Economics LU1 quiz

The phrase we use to state all things remaining the same is...............

• Shift

• Swivel

• Movement

• Certiris paribus

Who are the economic participants?

• Households

• Firms

• Government

• All of the above

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

Which of the following are markets involved in the circular flow model?

• Factor Market and Resource Market
• Labor Market and Product Market
• Factor Market and Product Market
• Resource Market and Labor Market

When customers and business owners exchange products and money, because it will help them both in some way.

• voluntary exchange

• volunteering to help someone for free

• opportunity cost

• reading quizzes

The driving force behind people going into business is

• profit margin
• profit motive
• opportunity cost
• taxes

This type of economy is passed down through family traditions. They learn from their parents.

• Traditional

• Market

• Mixed

House: Goods or Service?

• Goods
• Service

Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.

• scarcity
• needs
• wants
• microeconomics

A _____ economy's government makes all of the major economic decisions.

• traditional
• mixed
• market
• command