Econ Unit 1 Preview

Using the Chick-fil-a APP will allow you to earn points for rewards for free food. This is an example of what kind of competition?

• Non-Price Competition

• Unfair Competition

• Specialty Competition

• Price Competition

Due to increased sales TJ Maxx hires more workers, they are investing in _______.

• Land

• Labor

• Capital

• Entrepreneurship

When the price of chocolate bars increased, many consumers began buying gummies instead.  What is the most likely reason for the increased demand of gummies?

• Cost of substitute product

• Cost of complimentary product

• Change in market

• cost of inputs

If you go and agree purchase a new laptop for $2000, you are exercising which of your rights in the U.S. Free Enterprise system?

• Voluntary Exchange

• Private Property

• Competition

• Open Opportunity

If the cost of coffee beans increased substantially, what would most likely happen to the market for ground coffee?

• Supply would Decrease

• Supply would Increase

• Demand would Decrease

• Demand would Increase

When the price of Honda Civic dropped from $22,000 to $18,000, sales of the car rose by 30%.  This is an example of

• Law of Demand

• Law of Supply

• Equilibrium Price

• Open Opportunity

In the circular flow diagram, which of the following is most likely to happen in the resource market?

• Government provides Roads for businesses and households

• Businesses sell cars to households

• Households sell labor to businesses

• Households sell clothing to businesses

Which statement BEST describes the role of the government in a mixed economic system? 

• It controls necessary industries such as utilities and hospitals.

• It restricts the purchases of resources by business.

• It owns all businesses.

• It owns most land and capital resources.