Final Exam Review - Ch 1 + 2

Question 1

For the Law of Supply, price and quantity are _______ related.

Accepted Answer

Directly

Question 2

Movie Trivia: What movie is this screenshot from?

Accepted Answer

The Revenant

Question 3

Demand is a function of:

Accepted Answer

Price

Question 4

Define opportunity cost:

Accepted Answer

The thing you could have done

Question 5

Movie Trivia: What did all of the movies in this Quiz have in common?

Accepted Answer

Tom Hardy

Question 6

On a PPC, what does the Y axis represent?

Accepted Answer

A product

Question 7

What type of resource is oil?

Accepted Answer

Natural Resource

Question 8

Movie Trivia: What movie is this screenshot from?

Accepted Answer

The Dark Knight Rises

Question 9

Which of these would be indicated by a movement along the demand curve?

Accepted Answer

Change in quantity demanded

Question 10

What is the economic problem?

Accepted Answer

Scarcity

Question 11

"The government is eliminating the carbon tax" is a _______ statement

Accepted Answer

Positive

Question 12

What type of resource is the internet?

Accepted Answer

Capital Resource

Question 13

A point inside a PPC is:

Accepted Answer

Inefficient

Question 14

Movie Trivia: What movie is this screenshot from?

Accepted Answer

Venom: The Last Dance

Question 15

If the price is above the equilibrium price, there will be a ______

Accepted Answer

Surplus

Question 16

Almost all economies in the world are:

Accepted Answer

Mixed

Question 17

What type of resource is entrepreneurship?

Accepted Answer

Human Resource

Question 18

Which of these is not one of the basic economic questions?

Accepted Answer

When to produce?

Question 19

Which statement is true?

Accepted Answer

Economists assume that everyone will act in their own best interest

Question 20

The demand curve slopes...

Accepted Answer

Upwards

Question 21

Movie Trivia: What movie is this screenshot from?

Accepted Answer

Mad Mad: Fury Road

Questions 21