3.9B Practice Questions

Dino’s Toy Factory makes dolls. The factory has 329 dolls in stock, but they have orders for 514. How much greater is the demand for the dolls than the supply Dino’s Toy Factory has in stock?

• 843

• 185

• 195

• 215

Scarcity can best be described as –

• a surplus of goods and services

• a lack of goods and services

• the cost of a good or service

A local clothing store ordered 20 t‐shirts. After one day, the store sold all of the t‐shirts. Since the t‐shirts are so popular, the manager of the clothing store will most likely –

• order more shirts and make them more expensive

• order more shirts and make them less expensive

• order more shirts and sell them for the same price

• not order more shirts

Hannah made 50 flower bookmarks and 50 sports bookmarks to sell for a school fundraiser. The flower bookmarks are more popular than the sports bookmarks. Which of the following statements about the cost of the bookmarks is most likely true?

• More people will buy the sports bookmarks if Hannah raises the cost of the sports bookmarks.

• Hannah will sell less flower bookmarks if she lowers the cost of the flower bookmarks.

• Hannah will sell more sports bookmarks if she lowers the cost of the sports bookmarks.

Grocery stores are not able to stock their shelves with oranges due to a recent snowstorm. Due to the temporary scarcity of oranges, the cost of oranges will most likely –

• Stay the same

• Increase

• Decrease

Kennedy made friendship bracelets to sell at her school’s Market Day. She hears several people say, “Oh, that’s too expensive for a bracelet” and walk to the next booth. What should Kennedy do in order to sell her friendship bracelets?

• Raise the price

• Give the bracelets away

• Lower the price of the bracelets

Brady has a baseball that has been autographed by a famous baseball player. He decides to sell the baseball in order to pay for a summer camp. There are ten people interested in purchasing the baseball. In order to make the most money, which of the following is true?

• Brady should sell the baseball for the lowest price offered to him.

• Brady should sell the baseball for the highest price offered to him.

• Brady should sell the baseball to the person he likes the most.

• Brad should not sell the baseball.

Chloe made 100 chocolate chip cookies for a school bake sale. She sells each cookie for 25 cents. Before the bake sale is over, she sells out of cookies and must close her booth. The next time Chloe makes cookies for the bake sale she will probably –

• Make less cookies

• Charge more per cookie

• Charge less per cookie