Amazing Eco Quiz

Basic economics concepts

• Scarcity, choice & wants

• Scarcity, choice & second best alternative to let go

• Scarcity, overhead cost & choice

• Scarcity, choice & needs

A resource is scarce if supply exceeds demand at zero price

• True

• False

When a market is in equilibrium

• The market is cleared by the equilibrium price

• Excess demand and excess supply are two

• Quantity demanded equals quantity supplied

A real value can be derived from a nominal value by

• adjusting for changes over time

• adjusting for changes in prices

• adjusting for data collection errors

• adjusting for population changes

When we know the quantity of a product that buyers wish to purchase at each possible price, we know

• Excess supply

• Excess demand

• Demand

• Supply

Supply is the quantity of a good sellers wish to sell each time the market opens

• TRUE

• FALSE