01.09 Module One Exam Answers – Flashcards

If the x-axis is Quantity, and the y-axis is Price, what does line S1 represent?

A doctor at Boston University partnered with a professor at Northeastern University to create a virtual support program for patients recently discharged from the hospital. How would they answer the economic questions For whom to produce? and What to produce?

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

Look at the graph. Where P is price and Q is quantity, what might cause a move from B to A?

Which may occur as a result of a decrease in the price of laptop computers?

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?

When price increases, quantity supplied

Use the above graph to answer the following question. Which line indicates an increase in demand?

You choose to complete your homework rather than watch television so that you can earn a good grade. You made the choice with the lowest

Timothy, a cashier, is given a twenty-dollar bill at his store. He is suspicious of the customer and wants to make sure the currency is real. Which would be a clue that the currency is counterfeit?

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

The supply and demand curves show data for the latest paperback edition in a popular young adult fiction series that has been turned into a film. Which change must be made to the graph if the publisher offers a complementary download of a song from the newest film version with purchase?

Your friend says your car is worth about 50 dollars. Your friend is using money as a

Use the cost-benefit analysis table to answer the question: Should Mrs. Baxter allow her students to take an open-book test? A cost benefit table with two columns. The first column is labeled Cost and includes the statements, 1. Students will not want to study as hard, 2. Students may not learn the material as well, and 3. Mrs. Baxter will have to make the test harder. The second column is labeled Benefit and includes the statements, 2. Students will feel better about the test, and 3. Students will do better on the state test. The Benefit column also has the number 1 with a blank space after it. Which of the following would best fill the blank space?

The supply and demand curves reflect the availability and cost of a new gaming system. If the gaming system market is currently at Demand and Supply 1, which change to the graph would have to occur to decrease equilibrium price while raising equilibrium quantity?

Devon enters his poem in a nationwide contest, rather than joining his friends at a football game. Which would be a long-term benefit of his choice?

Which statement best interprets the graph?

Sam takes a five-dollar bill from his wallet. He exchanges the bill for four quarters and four one-dollar bills. He then uses the change to buy a bottle of water from a vending machine. Which characteristics of money has Sam best demonstrated?

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

Use the cost-benefit analysis table to answer the question: Should Duane buy a utility trailer? A cost benefit table with two columns. The first column is labeled Cost and includes the statements, 1. He will have to give up leisure time to work overtime, and 2. Is a blank space to be filled in. The second column is labeled Benefit and includes the statements, 1. He will have a permanent place to store his tools 2. The trailer is an investment he can sell later. 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?