01.09 Module One Exam example #77511

Which of the following addresses all three of the basic economic questions?

Which statement best summarizes the graph, if P is price and Q is quantity?

A console game, ZOMBIES!, has come out recently. It sells for $60. Which of these might lower the price of the game?

Which of the following would best fill the blank space?

Sam makes solar-powered cell phone battery chargers. In February, he sells chargers for $20 each. In March, he sells the chargers for $15 each. What would happen to the quantity demand for chargers because of the change in price?

Use the above graph to answer the following question. What event is shown by line 2?

The supply and demand curves reflect the availability and cost of a new gaming system. The producer announces that the new system will be compatible with existing games under the same brand. Which change will most likely occur to the graph?

Quantity demanded is the quantity

You are in charge of your country's currency, which is backed by a gold standard. Unfortunately, gold production is dropping sharply and is not expected to recover. What is your best option?

Based on the graph, what would happen if customers demanded 550 units of this product?

Which of the following best addresses the economic question How to produce?

The supply and demand curves show data for trendy smartphone covers. How would the graph change if the producer hired a popular actor as spokesperson for the product?

What would cause the overall demand for books to increase?

Which scenario best demonstrates the function of money as a measure of value?

Magola makes baked goods for a living. She and a friend buy the ingredients, follow Magola's recipes, and sell cakes and cookies to neighbors. Cookies and cakes is the answer to which economic question(s)?

Which situation would cause an increase in the overall supply of books?

Lois promised to take her nephew to the zoo on Tuesday afternoon. On Tuesday, her boss hands her a new project, due by the end of the day. Which of these is an opportunity cost of Lois using Tuesday to work on her project?

If the x-axis is Quantity and the y-axis is Price, what does the 85 in point (85, 5) represent?

You go to the bank to trade a dirty dollar for a new, clean one. The cashier tells you the trade is not necessary because currency is

Duane has a small woodworking business and saves the money for college. He stores his tools in his apartment. Duane would like to buy a utility trailer for his tools. It will cost $2,800. He creates a cost-benefit analysis table to examine his choices. What statement would best complete the chart, and why?