2025 Economics Final

A situation where a good or service is unavailable is called a ____________.

• Shortage

• Surplus

• Equilibrium

• Substitute

The study of how people make choices to satisfy their wants and needs is called ____________.

• Economics

• Biology

• Geography

• Sociology

The four factors of production are ____________, ____________, ____________, and ____________.

• Land, Labor, Capital, Entrepreneurship

• Land, Money, Technology, Management

• Labor, Capital, Technology, Resources

• Land, Labor, Money, Organization

The law of ____________ states that as the price of a good increases, the quantity supplied increases, and as the price decreases, the quantity supplied decreases.

• Supply

• Demand

• Diminishing Returns

• Equilibrium

A graphical representation that shows the maximum possible output combinations of two goods is called a ____________.

• Production Possibilities Frontier

• Demand Curve

• Supply Schedule

• Budget Line

The point at which quantity demanded equals quantity supplied is called the ____________.

• Equilibrium

• Surplus

• Deficit

• Price Floor

Resources that are used to make goods and services, such as land, labor, and capital, are called ____________.

• Factors of Production

• Consumer Goods

• Public Services

• Natural Resources

Which of the following is NOT a factor of production?

• Labor

• Capital

• Money

• Entrepreneurship

What does a production possibilities curve (PPC) illustrate?

• The relationship between supply and demand

• The maximum output combinations of two goods given available resources

• The amount of profit a company can make

• The equilibrium price in a market

What happens when the price of a good increases?

• The quantity demanded decreases.
• The quantity demanded increases.
• The price reaches equilibrium

• The supply of the good decreases.