Econ Pre Quiz

If the price of goods is too high, the ____ may be low

• Demand
• Scarcity

An______ is a person that taskes a risk to start a buisness

• Budget
• Entrepeuner

When there is a _____ of plums, growers cannot provide enough plums for all the people who want them

• Scarcity
• Supply

Items made in china that we use in the U.S are imports

• True
• False

Teaching is a service

• True
• False

A computer is what type of productive resource?

• Capital
• Natural
• Human

The production function requires...

• labor to be constant

• capital to be constant

• taxes to be constant

• all factors to have constant returns to scale

A competitive firm must ...

• Produce and sell an identical good

• Sell at the market price as much as it wants

• Pay its workers the market wage

• All of the above

Historically wages and their increase it is strongly related to ...

• Growth of the economy

• Increase in labor productivity

• Increase in capital productiity

• The increase in prices

What is the name of the income after taxes?

• Real income

• Disposable income

• Pre-tax income

• Minimum wage