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Quiz 2.2 - Globalization, Goods & Services, Supply & Demand
Question at position 1
1
 
5 points 

 
 
Question at position 1 
The continuous loop of events that sees businesses hire workers to make products, then sell those products to consumers to take back their homes, is called the _______________.


The continuous loop of events that sees businesses hire workers to make products, then sell those products to consumers to take back their homes, is called the _______________.


Circular Flow Model


Gross Domestic Product


Economic Cycle


Federal Trade Commission

Question at position 2
2
 
5 points 

 
 
Question at position 2 
Buying (importing) and selling (exporting) goods and services among many countries is called ___________.


Buying (importing) and selling (exporting) goods and services among many countries is called ___________.


Commerce


Tariffs


Globalization


Economics

Question at position 3
3
 
9 points 

 
 
Question at position 3 
In terms of "demand", needs are considered to be __________.


In terms of "demand", needs are considered to be __________.


Elastic


Inelastic

Question at position 4
4
 
9 points 

 
 
Question at position 4 
In terms of "demand", wants are considered to be ___________.


In terms of "demand", wants are considered to be ___________.


Inelastic


Elastic

Question at position 5
5
 
9 points 

 
 
Question at position 5 
I don't have a lot of money for groceries this week. So I buy bagged cereal instead of boxed cereal, and I buy Tylenol instead of the medication my doctor prescribed for me. The bagged cereal and Tylenol are considered to be "Inferior Goods" in this situation. 


I don't have a lot of money for groceries this week. So I buy bagged cereal instead of boxed cereal, and I buy Tylenol instead of the medication my doctor prescribed for me. The bagged cereal and Tylenol are considered to be "Inferior Goods" in this situation. 


True

False
Question at position 6
6
 
9 points 

 
 
Question at position 6 
You get a raise at your job. Instead of making $50,000 a year, you now make $75,000 a year. You now can afford to go on the trip to Dubai. The trip would be considered "Normal Goods" in this situation.


You get a raise at your job. Instead of making $50,000 a year, you now make $75,000 a year. You now can afford to go on the trip to Dubai. The trip would be considered "Normal Goods" in this situation.


True

False
Question at position 7
7
 
9 points 

 
 
Question at position 7 
It is raining heavily outside. You prefer a raincoat to cover your body so your hands can carry your stuff. But you only have an umbrella. The umbrella is considered a "Substitute Good" in this situation.


It is raining heavily outside. You prefer a raincoat to cover your body so your hands can carry your stuff. But you only have an umbrella. The umbrella is considered a "Substitute Good" in this situation.


True

False
Question at position 8
8
 
3 points 

 
 
Question at position 8 
Which pair of things are considered "complementary goods", meaning that they usually go together when bought or used?


Which pair of things are considered "complementary goods", meaning that they usually go together when bought or used?


Vegetable Oil and Motor Oil


Cake and Frosting


Toilet Paper and Tissues


Salt and Batteries

Question at position 9
9
 
5 points 

 
 
Question at position 9 
⚠️ MULTIPLE ANSWERS: Select any of the following that are considered "goods".


⚠️ MULTIPLE ANSWERS: Select any of the following that are considered "goods".


Couch


Fire Wood


Dog Walker


Toothbrush


Car Wash

Question at position 10
10
 
5 points 

 
 
Question at position 10 
⚠️ MULTIPLE ANSWERS: Select any of the following that are considered "services".


⚠️ MULTIPLE ANSWERS: Select any of the following that are considered "services".


Dentist


House Painter


Plumber


Raising Canes


Wedding Planner

Question at position 11
11
 
9 points 

 
 
Question at position 11 
The quantity (amount) of goods that are available for people to buy.


The quantity (amount) of goods that are available for people to buy.


Supply


Demand

Question at position 12
12
 
5 points 

 
 
Question at position 12 
Demand has two parts. First, a person has to want something. The other part is that person has to be able to ____________.


Demand has two parts. First, a person has to want something. The other part is that person has to be able to ____________.


be healthy enough to buy the item


be old enough to buy the item


have enough money to buy the item


have enough people to share the item with

Question at position 13
13
 
9 points 

 
 
Question at position 13 
If the government tells people they cannot rent their homes out to people anymore, this is considered a price ceiling.


If the government tells people they cannot rent their homes out to people anymore, this is considered a price ceiling.


True

False
Question at position 14
14
 
9 points 

 
 
Question at position 14 
Minimum wage for workers is considered a price floor.


Minimum wage for workers is considered a price floor.


True

False