NOTEBOOK Test Check-In

Economics is the study of….

• Money

• Scarcity

• Opportunity Costs

• Government

• Halloween

Which of the following is NOT a factor of production?

• Land

• Labor

• Capital

• Money

• Entrepreneurship

Which economic system focuses on freedom by giving economic power to citizens?

• Market (Capitalism)

• Command

Which economic model shows a simplified society that only makes two goods?

• Aggregate Model

• Circular Flow Diagram

• Production Possibilities Curve

Ecotopia loses 10 cars to gain 5 new trucks. What’s the opp cost of each truck?

• Half of a car

• 1 Truck

• One car

• Two trucks

• Two cars

The country that can produce _____ has the comparative advantage.

• More

• With a smaller opportunity cost

The Law of _____ says that producers will increase quantity as price increases.

• Demand

• Supply

Which of the following is only a determinant of Supply?

• Number of consumers

• Substitute goods

• Input cost

• Consumer income

When the Government forces the price of a product down below its equilibrium…

• It causes a shortage of the product

• It causes a surplus of the product

_____ measures the total value of all goods & services produced in a country in a year.

• Gross Domestic Product

• Gross National Product

• GDP per capita