2: Section 1: Economics (All Practice Checkpoints)
A hardware store that sells batteries and a grocery store that sells batteries
Direct Competitors
Two different brands of basketball shoes
Direct Competitors
You own a sandwich shop in a neighborhood that has many other competing sandwich shops. This means your demand is probably ___________. (Select the best answer.)
Elastic
Justin makes and sells sculptures.
Goods
Kanesha sells bicycles.
Goods
Raul grows vegetables and sells them at a roadside stand.
Goods
You notice that juice is now selling for much higher prices than in the past. Which two things would you expect to happen next? (Select two answers.)
If the price of a product goes up, supply will probably go up and demand will go down.
A baseball cap and a straw hat
Indirect Competitors
Classify the following pair of products, services, or companies as direct competitors, indirect competitors, or noncompetitors. Potato chips and rice cakes
Indirect Competitors
A car wash says it offers the cheapest car wash in town.
Price
A pharmacy says it will match the prices of any of its competitors.
Price
Classify the following company's strategy as price or nonprice competition. An electronics store says it will beat the prices of any of its competitors.
Price
You bake a cake for a friend's party, and the friend pays you for it. This makes you a _____________. (Select the best answer.)
Producer
Gabe cleans people's houses.
Services
Holli is a soccer coach.
Services
The following example is of people who are producers of either goods or services. Classify the example as providing either a good or a service. Monica is a veterinarian who treats cats and dogs.
Services
The Florida real estate market is a market that is categorized in which two ways? (Select two answers.)
The Florida real estate market is categorized by location (Florida) and by commodity (real estate).
Which of these facts about a region are most helpful in understanding the region's economy? (Select four answers.)
The average age, shipping port, major city, weather, and beaches, are all factors that are helpful in understanding the region's economy.
Match the description in Column A to the economic system in Column B. Production activities are done as needed in order to satisfy a specific demand.
Traditional
Which of these is a sign of a weak economy? (Select the best answer.)
A high unemployment rate
The government controls the prices of commodities and the way commodities are produced and consumed.
Planned
A popular celebrity promotes a certain brand of clothing, and this increases the demand for that brand of clothing. What two things would you expect to happen next? (Select two answers.)
An increase in demand is likely to raise prices, and higher prices will motivate the producer to increase the supply.
A bouquet
Capital
A jacket
Capital
Bottled water
Capital
Classify following item as land or capital. Eyeglasses
Capital
Pizza
Capital
A field of wildflowers
Land
A lake
Land
A lightning storm
Land
Sunlight
Land
Wind
Land
Many of the economic regulations put in place by the U.S. government are intended to do which two things? (Select two answers.)
Many of the U.S. economic regulations are intended to promote competition and prevent companies from taking unfair advantage of consumers.
The economy is regulated by the private sector instead of the government.
Market
The economy allows private ownership of businesses and has a low level of government regulation.
Mixed
A can of soda pop and a calculator
Noncompetitors
A video game and a lawn mower
Noncompetitors
A battery company says its batteries will outlast its competitors' batteries.
Nonprice
A cell phone company advertises its new waterproof, durable phone that can be dropped on hard surfaces or into water without damage.
Nonprice
A grocery store says its fruit and vegetables are the freshest in town.
Nonprice
Which of the following is a common way to describe a product that is being offered for sale? (Select the best answer.)
On the market
If a disease infects and destroys a large amount of the nation's supply of tomatoes, what is likely to happen to the price of tomatoes? (Select the best answer.)
The price will go up.
