Economics | Social Studies

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Economics

7th grade

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Social Studies

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Slide 1
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Economics
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Question 2
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Q.
All of a sudden Samsung comes out with a phone that is WAY cooler than the iphone, what will probably happen to the price of Samsung phones?
answer choices
It will decrease
It will increase
It will stay the same
It will decrease
alternatives
It will increase
It will stay the same
answer explanation
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Question 3
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What is supply?
answer choices
How much of a good or service is available
All types of labor or work that people can purchase
People who buy goods and services
How much of a good or service is available
alternatives
All types of labor or work that people can purchase
People who buy goods and services
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Question 4
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According to the Law of Scarcity, resources in the world are....
answer choices
All over the place
Unlimited
Plentiful
Limited
All over the place
alternatives
Unlimited
Plentiful
Limited
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Question 5
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Q.
Where are snow shovels probably the least expensive (Based on what you know about how demand impacts price)?
answer choices
Colorado
Alaska
Florida
Minnesota (it snows a lot there)
Colorado
alternatives
Alaska
Florida
Minnesota (it snows a lot there)
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Question 6
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What is Demand?
answer choices
How much of a good or service is available
People and businesses who make goods and services
How much of a good or service people are want to buy
How much of a good or service is available
alternatives
People and businesses who make goods and services
How much of a good or service people are want to buy
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Question 7
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In a Command Economy the....
answer choices
People make all of the decisions
People and businesses make all of the decisions
The government makes all of the decisions
Everyone helps make decisions
People make all of the decisions
alternatives
People and businesses make all of the decisions
The government makes all of the decisions
Everyone helps make decisions
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Question 8
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According to the Law of Scarcity, people's needs and wants are....
answer choices
Unlimited
Huge
Limited
Small
Unlimited
alternatives
Huge
Limited
Small
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Question 9
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In a Market Economy the
answer choices
People and businesses make decisions
The government make decisions
The people, businesses, and government make decisions
Ms.Bolin makes the decisons
People and businesses make decisions
alternatives
The government make decisions
The people, businesses, and government make decisions
Ms.Bolin makes the decisons
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Question 10
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Consumers are...
answer choices
Items that are purchased for wants and needs
The people who buy goods and services
Work/activities that are purchased
How people and societies exchange goods and services
Items that are purchased for wants and needs
alternatives
The people who buy goods and services
Work/activities that are purchased
How people and societies exchange goods and services
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Question 11
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Q.
My candy show has a very low supply of chocolate. What should I do to the price of the chocolate to build up a bigger supply?
answer choices
Lower the price
Raise the price
Keep the price the same
Throw the chocolate out
Lower the price
alternatives
Raise the price
Keep the price the same
Throw the chocolate out
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Question 12
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Q.
An economy is...
answer choices
The price paid for a good or service
How much of a good or service is available
A system in which goods and services are produced
The price paid for a good or service
alternatives
How much of a good or service is available
A system in which goods and services are produced
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Question 13
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I live in a country where the government only allows me to sell black pants and white shirts. What kind of economy do I seem to live in?
answer choices
Mixed Economy
Market Economy
Command Economy
Mixed Economy
alternatives
Market Economy
Command Economy
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Question 14
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I decided to open a popcorn stand on the side of the road and made TONS of popcorn. People are buying it, but I will probably have a lot left over at the end of the day. What should I do to the price?
answer choices
Keep the price the same
Give away the popcorn for free
Increase the price
Drop the price
Keep the price the same
alternatives
Give away the popcorn for free
Increase the price
Drop the price
answer explanation
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