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5.01
quiz
| Question | Answer |
|---|---|
| which is an example of an economic service | concert tecket |
| a farmer has 1000 acres he decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres if he wanted to raise more cows he would have to reduce the amount of land allotted to growing apples this is an example of | opportunity cost |
| which is an external factor that affects market price | consumer buying power |
| the desire for which items would be considered a noneconomic want | a walk |
| one factor that might limit the human resources available for certain jobs is an | inadequate pay level |
| which is a reason that natural resources are considered limited | the earth has certain boundaries |
| equilibrium price of a good or service is determined by trial and error and exists when | the amount supplied is equal to the amount demanded |
| which change provides the most time utility for consumer | staying open for business on weekend |
| the usefulness of a product to consumers is referred to as proudct | utility |
| a local dealership purchased 100 blue pickup trucks but has only been able to sell 3 in the past 5 months because of the low demand for these trucks the dealer has been forced to lower the sticker prices creating which type of market | buyers |
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stephenreese
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