Economics Review Question Preview (ID: 21240)


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What is the definition of the law of supply?
a) When the price goes up, supply goes up
b) When price goes up, supply goes down
c) When supply goes up demand goes down
d) When price goes up, demand goes down

What is the definition of the law of demand?
a) When the supply goes up, the demand goes up
b) When the price goes down, the demand goes up
c) When the price goes down the demand goes down
d) When price goes up, supply goes up

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?

What is the best description for the term supply?
a) How much people want something
b) My 2nd choice
c) My 1st choice
d) How much of something you have available

Who decides the supply that is released into the economy?
a) Producer
b) Consumer
c) Market owner
d) The President

Who decides how much of something is bought (demand)?
a) Producer
b) The President
c) Consumer
d) Market owner

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) Absolute advantage
b) Comparative advantage
c) Opportunity cost
d) 2nd choice

What is the best description for the term Demand?
a) How much people have of an item
b) Not having enough of an item
c) Unknown Advantage
d) How much people want an item

Which choice is NOT an example of a good?
a) Hamburger
b) Car
c) Doctor
d) Blanket

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 sell low and a consumer wants to buy high
c) Producer wants to flood the market and the consumer wants to limit it
d) Producer likes not having enough of a material and consumer does not like it.

Which choice is NOT an example of what competition can cause?
a) Cause a producer to lower prices
b) Cause producers to create advertisements to showcase their product
c) Cause consumer to not buy anything
d) Cause producers to create a special or bonus offer

What does the equilibrium point on a supply and demand chart show?
a) The supply of an item
b) The demand for an item
c) The place where supply meets demand
d) The place where supply overtakes demand

What is a surplus?
a) Having an excess (too much) of a good or service
b) Not having enough of a good or service
c) The name of a store in the movie Cars
d) Your second choice

What is a shortage?
a) Having an excess (too much) of a good or service
b) When you are really short
c) Not having enough of a good or service
d) Your 2nd choice

What is competition?
a) Your 2nd choice
b) Having too much of a product
c) Not having enough of a product
d) A business selling something similar to your product

Which choice does NOT describe specialization?
a) A country choosing to make a product because it is the best at doing it.
b) A country's 2nd choice of what to make
c) Focusing on making one item
d) Making a product quicker and more cost effective

Which choice is the best example of scarcity?
a) Having 12 pieces of pizza and 6 friends
b) Sully jumping out of a closet to scare children
c) Being in the shampoo aisle and having 65 choices of shampoo:)
d) Having 4 pieces of pizza but you have 6 friends

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

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