Economics Week 13

Front

You need resources to produce things in the market

Back

True

Front

The factors of production are land, labor, capital, entrepreneurs and customers.

Back

False

Front

The production possibilities curve explains scarcity.

Back

True

Front

Consumer goods are tools and machines.

Back

False

Front

Capital goods are made for consumers direct consumption.

Back

False

Front

The current national debt is over 28 trillion dollars.

Back

True

Front

Buyers want to pay the highest price possible in the market.

Back

False

Front

Sellers want to pay the least amount possible to supply an item in the market.

Back

True

Front

Equilibrium is where the supply and demand curves meet.

Back

True

Front

A substitute in economics is a good that can be used in place of another good.

Back

True