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Quiz 2.R
Question at position 1
1
 
5 points 

 
 
Question at position 1 
The U.S. Congress announces that it is considering a maximum of 500 dollars a month for electric bills in American homes. This is what type of government regulation?


The U.S. Congress announces that it is considering a maximum of 500 dollars a month for electric bills in American homes. This is what type of government regulation?


price ceiling


price floor


price regulation


price freeze

Question at position 2
2
 
5 points 

 
 
Question at position 2 
Stability is one of the 7 Economic Goals in a free market system. Who makes sure stability is okay?


Stability is one of the 7 Economic Goals in a free market system. Who makes sure stability is okay?


Consumers


Producers


The Stock Market


The Government

Question at position 3
3
 
5 points 

 
 
Question at position 3 
MULTIPLE ANSWERS: The difference between goods and services: Select only those things that are "services".


MULTIPLE ANSWERS: The difference between goods and services: Select only those things that are "services".


car wash


door dash driver


bread


landscaper


Tylenol


tires

Question at position 4
4
 
5 points 

 
 
Question at position 4 
Which pair of items are complementary goods?


Which pair of items are complementary goods?


Pepsi and beef jerky


Ice cream and napkins


Toothbrush and toothpaste


Candles and batteries

Question at position 5
5
 
5 points 

 
 
Question at position 5 
Which of the following items could be considered an "Inferior Good"?


Which of the following items could be considered an "Inferior Good"?


2c3be1d408fefddaecba580956ef6889.jpgDallas Cowboys


Great-Value-Twist-Shout-Chocolate-Sandwich-Cookies-14-3-oz_01fb5c0d-b10a-471b-920e-60f92a05acdf.c7768df5e21328a2f65022c2f5bdbdcb.webpStore Brand Oreos


2024_mercedes-benz_gle-class_4dr-suv_amg-gle-53_fq_oem_1_1280.jpg Mercedes SUV


Xbox-Console-wDuke-L.jpg X-Box

Question at position 6
6
 
5 points 

 
 
Question at position 6 
Burger King suddenly runs out of beef burgers. They have to sell the Impossible Whopper for the rest of the day. The Impossible Whopper tastes just like a beef burger, so it is considered _____________.


Burger King suddenly runs out of beef burgers. They have to sell the Impossible Whopper for the rest of the day. The Impossible Whopper tastes just like a beef burger, so it is considered _____________.


a superior good


a complementary good


a normal good


a substitute good

Question at position 7
7
 
5 points 

 
 
Question at position 7 
Dante just won the lottery for $25,000. He puts most of it in the bank, but takes $3,000 and buys himself an Armani suit so he can impress his coworkers at the office. The Armani suit is considered a ______________.


Dante just won the lottery for $25,000. He puts most of it in the bank, but takes $3,000 and buys himself an Armani suit so he can impress his coworkers at the office. The Armani suit is considered a ______________.


normal good


swag


complimentary good


demand purchase

Question at position 8
8
 
5 points 

 
 
Question at position 8 
In Economic terms, which pair of words are more similar to each other than the other pairs?


In Economic terms, which pair of words are more similar to each other than the other pairs?


value and opportunity cost


price and equilibrium


price and value


durable and interest

Question at position 9
9
 
5 points 

 
 
Question at position 9 
In the supply and demand graph, the amount of items is called the ____________.

pJVF1pKMtj-supply-and-demand_basic.jpg


In the supply and demand graph, the amount of items is called the ____________.

pJVF1pKMtj-supply-and-demand_basic.jpg


price


quality


demand curve


quantity

Question at position 10
10
 
5 points 

 
 
Question at position 10 
In a supply and demand graph, when the quantity demanded and quantity supplied are equal, it means we have met market ________.

pJVF1pKMtj-supply-and-demand_basic.png


In a supply and demand graph, when the quantity demanded and quantity supplied are equal, it means we have met market ________.

pJVF1pKMtj-supply-and-demand_basic.png


shift


equilibrium


value


liquidity

Question at position 11
11
 
5 points 

 
 
Question at position 11 
Michael, Sonny, and Fredo are co-owners of an amusement park. They all know that they are about to run out of trash bags in the park. They need 10 cases of trash bags to get through the rest of the month. On the way to work on the next day, all three of them buy 10 cases of trash bags, not knowing that they all are buying them at the same time. When they arrive, they realize that they have a _______________ of trash bags for the month.


Michael, Sonny, and Fredo are co-owners of an amusement park. They all know that they are about to run out of trash bags in the park. They need 10 cases of trash bags to get through the rest of the month. On the way to work on the next day, all three of them buy 10 cases of trash bags, not knowing that they all are buying them at the same time. When they arrive, they realize that they have a _______________ of trash bags for the month.


shortage


surplus


substitution


excess

Question at position 12
12
 
5 points 

 
 
Question at position 12 
This chart explains a business owner's plan for prices based on expected amount of goods demanded by customers. This chart is called a supply and demand _________.

unnamed.gif


This chart explains a business owner's plan for prices based on expected amount of goods demanded by customers. This chart is called a supply and demand _________.

unnamed.gif


production possibility curve


ellipsis


schedule


market shift

Question at position 13
13
 
5 points 

 
 
Question at position 13 
The Law of Supply states that producers want to sell as many things as possible and charge the most money possible for them, and the Law of Demand states that consumers want name brand goods for the lowest prices.


The Law of Supply states that producers want to sell as many things as possible and charge the most money possible for them, and the Law of Demand states that consumers want name brand goods for the lowest prices.


True

False
Question at position 14
14
 
5 points 

 
 
Question at position 14 
Match the term with its definition/explanation.

Prompt 1iPhone is too expensive, so I will wait until the price lowers.
Answer for prompt 1 iPhone is too expensive, so I will wait until the price lowers.
Prompt 2I have to bury my dead relative, no matter how expensive a funeral is.
Answer for prompt 2 I have to bury my dead relative, no matter how expensive a funeral is.
Prompt 3Gold
Answer for prompt 3 Gold
Prompt 4Gift Cards
Answer for prompt 4 Gift Cards
Prompt 5Coins and Dollar Bills usually aren't damaged if they are washed with the laundry.
Answer for prompt 5 Coins and Dollar Bills usually aren't damaged if they are washed with the laundry.
Prompt 6$20 is worth $20, as long as it is a legal $20 bill printed during any year.
Answer for prompt 6 $20 is worth $20, as long as it is a legal $20 bill printed during any year.
Question at position 15
15
 
5 points 

 
 
Question at position 15 
Jimmy got a raise at his job. He has always wanted to buy his mom a new car, and now he can afford the down payment for the car. The catalyst influencing Jimmy's demand for a car is ________________.


Jimmy got a raise at his job. He has always wanted to buy his mom a new car, and now he can afford the down payment for the car. The catalyst influencing Jimmy's demand for a car is ________________.


new technology


income effect


cost of input


monetary value

Question at position 16
16
 
5 points 

 
 
Question at position 16 
Ice cream cones go on sale. The demand for ice cream will go up. What market shift catalyst is at work here?


Ice cream cones go on sale. The demand for ice cream will go up. What market shift catalyst is at work here?


price changes in related goods


new technology


supplier expectations


future expectations

Question at position 17
17
 
5 points 

 
 
Question at position 17 
When an exterior influences (changes in salary, special days on the calendar, weather, etc) create market shifts, they are known as catalysts.


When an exterior influences (changes in salary, special days on the calendar, weather, etc) create market shifts, they are known as catalysts.


True

False
Question at position 18
18
 
5 points 

 
 
Question at position 18 
Carmen owns a breakfast diner. She relies on bacon, sausage, milk, and eggs for her main items to sell on her menu. The farm where she purchases those items have gone through diseases which killed half the animals. The farm has to charge Carmen double the usual rate for those animal resources. Carmen has to raise the prices on her menu because of it. This is an example of a catalyst/negative change called _________.


Carmen owns a breakfast diner. She relies on bacon, sausage, milk, and eggs for her main items to sell on her menu. The farm where she purchases those items have gone through diseases which killed half the animals. The farm has to charge Carmen double the usual rate for those animal resources. Carmen has to raise the prices on her menu because of it. This is an example of a catalyst/negative change called _________.


new technology


future expectations


cost of input


surplus

Question at position 19
19
 
5 points 

 
 
Question at position 19 
$500 might be a lot of money for one person, but it is a small amount for a rich person. So, when we compare "values" of goods, money is considered to be __________.


$500 might be a lot of money for one person, but it is a small amount for a rich person. So, when we compare "values" of goods, money is considered to be __________.


a unit of account


durable


a catalyst


an exchange market

Question at position 20
20
 
5 points 

 
 
Question at position 20 
We take a time machine to the year 1971. We each have $20 bills in our pockets. Even though we can buy more things with $20 in 1971, the $20 bill is still worth the same $20 that it would be this year. This is an example of money as __________________.


We take a time machine to the year 1971. We each have $20 bills in our pockets. Even though we can buy more things with $20 in 1971, the $20 bill is still worth the same $20 that it would be this year. This is an example of money as __________________.


a medium of exchange


a store of value


unit of account


portable