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Economics Flashcards | StudBud

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Economics

9 terms·StudBud Administration·84 plays

Year 10 2016 Economics quiz.

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Questions 9

Answers

1
The law of supply states that "the...the price of a good, the...that the supplier should sell."
Higher, less
Lower, less
Lower, more
Higher, more
2
When supply and demand are equal, economists call this...
Supply and demand curve
Market equilibrium
Loan
Deficit
3
Economics is the study of...
Production technology
How society decides, what, how and for whom to prduce
The best way to run society
Consumption decisions
4
A service is...
A problem
A thing you can touch
Wheather a thing is worth the price
Actions performed for you by another person, for payment
5
The opportunity cost of a good is...
The expendature of a good
The time lost in finding it
The next best alternative, fore gone
The loss of interest in using savings
6
What are the four factors of production?
Land, capital, money, entrepreneurs
Labor, capital, supply, demand
Capital, money, supply, demand
Land, capital, labor, entrepreneurs
7
Cathy is always at the mall shopping, she is a product...
Producer
Importer
Consumer
Exporter
8
A good is...
A thing you can hear
Tangible items
Something you do for money
Objects avaliable for purchase
9
A resource is scarce if supply exceeds demand at zero price...
True
False