Economics is the study of

how people meet their wants using limited resources

Which of the following would help to answer the economic question "for whom to produce"?

InTouch Inc runs focus groups to determine the target market for a product

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Economics Unit 1 Economic Basics

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Questions 9

Answers

1
When a natural disaster, like a hurricane, shuts down oil refineries the supply curve for oil
moves up and down the supply curve depending upon the current price
stays the same
shifts to the left
shifts to the right
2
Economics is the study of
properties of money
how people meet their wants using limited resources
ways business and government work together
the best ways to increase the profit of business
3
Tu starts a nonprofit store selling jewelry made at a local shelter. Which economic question does she need to answer?
For whom to produce?
How to produce?
What to produce?
Why produce it?
4
Paula starts a digital print shop making specialty stationery and cards. Which economic question has she answered?
What to produce?
For whom to produce?
Where to produce it?
How much to produce?
5
When a new technology for more efficient production of laptops was implemented, the supply curve of laptops
Shifted to the right
Stayed the same
Shifted to the left
Became the equilibrium
6
Which of the following would help to answer the economic question "for whom to produce"?
Lady Zigzag Agency makes concert tickets available through a phone app
InTouch Inc runs focus groups to determine the target market for a product
Compass Learning Group contracts a team to design a course
Head Tome Inc runs a social networking app and sells advertisement space
7
You do your homework rather than game so that you can earn a good grade. You made the choice with the lowest
Opportunity costs
Scarcity
Benefits
Demand
8
What is the basic economic problem that drives the study of economics?
Scarcity
Shortages
Demand
Equilibrium
9
When is equilibrium reached?
when supply and demand change in opposite directions
when supply is greater than demand
when demand is greater than suppy
when demand is equal to supply

Economics Unit 1 Economic Basics Flashcards | StudBud