What is Economics?

Front

Which is NOT one of the three basic economic questions?
Options:
What to Produce,
How to Produce,
For Whom to Produce

Back

When to Produce

Front

Which of the following is NOT a Factor of Production? wants, capital, labor, land

Back

wants

Front

Which of the following is an example of a good? tune up, oil change, car wash, car

Back

car

Front

Which of the following is an example of a service?
Options:
windshield wipers,
floor mats,
car wash,
car

Back

car wash

Front

What is the fundamental problem of economics?

Back

scarcity

Front

A demand curve always moves

Back

down

Front

A supply curve always moves

Back

up

Front

Law of Demand

Back

increase price = decrease demand

Front

Law of Supply

Back

increase price = increase supply

Front

Which of the following will increase supply?
Options:
decrease in production,
decrease in cost of inputs,
increase in taxes,
fewer sellers

Back

decrease in cost of inputs