Business 7 (Money Value/Supply Demand) Question Preview (ID: 23680)
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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) Perceieved
c) False
d)
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) high
c) average
d) very low
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
d)
The Minnesota Vikings win the Super Bowl (I can dream right)? What would happen to the demand for Vikings apperal?
a) increase
b) stay the same
c) decrease
d)
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) increase
b) decrease
c) stay the same
d)
On a supply and demand graph; when we say that something increases, what direction do we move the respective line?
a) right
b) left
c) up
d) down
If the demand for an item remains the same, but the price drops; what will happen to the price?
a) increase
b) decrease
c) stay the same
d)
The demand for milk greatly increases. What will happen to the quantity offered?
a) increase
b) decrease
c) stay the same
d)
The point where supply and demand meet is called the _______ point.
a) equilibrium
b) encounter
c) retail
d) decreased value
What are the x and y-axis' labeled as on a supply/demand graph?
a) price and quantity
b) price and quality
c) percentage and quantity
d) performance and questioning
Inflation causes the cost of things to...
a) rise
b) fall
c) stay the same
d)
inflation means that your spending power
a) increases
b) decreases
c) stays the same
d)
Choose the best answer about inflation.
a) A little inflation every year is good because it helps advance an economy.
b) A lot of inflation is good
c) Lots of deflation is good because the value of everything will plummet
d) All of the above
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