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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 supply goes up demand goes down
B
When the price goes up, supply goes up
C
When price goes up, demand goes down
D
When price goes up, supply goes down
2) What is the definition of the law of demand?
A
When price goes up, supply goes up
B
When the price goes down, the demand goes up
C
When the supply goes up, 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
What is going to be made?
B
Who is going to buy it?
C
Will everyone like it?
D
Who is going to make it?
4) What is the best description for the term supply?
A
My 2nd choice
B
How much people want something
C
How much of something you have available
D
My 1st choice
5) Who decides the supply that is released into the economy?
A
Producer
B
Consumer
C
Market owner
D
The President
6) Who decides how much of something is bought (demand)?
A
Consumer
B
The President
C
Market owner
D
Producer
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
Comparative advantage
B
2nd choice
C
Opportunity cost
D
Absolute advantage
8) What is the best description for the term Demand?
A
How much people have of an item
B
Unknown Advantage
C
Not having enough of an item
D
How much people want an item
9) Which choice is NOT an example of a good?
A
Doctor
B
Car
C
Hamburger
D
Blanket
10) How are a producer and a consumer's view points different about buying and selling a product?
A
Producer wants to sell high and a consumer wants to buy low
B
Producer wants to flood the market and the consumer wants to limit it
C
Producer wants to sell low and a consumer wants to buy high
D
Producer likes not having enough of a material and consumer does not like it.
11) Which choice is NOT an example of what competition can cause?
A
Cause producers to create a special or bonus offer
B
Cause producers to create advertisements to showcase their product
C
Cause consumer to not buy anything
D
Cause a producer to lower prices
12) What does the equilibrium point on a supply and demand chart show?
A
The demand for an item
B
The supply of an item
C
The place where supply overtakes demand
D
The place where supply meets demand
13) What is a surplus?
A
Your second choice
B
Not having enough of a good or service
C
The name of a store in the movie Cars
D
Having an excess (too much) of a good or service
14) What is a shortage?
A
Your 2nd choice
B
When you are really short
C
Having an excess (too much) of a good or service
D
Not having enough of a good or service
15) What is competition?
A
Not having enough of a product
B
Your 2nd choice
C
A business selling something similar to your product
D
Having too much of a product
16) Which choice does NOT describe specialization?
A
A country's 2nd choice of what to make
B
Making a product quicker and more cost effective
C
Focusing on making one item
D
A country choosing to make a product because it is the best at doing it.
17) Which choice is the best example of scarcity?
A
Being in the shampoo aisle and having 65 choices of shampoo:)
B
Having 4 pieces of pizza but you have 6 friends
C
Having 12 pieces of pizza and 6 friends
D
Sully jumping out of a closet to scare children
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
Passing out treats at a soccer game
C
Not having enough pieces of pizza to give to my friends
D
Having too many choices in the shampoo aisle
*select an answer for all questions
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