What are the 3 main types of factors of production?

AP Macro - Unit 1

Quiz
•
Social Studies
•
9th - 12th Grade
•
Easy
ELYANA NAJARIAN-GARB
Used 7+ times
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58 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a PPC?
Production Possibilities Curve (PPC)
Pay Per Curve (PPC)
Production Per Collection (PPC)
Pay Possibilities Collection (PPC)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
The law of demand as price increases, quantity demanded decreases (and vice versa).
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When is there disequilibrium in an economy?
When price does not equal equilibrium price
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A surplus in the market is when....
A surplus in the market is when the quantity supplied exceeds the quantity demanded and price is more than the equilibrium price
A surplus in the market is when there is no change in price and the price is less than the equilibrium price
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A shortage in the market occurs when...
the quantity demanded exceeds the quantity supplied and price is less than the equilibrium price
the quantity demanded equals the quantity supplied and the price is above the equilibrium price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Simultaneous shifts...
Simultaneous shifts shifts supply and demand + price or quantity
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