How does scarcity affect customers? (1 point)
Limited time prevents customers from making decisions.
It encourages strong economic growth
Limited money and resources forces consumers to make choices.
Limited wants and needs limit customers to small purchases.
Limited money and resources forces consumers to make choices.
Which of the following goods or services is an import to the United States? (1 point)
oil bought by the United States from the Middle East
software created in California and used in Chicago
apples grown on a farm in Vermont
an automobile that is manufactured in the USA
oil bought by the United States from the Middle East
8. Which of the following is a characteristic of a Command Economy? (1 point)
citizens can open a business and set prices
limited government control
government control
surplus of resources
government control
9. Which of these is an example of a monetary incentive? (1 point)
learning a new skill by studying it
earning an allowance for doing chores***
having fun walking a dog
making friends on a sports team
earning an allowance for doing chores
Which situation is more likely to occur in a Market Economy than a Command Economy? (1 point)
a citizen designs a new game and opens a store to sell it
people line up for scarce products.
the government controls all aspects of business
government sets prices on good sold
a citizen designs a new game and opens a store to sell it
Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening. (1 point)
True
False
True
12. When are equilibrium prices achieved? (1 point)
when demand is greater than supply
when supply is greater than demand
when supply equals demand
when prices go as high as possible
When supply equals demand.
Match the resources with the kind of resource they belong to. (1 point)
Natural computer
Human coal
Capital chef
Natural - coal
Human - chef
Capital - computer
Choose the Right answer
A____________ areameans that a business made too much and may waste money on resources making products that will not get used or be thrown out.
Surplus
Storage
equilibrium occurrence
Surplus
What does a relative price compare? (1 point)
The price after sale discounts are applied
The price that a seller wants to pay to the price that the seller actually pays
The price that buyers pay compared to the price that sellers ask
The price of one good or service compared to another similar one
The price of one good or service compared to another similar one.
16. A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. 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)
$139
$199
$89
$79
The most likely price of the new phone would be $199.
17. A ______________ is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.(1 point)
price point
sale
substitute
market
substitute
18. The law of __________ describes the relationship between prices and demand. (1 point)
equilibrium
demand
relative price
substitutions
The law of demand describes the relationship between prices and demand.
19. If many buyers want a good or service that is in low supply, the price will most likely ____________. (1 point)
stay the same
increase
decrease
increase
Price competition in the market, including price wars between competitors, typically benefits the _______________. (1 point) government
competition
consumer (buyer)
producer
consumer (buyer)
Thank you Bot GPT 3.5
You're welcome! If you have any more questions, feel free to ask.
can you double check the Question pls
Certainly! Please let me know which question you would like me to double-check.
all of them
I apologize for any confusion, but I am unable to review all of the questions at once. If there is a specific question you would like me to double-check, please let me know the question number or provide the question itself, and I'll be happy to assist you.
can you write all the answer with the Question pls
Certainly! Here are the questions along with their respective answers:
1. How does scarcity affect customers?
- Limited money and resources forces consumers to make choices.
2. Which of the following goods or services is an import to the United States?
- Oil bought by the United States from the Middle East.
3. Which of the following is a characteristic of a Command Economy?
- Government control.
4. Which of these is an example of a monetary incentive?
- Earning an allowance for doing chores.
5. Which situation is more likely to occur in a Market Economy than a Command Economy?
- A citizen designs a new game and opens a store to sell it.
6. Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening.
- True.
7. When are equilibrium prices achieved?
- When supply equals demand.
8. Match the resources with the kind of resource they belong to.
- Natural: coal, Human: chef, Capital: computer.
9. A surplus means that a business made too much and may waste money on resources making products that will not get used or be thrown out.
- Surplus.
10. What does a relative price compare?
- The price of one good or service compared to another similar one.
11. A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. 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?
- $199.
12. A substitute is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.
- Substitute.
13. The law of demand describes the relationship between prices and demand.
- Demand.
14. If many buyers want a good or service that is in low supply, the price will most likely increase.
- Increase.
15. Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer).
- Consumer (buyer).
Which of these BEST represents a capital investment for a company?
-buying new equipment
A computer programmer, bank teller, and construction worker are all examples of
-human resources
Getting the goods and services that you want by offering a different good or service (not money) as payment is called _____________________________.
-Bartering
Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a new purse for $12.00, a sun hat for $4.00, magazines for $6.00, and a beach towel for $4.00. When she gets to the register, she realizes she only has $20.00 in her pocket. Use the passage to answer the question. If Maria decides to purchase the sun hat, towel, and bathing suit, what is the opportunity cost of her purchase?
-The magazines
According to the law of demand, what role do low prices serve for buyers?
-Reward
How does scarcity affect customers?
- Limited money and resources forces consumers to make choices.
Which of the following goods or services is an import to the United States?
- Oil bought by the United States from the Middle East.
Which of the following is a characteristic of a Command Economy?
- Government control.
Which of these is an example of a monetary incentive?
- Earning an allowance for doing chores.
Which situation is more likely to occur in a Market Economy than a Command Economy?
-A citizen designs a new game and opens a store to sell it.
Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening.
- True.
When are equilibrium prices achieved?
- When supply equals demand.
Match the resources with the kind of resource they belong to.
- Natural: coal, Human: chef, Capital: computer.
A surplus means that a business made too much and may waste money on resources making products that will not get used or be thrown out.
- Surplus.
What does a relative price compare?
- The price of one good or service compared to another similar one.
A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. 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?
- $199.
A substitute is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.
- Substitute.
The law of demand describes the relationship between prices and demand.
- Demand.
If many buyers want a good or service that is in low supply, the price will most likely increase.
- Increase.
Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer).
- Consumer (buyer).