Producers, Consumers, and Markets — Quiz
1.
A farmer grows tomatös and sells them at a market. What role is the farmer playing?
2.
You buy a bag of tomatös at the farmer's market. What role are you playing?
3.
What dös a market do?
4.
Strawberries are plentiful in summer but rare in winter. What would you expect to happen to strawberry prices in winter?
5.
You have $20. You can buy a book for $20 OR a game for $20, but not both. You choose the book. What is the opportunity cost?
6.
Explain the difference between a 'need' and a 'want' in economics. Give one example of each.
7.
A new popular toy is released before the holidays and many people want it. What is likely to happen to its price? Explain using supply and demand.