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Business 7 (Money Value/Supply Demand)
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) A one dollar bill and a twenty dollar bill have the same value. A person who thinks this is using what value for money?
A
Actual
B
False
C
Perceieved
2) Thinking back to the picture of the children playing with the money after WWI. What is the perceived value of the German currency?
A
very high
B
average
C
very low
D
high
3) A drought sweeps across the United States and wheat crops dry up everywhere. What would happen to the supply of wheat?
A
decrease
B
increase
C
stay the same
4) The Minnesota Vikings win the Super Bowl (I can dream right)? What would happen to the demand for Vikings apperal?
A
decrease
B
stay the same
C
increase
5) It is common practice for teams who win championships to have custom t-shirts made to celebrate the occasion. Understanding that the demand for these shirts would increase; what will happen to the price of the shirts?
A
decrease
B
stay the same
C
increase
6) On a supply and demand graph; when we say that something increases, what direction do we move the respective line?
A
right
B
up
C
left
D
down
7) If the demand for an item remains the same, but the price drops; what will happen to the price?
A
increase
B
stay the same
C
decrease
8) The demand for milk greatly increases. What will happen to the quantity offered?
A
increase
B
decrease
C
stay the same
9) The point where supply and demand meet is called the _______ point.
A
decreased value
B
retail
C
equilibrium
D
encounter
10) What are the x and y-axis' labeled as on a supply/demand graph?
A
performance and questioning
B
price and quantity
C
percentage and quantity
D
price and quality
11) Inflation causes the cost of things to...
A
fall
B
stay the same
C
rise
12) inflation means that your spending power
A
decreases
B
increases
C
stays the same
13) Choose the best answer about inflation.
A
Lots of deflation is good because the value of everything will plummet
B
All of the above
C
A lot of inflation is good
D
A little inflation every year is good because it helps advance an economy.
*select an answer for all questions
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