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Primavera Economy Unit 3 Workbooks and Checkpoints (Questions & Answers) Rated A+
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Primavera Economy Unit 3 Workbooks and Checkpoints (Questions & Answers) Rated A+
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Name: Score:108 Multiple choice questions
Term 1 of 108
For the set {20, 21, 21, 23, 26, 30, 36, 39}, what is the mode?
22.
23.
21.
20.
Term 2 of 108
Read the scenario. A company's production is slowing. Each additional variable produces more
units but at a decreasing rate. This company is in which stage of production?
They are in stage two.
The mean.
They move in the same direction.
Law of demand.
Term 3 of 108
How does an increase in the price of a substitute affect demand for a product?
It will increase supply because the item can now be produced at a lower price.
It sends a message to consumers about the worth of a product, It is the value of a product
in terms of money.
It causes demand to go up because the product is less expensive than its substitute.
Giving away a prize with each purchase, Offering a buy one, get one free sale.
,Term 4 of 108
Read the scenario. The local electronics store advertises a television at a discount price to draw in
customers. When they ask for the product, it is unavailable, but a higher priced item is offered.
What is being described?
Monopoly.
Price-fixing.
The store.
Bait and switch.
Term 5 of 108
Read the scenario. Emilio is starting a business similar to two others in the neighborhood. His
price will be similar to those already established with a regular supply chain. The economy is
currently steady and customers know what to expect in the business he is opening. Which factors
does Emilio need to focus on to do well? (Select all that apply.)
The price should be adjusted upwards.
Trust.
Market share, Competition.
Url.
Term 6 of 108
For the set {16, 17, 17, 19, 22, 26, 32, 35}, what is the mean?
21.
24.
22.
23.
,Term 7 of 108
When demand for a product is high, what should be done to prevent a shortage in the short
term?
The production should be increased immediately.
The store.
Elastic supply.
The price should be adjusted upwards.
Term 8 of 108
Which is an example of the law of supply?
Market.
The market has not reached equilibrium and a price adjustment will help prevent a
shortage.
Price ceiling.
The price of a product decreases, resulting in a decrease supply.
Term 9 of 108
Read the sentence. A store orders twenty-two items from the manufacturer and sells twenty-two
items. What economic condition is this?
Price ceiling.
A geographic monopoly.
Market equilibrium.
Price floor.
, Term 10 of 108
Which accurately provides an example of demand elasticity?
As the price of video games decreases by 20 percent, the demand for video games
increases by 29 percent.
As the price of video games decreases by 10 percent, the demand for video games
increases by 30 percent.
As the price of video games decreases by 20 percent, the demand for video games
increases by 30 percent.
As the price of video games decreases by 20 percent, the demand for video games
increases by 25 percent.
Term 11 of 108
What is a measure that demonstrates how producers respond to changes in the prices of
products and services?
Trust.
Elastic supply.
A shortage.
Market.
Term 12 of 108
Read the statement. A monopoly's prices are determined by [blank]. Which most accurately
completes the sentence?
Inflation.
Market equilibrium.
Thesis statement.
The monopoly.
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