EPF Unit 1 Quiz review

One of the Three Economic Questions every country has to answer.....

• Who will Produce?

• How much money can we make?

• What to Produce?

• What Materials will we use?

Who wrote the Wealth of Nations?

• Zeke Brown

• Adam Smith

• Connor Brown

• Isaac Brown

When both Supply and Demand are in agreement and cross on the graph:

• Max Price

• Peak

• Trough

• Equilibrium

What happens to Demand if price increases?

• Shifts to the left, Demand goes down.

• Shifts to the right, Demand goes up.

• Stays the same.

• Hits Equilibrium

If Demand goes up, what can happen to price?

• Price stays the same

• Price goes down

• Price doubles

• Price goes up

Prices of common consumer goods are measured by the ......

• Consumer Reports

• Unit Price

• Consumer Price Index

• Sales Flyer

A country with high taxes can often support free

• Health Care

• Food

• Clothing

• Cars

The Next Best Option or Something you give up with a choice is called?

• Cost of Living

• Complimentary Goods

• Opportunity Choice

• Opportunity Cost

Goods that go best together or work together are.....

• Goods and Services

• Complimentary Goods

• Capital Goods

• Products

One of the Four Factors of Production.....

• Land

• Cars

• Computers

• Education