Economics Quiz

When we make a choice between two options, what do we call the option we DO NOT choose?

• scar

• supply

• competition

• opportunity cost

If you choose to go outside and play with your friends after school instead of doing your homework, what is you opportunity cost?

• You don't have one.

• playing with your friends

• doing your homework

• cleaning your room

You are a consumer!

• True

• False

When prices go up, consumers buy less. When prices go down, consumers buy more. This describes:

• opportunity cost

• Law of Supply

• Law of Demand

• a monopoly

Which of the following is NOT a non-price determinant of demand?

• consumer income

• number of consumers

• consumer memories about the past

• consumer tastes and preferences

Which of the following pairs would NOT be considered complements to each other?

• baseball and glove

• vegetables and ranch dressing

• cars and tires

• Coke and Pepsi

The quantity producers are willing to produce depends on...

• how much money they will make

• how much money people have

The quantity consumers purchase depends on:

• their willingness to buy the product

• their ability to pay for the product

• both

When prices go up, producers want to create more. When prices go down, producers want to create less. This describes...

• the Law of Demand

• opportunity cost

• the Law of Supply

• competition

Products are left over when the quantity supplied is greater than the quantity demanded.

• surplus

• shortage

• equilibrium