2019 Economics Final Practice

How society decides what , how, and for whom to produce is known as what?

• Civics

• Economics

• Production Technology

• Life

If demand exceeds supply, the resource is scarce.

• True

• False

The quantity of other goods, sacrificed to get another unit of that good, is known as what?

• Substitute Effect

• Economics

• Opportunity Cost

• A loss

The process by which prices adjust to reconcile the allocation of resources is known as what?

• Economics

• Consumer

• Producer

• Market

Is government planning to decide resource allocations involved in a command economy?

• Yes.

• No.

Market equilibrium is when _____________.

• The quantity demanded and the quantity supplied are equal.

• Excess demand and excess supply are at zero.

• The market clears the equilibrium price.

• All of the above.

Which two things do not directly affect the demand curve?

• The price of related goods, consumer incomes

• Consumer incomes, tastes

• The costs of production, bank opening hours

• The price of related goods, preferences

Can a change in price cause the demand curve to shift?

• Yes.

• No.

What can cause a demand curve to shift?

• Incomes

• Prices of related goods

• Tastes

• All of the above

What can directly affect the supply curve?

• Technology

• Input costs

• Government regulations

• All of the above