1. when the weather gets cold in st. george, the price of a round of golf (a) drops (b) rises (c) stays the same
2. define demand. (a) what is wanted (b) what is available (c) equilibrium point
3. an electrical power - line installer and repairer gets an annual salary of $80,000+ whereas an indoor electrician makes $60,000 per year because (a) it is outside. (b) the employee pool is large for outdoor workers (c) outdoor workers risk and danger.
4. if there is more demand than supply (a) prices fall (b) prices rise (c) prices stay the same
5. the place on a supply and demand chart where the two curves intersect is known as the (a) supply curve. (b) demand curve. (c) equilibrium curve. (d) equilibrium point. (e) middle point.
6. what happens to the price of tomatoes when there is a severe storm that ruins the crop? (a) prices fall (b) prices rise (c) prices stay the same
7. define supply. (a) what is wanted (b) what is available (c) equilibrium point
8. how does a dangerous job affect the wages attached to that job? (a) lowers (b) no affect (c) raises
9. what happens to prices when inflation occurs? (a) all prices rise (b) no prices rise (c) all prices drop
10. when the price of gasoline drops, the price of a used suv (a) is unaffected. (b) drops. (c) rises.

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Accepted Answer

1.
# Brief Explanations:
Demand is the quantity of a good or service that consumers are willing and able to buy at various prices during a given period.
# Answer:
A. what is wanted

2.
# Brief Explanations:
When the weather gets cold, fewer people play golf, so the demand for golf - rounds decreases, causing the price to drop according to the law of demand and supply.
# Answer:
A. drops

3.
# Brief Explanations:
The equilibrium point is where the quantity demanded equals the quantity supplied in a market.
# Answer:
C. equilibrium point

4.
# Brief Explanations:
When demand is greater than supply, there is a shortage, and prices tend to rise as consumers compete for the limited goods.
# Answer:
B. prices rise

5.
# Brief Explanations:
The point where the supply and demand curves intersect is known as the equilibrium point. It represents the market - clearing price and quantity.
# Answer:
D. equilibrium point

6.
# Brief Explanations:
A severe storm that ruins the tomato crop reduces the supply of tomatoes. With lower supply and assuming demand remains the same, prices will rise.
# Answer:
B. prices rise

7.
# Brief Explanations:
Supply is the quantity of a good or service that producers are willing and able to offer for sale at various prices during a given period.
# Answer:
A. what is wanted

8.
# Brief Explanations:
A dangerous job usually has to offer higher wages to attract workers due to the risk and danger involved. This is to compensate for the non - pecuniary aspects of the job.
# Answer:
C. Raises

9.
# Brief Explanations:
During inflation, the overall level of prices in an economy rises. All prices generally increase as the value of money decreases.
# Answer:
A. All prices rise

10.
# Brief Explanations:
When the price of gasoline drops, the cost of operating an SUV (which is a gas - guzzling vehicle) decreases. This may increase the demand for used SUVs, causing their price to rise.
# Answer:
C. rises

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