ECONOMICS QUIZ

_________ is the total value of all final goods and services produced by the country in certain year.

• National Income

• Personal income

• Corporate income

• Foreign income

The main conditions for Scarcity are________ and _________

Scarcity occurs when everyone has enough resources to meet their needs and wants.

• True

• False

• Sometimes true

Assumption used in PPC

• Production Efficiency

• Economic Efficiency

• Allocative Efficiency

• Fixed capital

The compulsory thing in a society

• Wants

• Scarcity

• Needs

• Resources

Which law says that as the price of a good goes down, consumers are more willing to buy?

• Law of Supply

• Law of Demand

• Factor of Production

• Scarcity