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- 1. Multiple Choice
When the supply of a product or service goes up and the demand stays the same the Price will typically do what?risefallstay the sameConsumer - 2. Multiple ChoiceThe desire or willingness a consumer has to purchase a good or a service is called?shortagesupplypricedemand
- 3. Multiple ChoiceThe amount of goods or services available is called?supplydemandproducerconsumer
- 4. Multiple ChoiceWhen there is a shortage the price will usually?risefallremain the sameequilibrium
- 5. Multiple ChoiceFarmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?The price will go up.The price will go down.
- 6. Multiple ChoiceCold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?The price will go up.The price will go down.
- 7. Multiple ChoiceAmazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?The price will go up.The price will go down.
- 8. Multiple ChoiceTools we use to make productscapital resourceshuman resourcesnatural resourcesentrepreneurs
- 9. Multiple ChoiceHow much people want somethingsupplydemand
- 10. Multiple ChoiceIndividuals who come up with a new idea for a good or service, then they make it a realityresourcehuman resourcesconsumerentrepreneur
- 11. Multiple ChoiceThe place where goods and services are exchangedbartercurrencymarketresource
- 12. Multiple ChoiceHow much of something is availablesupplydemand
- 13. Multiple Choice
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
- 14. Multiple Choice
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
- 15. Multiple ChoiceIn general, if the price of a good or service goes down, what happens to the demand for that good or service?demand goes updemand goes downdemand stays the samenone of the above
- 16. Multiple ChoiceIn general, if the price of a good or service goes up, what happens to the demand for that good or service?demand goes updemand goes downdemand stays the samenone of the above
- 17. Multiple Choice
A Market Economy is based on?
Goods and Services
Goods and Products
Supply and Demand
Service
- 18. Multiple Choice
Business owners will raise prices if?
Item isn't selling
There is a large supply of the item and
There is a low supply of the item and the product is selling quickly.
The amount of the supply is high.
- 19. Multiple Choice
An Entrepreneur
owns his/her own company
is a teacher
works at Chick Fil A
is a NASCAR driver
- 20. Multiple Choice
Which of the following is a capital resource?
sewing machine
money
scissors
All of the above
- Answer choicesTagsAnswer choicesTags