Unit 5 Quiz

Printers and ink cartridges are typically purchased together.  Economists would call these

• Stubstitues
• Complements
• Elastic
• Inelastic

a person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage

The supply of labour curve slopes _______

• downward

• upward

• backward

• frontward

The total numbers of people in an economy who are of working age and who are willing and able to work is called ________

• demand for labour

• labour

• employers

• supply of labour

Wages are determined by the interaction of ______

• buyers and sellers

• workers and employees

• demand for labour and supply of labour

• consumers and manufacturer

___________ is defined a market where employers and employees determine wage payment.

• Capital market

• Commodity market

• Labour market

• Foreign exchange market

Labour can be defined as ______

• man-made goods used in production of goods and services

• money used to purchase goods and services

• all human efforts directed towards the production of goods and services

• the human that co-ordinates all other factors of production.

In a free market economy who owns the resources?

• state governments

• the federal government

• households

• local governments

In what market are the factors of production bought and sold?

• Product Market

• Resource Market (AKA- Factor Market)

In what market do businesses sell goods and services to households?

• Product Market

• Factor Market

• Resource Market

• None of the above