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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. |
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Which statement best summarizes the graph, if P is price and Q is quantity? |
As the price rises, suppliers produce more of a product. |
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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 |
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Which of the following would best fill the blank space? |
Student test scores should increase. |
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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. |
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Use the above graph to answer the following question. What event is shown by line 2? |
An increase in demand |
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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. |
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Quantity demanded is the quantity |
people will purchase at a specific price |
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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. |
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Based on the graph, what would happen if customers demanded 550 units of this product? |
The price would drop to 0.5. |
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Which of the following best addresses the economic question How to produce? |
Zara uses manufacturers in Turkey to make high-fashion clothing. |
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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. |
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What would cause the overall demand for books to increase? |
A celebrity commercial encouraging reading |
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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. |
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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? |
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Which situation would cause an increase in the overall supply of books? |
A decrease in the price of book-binding glue |
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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. |
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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 |
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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 |
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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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