A market equilibrium price is:

the price when quantity supplied is equal to quantity demanded

Which of the following is NOT a basic economic decision every society must face

Who wants the goods and services produced

Which of the following choices do all economic systems face? How to:

make the best use of scarce resources

The opportunity cost of an item is:

what you give up to get that item

Men who shave their heads are less likely to die of heart failure. We could expect

the demand for razor blades to increase.

Which of the following describes the Law of Demand?

When the price of a good or service falls, buyers purchase more

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Economics Final 1

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Questions 10

Answers

1
A market equilibrium price is:
the price where the elasticity of demand is the greatest.
the price when quantity supplied is equal to quantity demanded
any price that does not result in a surplus of the good.
any price that does not result in a shortage of the good.
2
Which of the following is NOT a basic economic decision every society must face
What goods and service should be produced
Who wants the goods and services produced
Who should get the goods and services produced
How goods and services should be produced
3
Which of the following choices do all economic systems face? How to:
save money to reduce the national debt.
make the best use of scarce resources
balance the governments budget.
balance exports and imports.
4
The opportunity cost of an item is:
greater during periods of deflation than inflation
always equal to the value of the item
what you give up to get that item
always less than the value of the item
5
Men who shave their heads are less likely to die of heart failure. We could expect
the demand for razor blades to decrease.
the demand for hair dye for men to increase.
the demand for razor blades to increase.
the demand for combs to increase.
6
All of the following are true about the factors of production EXCEPT
They include land, labor, and capital
People use then to produce goods and services
People use them to satisfy wants
They are unlimited
7
When the price of a good falls, the quantity supplied of the good also falls. This is:
the law of supply.
the law of increasing costs.
the law of markets.
the law of demand.
8
Which of the following describes the Law of Demand?
When sellers decrease their output, buyers buy more
When the price of a good or service falls, buyers purchase more
When income levels increase, buyers respond by purchasing less
When the price of a good or service rises, buyers purchase more.
9
In a market economy, which group has the most influence on what is produced?
businesses
consumers
the federal government
labor unions
10
Where there is free competition , the market works mainly according to
Laws of supply and demand
Demands of the labor unions
Laws made by legislatures
Supplies of the producers

Economics Final 1 Flashcards | StudBud