AnswersSpanish I - WL9603 A LMSShopping Part 3

Shopping Review and Quiz Answers

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While on vacation in Guadalajara, you are shopping downtown and notice the following sign hanging in a store window.What type of store is this?

Question illustration
A
clothing store
B
candy store
C
jewelry store
D
show store
2
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Which scenario best illustrates the law of supply?

A
Nam wants to buy a video game. He is willing to pay $60 for a new video game if the game is very exciting. However, he is not willing to pay more than that amount. If he can find exciting used video games for $30, he is willing to buy two games.
B
Diya is making beaded bracelets to sell online. To make a profit and pay for her time, she must charge at least $10 per bracelet and make at least 10 bracelets. She is willing to spend more time making a larger number of bracelets if she can charge more per bracelet.
C
A store has 75 summer-themed T-shirts that did not sell, and now the weather is turning cold. Rather than keep the T-shirts until next summer, the store decides to lower the price from $20 to $15. After only some of the T-shirts sell, the store holds a “buy 1, get 2” sale.
D
A shortage of microchips has forced an automobile manufacturer to change features in its cars and trucks. Rather than stopping production until more microchips are available, the company is making and selling some of its vehicles without fuel-saving features that require microchips.
3

Review the table.

Question illustration
A
how supply affects how many producers provide goods
B
how supply affects how many goods consumers will buy
C
how price affects how many goods consumers will buy
D
how price affects how many goods producers will provide
4

Review the image.

Question illustration
A
Producers may decide to produce different goods.
B
Producers may decide to produce more goods.
C
Competition for additional drivers may decrease.
D
Stores may have fewer goods on their shelves.
5

What is the definition of supply?

A
the amount of land, labor, and capital available to producers
B
the amount of goods and services available to consumers
C
the practice of several producers selling the same product
D
the practice of consumers replacing one good with a similar good
6

Company A is the first business to produce a computer battery that lasts three times as long as existing batteries. As demand for the battery grows, the company raises prices and increases production. The following year, Company B markets a battery that lasts almost as long but costs only half as much. Company A is forced to lower its price. In response, the company produces less of its battery.

A
the law of demand
B
factors of production
C
the law of supply
D
substituted goods
7

Which scenario best illustrates the fact that the demand for some products is seasonal?

A
The Vega family is planning to open an ice cream shop. They know that ice cream will be most popular during the warmer months of the year. To increase demand during the colder months, they plan to sell hot chocolate, specialty coffee drinks, and pastries.
B
A car company is planning to market a small number of very expensive cars. The cars will look like luxury cars from the past, but they will have the latest modern technology. The company realizes that the cars will appeal to only a limited number of consumers.
C
A store has a large supply of sneakers that were popular last year. Since then, the celebrity athlete who endorsed the sneakers has been dropped from his team and has not been picked up by another team. Demand for the sneakers has dropped dramatically.
D
A handheld slide projector was once a very popular toy. A child clicked the side switch to view each picture. Today, children can view many more images on phones. Although the slide projector toy is still available, its popularity has declined.
8

What happens when supply is greater than demand?

A
Prices rise until equilibrium is reached.
B
Prices fall until equilibrium is reached.
C
Demand rises to meet the supply.
D
Supply falls to meet demand.
9

Last year’s hot toy was a space alien action figure based on a character from a popular movie. This year, the most popular movie-related toy is a superhero action figure from a current movie. Demand for the space alien toy has dropped.

A
the effect of limited supply on demand
B
the effect of seasonal demand on goods
C
the effect of consumer interests on demand
D
the effect of outdated technology on demand
10

A company’s new energy drink is selling well. As a result, the company raises the price to increase profits. Demand stays about the same after this change. Encouraged, the company raises the price again. This time, demand for the energy drink declines, as customers begin buying substitute goods. The company decides to lower the price of the drink.

A
Consumers limit prices through their buying decisions.
B
Producers may ignore important signals from consumers.
C
Consumers are powerless when producers raise prices.
D
Producers mostly consider production costs when setting prices.

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