Supply, Demand, Equilibrium (Duplicate of Duplicate of Duplicate of)

Question 1

Unlimited needs and desires meeting limited resources is the definition of....

Accepted Answer

scarcity

Question 2

Is this a supply or demand curve?

Accepted Answer

Supply

Question 3

Attending school or a training program helps people invest in which of the following?

Accepted Answer

human capital

Question 4

When the marginal benefits of a decision equal or exceed the marginal costs, it is called.

Accepted Answer

rational decision

Question 5

The next best alternative given up when you make a decision is called. . .

Accepted Answer

opportunity cost

Question 6

the study of how individuals, firms, and nations can best allocate their resources is called

Accepted Answer

economics

Question 7

If there is a high demand for gum & J.T. has a high supply, then the price will be considered by most as

Accepted Answer

fair

Question 8

What happens to the supply of goods that producers are willing to produce when prices fall?

Accepted Answer

Firms supply less

Question 9

Goods coming into a country from another country are called

Accepted Answer

imports

Question 10

If a factory owner uses some of her profits to purchase new machinery she is investing in

Accepted Answer

capital goods

Question 11

The equilibrium point is the point where .....

Accepted Answer

supply and demand curves cross

Question 12

Generally, when the price of an item falls, what happens to the demand for that product?

Accepted Answer

An increase in demand

Question 13

The total amount of a specific good or service that is available to consumers

Accepted Answer

supply

Question 14

The goods in a factory's warehouse would be considered which of the following resources?

Accepted Answer

capital

Question 15

A consumer’s desire and willingness to pay a price for a specific good or service

Accepted Answer

demand

Questions 15