Econ 1st 9W Review

What is the greatest problem in economics?

• scarcity

• wants

• needs

• resources

scarcity is

• products that are manufactured or man-made

• work done for other people

• things we do not need to survive, but wish to have

• when there is short supply of something

which of the following is NOT one of the economic questions?

• What to produce?

• For whom to produce?

• How to produce it?

• Why produce?

What are the three basic economic questions?

• What to produce?

• For whom to produce/

• How to produce?

• Why produce?

Which of the following is NOT one of the FOUR factors of production?

• LAND

• LABOR

• CAPITAL

• ENTREPRENEURSHIP

• SCARCITY

Which of the following are part of the four factors of production?

• LAND

• LABOR

• CAPITAL

• ENTREPRENEURSHIP

• IMPORTS

What happens to the demand of a good when the price goes up?

• demand goes down

• demand goes up

• demand equals price

• supply equals price

What happens to the supply of a good when the price goes up?

• supply goes up

• supply goes down

• supply equals price

• demand goes up

Which two rules of price affecting demand and supply are correct?

• PRICE UP

  DEMAND DOWN

  SUPPLY UP

• PRICE UP

  DEMAND UP

  SUPPLY DOWN

• PRICE DOWN

  DEMAND DOWN

  SUPPLY DOWN

• PRICE DOWN

  DEMAND UP

  SUPPLY DOWN

What are non-price determinants?

• factors that affect supply and demand without it being the current price of a good/service

• the most important factors that affect supply and demand

• determinants that occur when you change the price of a good or service

• the perfect price for the consumer and producer