Economics Semester Quiz

For the law of supply, as price rises, what happens to quantity supplied?

• It goes up

• It stays the same

• It goes down

• It is not effected

For the law of demand, as price rises, what happens to quantity demanded?

• It goes down

• It goes up

• It stays the same

• It is not effected

The amount of a good or service that is available to consumers.

• Supply

• Saver

• Demand

• Spender

When the demand for a product or service is higher than the supply this causes what?

• Shortage

• Surplus

• Consumer

• Equilibrium

The point where supply and demand are balanced (Where supply and demand intersect).

• Shifters

• Surplus

• Equilibrium

• Shortage

Supply depends on the willingness and ability of....

• donors to contribute

• producers to sell

• producers to sell

  consumers to purchase

• advertisers to promote

When the gov't pays money to businesses, usually to encourage them to produce a certain product..

• Taxes

• Competition

• Regulation

• Subsidies

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their physical and mental efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their physical and mental efforts and abilities

• individuals who start a new business or bring a product to market.

Labor refers to...

• people with all their physical and mental efforts and abilities

• the tools, equipment, and factories used in production of goods and services.

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.