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Economics Review

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