Economics Final Exam Review (Part 4) Question Preview (ID: 34709)


Economics Final Exam Preparation. TEACHERS: click here for quick copy question ID numbers.

_______________ is the study of how people try to satisfy their unlimited wants with limited resources.
a) Psychology
b) Economics
c) none of the answers
d)

As prices increases, consumers will buy________ of the good.
a) less
b) more
c) none of the answers
d)

Video games and brand name clothes have ________________ demand.
a) elastic
b) inelastic
c) none of the answers
d)

Target and Ebay are considered to be markets.
a) True
b) False
c) none of the answers
d)

As production increases, prices will_____________. This is called the law of supply.
a) decrease
b) increase
c) none of the answers
d)

Expansionary policies are used to...
a) slow down the economy
b) grow the economy
c) none of the answers
d)

Contractionary policies are used to slow down the economy.
a) True
b) False
c) none of the answers
d)

______________demand are goods unaffected by price changes.
a) Inelastic
b) Elastic
c) none of the answers
d)

Check Clearing services are conducted by the U.S. Treasury.
a) True
b) False
c) none of the answers
d)

Scarcity is the basic economic problem.
a) True
b) False
c) none of the answers
d)

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