Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Economics Review
Test Description: To help you review for the final
Instructions: Answer all questions to get your test result.
1) What is the definition of the law of supply?
A
When price goes up, supply goes down
B
When the price goes up, supply goes up
C
When supply goes up demand goes down
D
When price goes up, demand goes down
2) What is the definition of the law of demand?
A
When the supply goes up, the demand goes up
B
When price goes up, supply goes up
C
When the price goes down, the demand goes up
D
When the price goes down the demand goes down
3) Which choice is NOT one of the 3 questions that economics tries to answer?
A
Who is going to make it?
B
What is going to be made?
C
Will everyone like it?
D
Who is going to buy it?
4) What is the best description for the term supply?
A
My 2nd choice
B
My 1st choice
C
How much of something you have available
D
How much people want something
5) Who decides the supply that is released into the economy?
A
The President
B
Producer
C
Market owner
D
Consumer
6) Who decides how much of something is bought (demand)?
A
Market owner
B
The President
C
Producer
D
Consumer
7) I have to choose between playing either basketball or volleyball. I am going to play volleyball because I am better at it. Economically speaking what would you call basketball, my second choice?
A
2nd choice
B
Comparative advantage
C
Absolute advantage
D
Opportunity cost
8) What is the best description for the term Demand?
A
How much people want an item
B
Unknown Advantage
C
How much people have of an item
D
Not having enough of an item
9) Which choice is NOT an example of a good?
A
Hamburger
B
Blanket
C
Car
D
Doctor
10) How are a producer and a consumer's view points different about buying and selling a product?
A
Producer wants to sell low and a consumer wants to buy high
B
Producer wants to sell high and a consumer wants to buy low
C
Producer likes not having enough of a material and consumer does not like it.
D
Producer wants to flood the market and the consumer wants to limit it
11) Which choice is NOT an example of what competition can cause?
A
Cause consumer to not buy anything
B
Cause producers to create a special or bonus offer
C
Cause producers to create advertisements to showcase their product
D
Cause a producer to lower prices
12) What does the equilibrium point on a supply and demand chart show?
A
The place where supply overtakes demand
B
The place where supply meets demand
C
The supply of an item
D
The demand for an item
13) What is a surplus?
A
The name of a store in the movie Cars
B
Not having enough of a good or service
C
Having an excess (too much) of a good or service
D
Your second choice
14) What is a shortage?
A
Your 2nd choice
B
Having an excess (too much) of a good or service
C
Not having enough of a good or service
D
When you are really short
15) What is competition?
A
A business selling something similar to your product
B
Having too much of a product
C
Your 2nd choice
D
Not having enough of a product
16) Which choice does NOT describe specialization?
A
Focusing on making one item
B
A country choosing to make a product because it is the best at doing it.
C
A country's 2nd choice of what to make
D
Making a product quicker and more cost effective
17) Which choice is the best example of scarcity?
A
Sully jumping out of a closet to scare children
B
Being in the shampoo aisle and having 65 choices of shampoo:)
C
Having 4 pieces of pizza but you have 6 friends
D
Having 12 pieces of pizza and 6 friends
18) What is the best example of interdependence?
A
Relying on a person to mine the iron ore out of the ground so I can eventually get my car
B
Not having enough pieces of pizza to give to my friends
C
Passing out treats at a soccer game
D
Having too many choices in the shampoo aisle
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?