Microeconomics

The problem of unlimited desires and limited resources is the problem of

• wants

• marginal benefit

• scarcity

• free enterprise

When you buy a game system and games together, this is an example of which economic concept?

• Complements

• Substitutions

• Elasticity

• Economics

When you buy a PlayStation instead of an X-Box because the price of the PlayStation went up, this is an example of what?

• Complements

• Substitutions

• Elasticity

• Economics

According to the _____, quantity demanded and price move in opposite directions.

• law of demand

• demand curve

• demand schedule

• market demand

In a ____, most economic decisions are made by individuals looking out for their own interests.

• free exchange

• market economy

• privatized economy

• socialist market

____ are rewards offered to try to get people to take certain economic actions.

• Profits

• Incentives

• Marginal benefits

• Trade-offs

When economists look at supply and demand schedules and/or supply and demand curves, what are the only two variables examined?

• Price and Demand

• Price and Supply

• Price and Quantity

• Price and Equilibrium Point

What determines if an item's demand is elastic?

• If an item is on sale

• If an item continues to be bought, despite the rise in price

• If an item stops being bought because of a rise in price

• If an item is not on sale

A ____ system allows businesses to compete for profit with a minimum of government interference.

• Free Market

• Traditional

• Command

• Mixed

A _____ is a graph that lists prices on the vertical axis and quantities on the horizontal axis.

• demand curve

• market demand

• utility demand

• demand schedule