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- 1. Multiple ChoiceWhat is a commodity?a producta bathroom facility
- 2. Multiple ChoiceQuantity meansbest itemthe amount
- 3. Multiple ChoiceRelationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.ScarcitySupply and Demand
- 4. Multiple ChoiceIf a resource is scarcethere is a shortage and unlimited wants in a world of limited resourcesto be extremely rare and expensive
- 5. Multiple ChoiceThe plastic needed to make iphone cases is considered _____________ ____________ because it is used to make the iphone (good).Human ResourceCapital Resource
- 6. Multiple ChoiceThe study of how people make decisions given the resources that are provided to them.EconomicsCommand Economy
- 7. Multiple ChoiceThe voluntary exchange of goods and services without any government intervention.Market EconomyTraditional Economy
- 8. Multiple ChoiceProduces a variety of goods and services, as well as supports new ideas, services and goods.Advantages of a Market EconomyAdvantages of Command Economy
- 9. Multiple ChoiceIf a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?The demand for asparagus will go down.The price of asparagus will go up.
- 10. Multiple ChoiceMy new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99. According to the law of supply and demand, which is most likely to be true about the Nikes.Supply for the Nikes are was hight but the demand was low.Supply for the Nikes was low but demand was high.
- 11. Multiple ChoiceDoesn't always provide the basic needs to everyone in a society (the weak, sick, disabled, or elderly).Disadvantage of Traditional EconomyDisadvantage of Market Economy
- 12. Multiple ChoiceWhat type of economic system does the US have?MarketCommandTraditional
- 13. Multiple ChoiceWhich is an example of a capital resource?boatstimber (wood)physiciansmerchants
- 14. Multiple ChoiceIf supply of a product is limited, but demand is high, how would the price be affected?It would go upIt would go down
- Answer choicesTagsAnswer choicesTags