Economics

Which of the following shows the law of demand?

• When the price of fruit goes up, people buy more

• When the price of fruit goes down, people buy more

• When the price of fruit goes up, nothing changes

• When the price of fruit goes down, people buy less

Opportunity cost is:

• The price (money) of a good or service

• The value of what you’re giving up

• The cost of producing more goods

• The total cost of all alternatives

Scarcity means:

• Limited resources

• Abundant resources

• Unlimited want

• Balance of supply and demand

Which of the following shows the law of supply?

• When the price of fruit falls farmers plant more

• When the price of fruit rises farmers plant less

• When the price of fruit rises farmers plant more

• When the fruit falls nothing changes

In economics, what is the law of supply?

• As the price of something increases the quantity decreases

• As the price of something increases the quantity increases

• As the price of something decreases, the quantity increases

• Price and quantity are unrelated

In economics, what does law of demand mean?

• As the price increases, the quantity decreases

• As the price increases, the quantity increases

• As the price decreases, the quantity decreases

• Price and demand are not related

if you study instead of going to the movies, the opportunity cost is:

• The price of the movie ticket

• Your study time

• Enjoying the movie

• The cost of the test

Which is NOT considered a factor of production?

• Land

• Labor

• Capital

• Money

in economics, what is consumption?

• The production of goods and services

• The purchase of goods and services

• Saving money

• What the profit is

in economics, what are needs?

• Desiring goods and services

• Requirements for survival

• Luxuries

• Entertainment services