Economics Trivia

According to the Law of Supply, as price goes _____ , supply goes ______.

• up, up

• up, down

• down, down

• up, no where

According to the Law of Demand, as price goes _____, demand goes _______.

• up, up

• up, down

• down, down

• up, no where

In economics, it is all about what?

• supply of free market goods

• demand for government to stop being corrupt

• abundance of money and the choices we make

• scarcity of resources and the choices we make

In a command (communist) economy, who makes the economic decisions?

• the consumer

• the producer

• the market

• the government

In a market, economy, where are economic decisions made?

• In the government

• By the producer

• By the consumer

• In the market place

Which of the following indicators is influenced by GDP (Gross Domestic Product)?

• Age

• Literacy Rate

• Price

• Supply

In economics, what is a consumer?

• something that eats

• someone who sells

• someone who feeds others

• someone who buys

In economics, what is a producer?

• Someone who draws social security

• Someone who makes goods or provides services.

• someone who studies the economy

• someone who uses trade barriers

What is Gross Domestic Product (GDP)?

• The total value of goods and services produced in a country.

• The total number of maids in a country.

• The amount of a person's paycheck.

• The total number of goods produced in a country.

How do Iran and Saudi Arabia benefit from belonging to the Organization of Petroleum Exporting Countries (OPEC)?

• OPEC keeps the price of oil high on the world market
• Countries in OPEC are able to share water resources with each other
• The organization sets up tariffs to protect Southwest Asian manufacturing
• OPEC makes it possible for Southwest Asian countries to buy oil at low prices