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Economics Review

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  • What is the correct definition of the Law of Demand?
    Demand for a product always remains the same regardless of price.
    As the price of a good decreases, consumers are less likely to buy it.
    As the price of a good decreases, consumers are more likely to buy it.
    When demand increases, supply automatically increases at the same rate.
  • Which concept represents the problem of having unlimited wants and needs with limited resources?
    Marginal benefit
    Equilibrium
    Scarcity
    Opportunity cost
  • Money is nothing more than a _____________ for an economy.
    point system
    discount
    business
    product
  • Which of the following would be considered a natural resource?
    Machinery
    Tools
    Lumber
    Truck driver
  • Which type of resource encompasses physical tools, machinery, and factories used in the production process?
    Human resources
    Natural resources
    Capital resources
    Intellectual resources
  • In economics, what are needs?
    Luxuries that enhance quality of life.
    Desires that are essential for social status.
    Desires that are not essential for survival.
    Necessities required for basic human survival.
  • What is opportunity cost?
    The value of what you give up when choosing something else.
    The monetary cost of a good or service.
    The cost of producing one more unit of a good.
    The total cost of producing a good.
  • What type of resources are the raw materials and elements that are extracted from the environment and used in the production of goods?
    Cultural resources
    Human resources
    Capital resources
    Natural resources
  • On a supply and demand graph, what is the point where the supply and demand curves intersect?
    Shortage
    Equilibrium
    Surplus
    Excess supply
  • What actually creates value in an economy?
    Caffeine
    Money
    Its education system
    Products & services
  • What is the correct definition of the Law of Supply?
    As the price of a good increases, producers are willing to supply more of it.
    The supply of goods remains constant regardless of price changes.
    As the price of a good decreases, producers are willing to supply more of it.
    As the demand for a good increases, suppliers will automatically lower their prices.
  • Which would result in a surplus in the market?
    Price increases.
    Quantity demanded is greater than quantity supplied.
    Price stability.
    Quantity supplied is greater than quantity demanded.
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