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Economics Unit 1 Quiz Flashcards | StudBud
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Economics Unit 1 Quiz
Economics Unit 1 Quiz
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Unit 1 Quiz
Flashcards
17 cards
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Questions
17
Answers
1
Which of the following is free?
Naturally grown food
Trick question! Nothing is free!
Water
Music
2
On a supply and demand curve, the place where the supply and demand lines meet is known as ____
Clearance Rate
Dividend
Equilibrium Price
Value above replacement
3
Christmas decorations are very cheap on the day after Christmas. This is an example of _______
Shortage
Thinking on Margin
Law of Demand
Law of Supply
4
Imagine that there are empty seats at a concert. Those unsold tickets represent a _____________
Run on the market
Equilibrium
Shortage
Surplus
5
Which of the following refers to objects made by humans that can be used to make other things?
Entrepreneur
Land
Capital
Labor
6
Which refers to a person who unites the other factors to create a new business?
Labor
Land
Capital
Entrepreneur
7
Which of the following refers to the efforts of humans?
Entrepreneur
Labor
Capital
Land
8
Making a decision on the margin means...
Making a big chang
Shutting down your business
Thinking about one unit at a time
Firing several employees
9
When people want more of something than sellers have brought to market, that is a ________
Surplus
Shortage
Equilibrium
Run on the market
10
Rent in Tuscaloosa is slightly lower this year. Why could this be?
People are living in apartments for a longer time
The price of gas is lower
Developers built too many apartments and some are empty
More college students in the city
11
Which of the following refers to natural things that exist without humans?
Entrepreneur
Labor
Land
Capital
12
How is the cost of a sweater determined?
The buyer and seller agree upon the price
Sells for slightly more than it cost to make
The government sets it
The buyer tells the seller the price
13
What does a production possibilities curve show?
The most profitable option
The most that can be produced
The least expensive choice
The most popular option
14
"Free" things from the government are actually paid for by_________
Businesses
All taxpayers
Rich people
States
15
Which of the following would be a want?
Shelter
Clothing
Food
Entertainment
16
The word ______________ means that needs and wants are unlimited.
trade off
economy
budget
Scarcity
17
What would cause the price of a McDonald's hamburger to drop?
Taxes go up
Wendy's goes out of business
Price of beef drops
Minimum wage rises
