01.09 Module One Exam

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Which of the following addresses all three of the basic economic questions?

You start your own lunch delivery service serving area businesses and featuring all organic meals baked in your home.

Which statement best summarizes the graph, if P is price and Q is quantity?

As the price rises, suppliers produce more of a product.

A console game, ZOMBIES!, has come out recently. It sells for $60. Which of these might lower the price of the game?

A negative article about the game from a well-known reviewer, causing sales to drop

Which of the following would best fill the blank space?

Student test scores should increase.

Sam makes solar-powered cell phone battery chargers. In February, he sells chargers for $20 each. In March, he sells the chargers for $15 each. What would happen to the quantity demand for chargers because of the change in price?

– Quantity demanded would reset to zero. – Quantity demanded would remain the same. – Quantity demanded would increase.

Use the above graph to answer the following question. What event is shown by line 2?

An increase in demand

The supply and demand curves reflect the availability and cost of a new gaming system. The producer announces that the new system will be compatible with existing games under the same brand. Which change will most likely occur to the graph?

Demand will shift right, raising the market price.

Quantity demanded is the quantity

people will purchase at a specific price

You are in charge of your country’s currency, which is backed by a gold standard. Unfortunately, gold production is dropping sharply and is not expected to recover. What is your best option?

Move to fiat currency.

Based on the graph, what would happen if customers demanded 550 units of this product?

The price would drop to 0.5.

Which of the following best addresses the economic question How to produce?

Zara uses manufacturers in Turkey to make high-fashion clothing.

The supply and demand curves show data for trendy smartphone covers. How would the graph change if the producer hired a popular actor as spokesperson for the product?

Add D2 to the right of D, showing an increase in demand and increase in equilibrium price.

What would cause the overall demand for books to increase?

A celebrity commercial encouraging reading

Which scenario best demonstrates the function of money as a measure of value?

Sharad decides to offer his services as a typist. He asks for $3 per page. A new client prefers to pay $2 per page. They settle on $2.50 per page.

Magola makes baked goods for a living. She and a friend buy the ingredients, follow Magola’s recipes, and sell cakes and cookies to neighbors. Cookies and cakes is the answer to which economic question(s)?

What to produce?

Which situation would cause an increase in the overall supply of books?

A decrease in the price of book-binding glue

Lois promised to take her nephew to the zoo on Tuesday afternoon. On Tuesday, her boss hands her a new project, due by the end of the day. Which of these is an opportunity cost of Lois using Tuesday to work on her project?

She and her nephew enjoy an afternoon at the zoo.

If the x-axis is Quantity and the y-axis is Price, what does the 85 in point (85, 5) represent?

The quantity supplied at time 1

You go to the bank to trade a dirty dollar for a new, clean one. The cashier tells you the trade is not necessary because currency is

stable in value

Duane has a small woodworking business and saves the money for college. He stores his tools in his apartment. Duane would like to buy a utility trailer for his tools. It will cost $2,800. He creates a cost-benefit analysis table to examine his choices. What statement would best complete the chart, and why?

He will not have as much money for college classes, because he will have to pay for the trailer and its maintenance.

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