How do personal savings contribute to the economy?
(1 point)
Responses
They increase the amount of money banks can invest in stocks and bonds.
They increase the amount of money banks can invest in stocks and bonds.
They increase the amount of money banks can loan to individuals and businesses.
They increase the amount of money banks can loan to individuals and businesses.
They allow consumers to invest in different areas of the economy.
They allow consumers to invest in different areas of the economy.
They allow consumers to get advice from banks on how to keep track of their money.
They increase the amount of money banks can loan to individuals and businesses.
They allow consumers to invest in different areas of the economy.
Which type of economic institution works to provide services to a community and does not pay taxes?
(1 point)
Responses
bank
bank
market
market
non-profit
non-profit
labor union
non-profit
A popular cell phone manufacturer begins selling a new phone with many unique features. Lots of people want to buy the new phone. The old phone cost $149.00. What is the most likely price of the new phone?
(1 point)
Responses
$79.00
$79.00
$129.00
$129.00
$149.00
$149.00
$199.00
$199.00
$199.00
A period of bad weather hurt the orange groves in Florida, from where many of the oranges grown for juice come. Supplies of oranges dropped greatly because of the bad weather. What is the most likely effect on the price of orange juice?
(1 point)
Responses
Prices will drop because people will buy less orange juice.
Prices will drop because people will buy less orange juice.
Prices will stay the same because oranges and orange juice are not the same good.
Prices will stay the same because oranges and orange juice are not the same good.
Prices will rise because the orange market and the orange juice market are closely connected.
Prices will rise because the orange market and the orange juice market are closely connected.
It is impossible to tell whether prices will change.
Prices will rise because the orange market and the orange juice market are closely connected.
Specialization most helps producers by growing what?
(1 point)
Responses
consumer demand
consumer demand
labor productivity
labor productivity
prices of goods
prices of goods
levels of trade
labor productivity
What is achieved when supply meets demand?
(1 point)
Responses
relative price
relative price
market price
market price
equilibrium price
equilibrium price
quantity price