Turn off the water when brushing your teeth
Take a long shower
Keep the water running while washing your hair
Water the yard everyday
