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The Law of Supply and Demand Answers

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1
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On a production possibility curve, data points that fall outside of the curve represent

A
an inefficient allocation of resources.
B
a balanced allocation of resources.
C
ideal production.
D
a currently unattainable production.
2
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How can the use of new technology in industry benefit workers?

A
Workers can react to economic change quickly.
B
Workers can identify economic emergencies.
C
Workers can gain new knowledge and skills.
D
Workers can make economic forecasts.
3

Read the following scenario. A clothing company wants to expand into new regions. It is looking at an urban area with a large number of vacant warehouses. The population is made up of people with average educations and a lower standard of living. The company is experiencing slower sales but has hopes that product will take off and be successful. Which of the factors of production will the company need to address most closely when making its decision to expand?

A
land
B
capital
C
land and labor
D
labor and capital
4

productresourcevaluecost

A
product
B
resource
C
value
D
cost
5

How does scarcity determine the economic value of an item?

A
by the amount of goods that are produced
B
by the capital required to build the factory
C
by the unlimited wants of the consumers
D
by the resources consumed in production
6

One method for studying opportunity cost is to think in terms of

A
risk and ability.
B
pros and cons.
C
tradeoffs
D
trial and error.
8

Which of the following will be accomplished by efficient allocations of the factors of production?

A
guaranteeing economic success
B
understanding whether a product will fail
C
fulfilling many needs and wants of society
D
replenishment of limited resources
9

What does the concept of scarcity explain? Choose three answers.why a product could lose significant value over time.why people continue to purchase different products.why consumers are willing to pay high prices for items.why decisions must be made on how to use resourceswhy resources can be both renewable and nonrenewable.why a single resource has more value than another resource.

A
why a product could lose significant value over time.
B
why people continue to purchase different products.
C
why consumers are willing to pay high prices for items.
D
why decisions must be made on how to use resources
E
why resources can be both renewable and nonrenewable.
F
why a single resource has more value than another resource.
10

What is the best definition of automation?

A
the use of robotic equipment in a manufacturing process
B
the application of scientific knowledge to find answers and fix problems
C
the use of resources to manufacture goods more efficiently
D
the hiring of workers from all over the world to manufacture goods
11

One of the three main questions of economics addresses who should

A
produce goods and services.
B
market goods and services.
C
receive goods and services.
D
distribute goods and services.
12

Opportunity cost occurs because of a producer’s need to

A
limit resources.
B
protect resources.
C
allocate resources.
D
spend resources.
13

Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource?

A
Who can be most creative with the product?
B
Who has the largest resource pool?
C
Who has the greatest need?
D
Who can bring in the greatest profit?
14

Critics of the wealth gap might argue that

A
economic growth will likely decline over time.
B
the upper classes cannot help create new jobs.
C
the wealthy become unable to make investments.
D
buying power exceeds the supply from producers.
15

How does a high unemployment rate affect the economy?

A
A high unemployment rate has no effect.
B
A high unemployment rate has little effect.
C
A high unemployment rate has a very positive effect.
D
A high unemployment rate has a very negative effect.
17

What is the best definition of technology?

A
Technology is replacing human workers with mechanical or electronic devices.
B
Technology is applying scientific knowledge to find answers and fix problems.
C
Technology is using fewer resources to manufacture goods more efficiently.
D
Technology is hiring workers from all over the world to manufacture goods.
18

In a mixed market economy, property owned by an individual

A
can be used by all citizens.
B
can be run by a city or state.
C
can help promote personal wealth.
D
can be used by government workers.
19

Assessing opportunity cost involves

A
making choices and dealing with consequences.
B
choosing consequences over rewards.
C
reviewing past decisions and changing them.
D
minimizing profit and loss.
20

In a mixed market economy, property owned by the government

A
can be used by many citizens.
B
can cause economic inequality.
C
can help promote personal wealth.
D
can be used for private businesses.
21

Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made?

A
conserving too valuable resources
B
spending capital it did not have
C
not researching production methods
D
not meeting the wants of its consumers
22

How can the government reduce the wealth gap in a mixed market economy?

A
The government can control income levels by placing limits on how much citizens can earn.
B
The government can eliminate minimum wages for workers to account for economic differences.
C
The government can improve education to provide new opportunities for workers in the lower class.
D
The government can tax members of the wealthy class at a lower rate to address differences in income.

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