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Question 1 Which is true?

Question 1

Which is true?

only the poor face scarcity

scarcity is a fundamental condition

in the future, economic growth will eliminate scarcity

our wants are but an illusion


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Question 2

which is a microeconomic topic?

 the dress market


national unemployment

the labor market


Question 3

which is a normative economic statement?

textbook prices have actually fallen

if tectbook prices rise, more students will share textbooks

the average price of textbooks has risen 50% over the past 4 years

prices for textbooks are too high


Question 4

which is the best example of the marginal concept in economics?

the highest exam grade

the total points, I make during the semester

the most difficult assignment of the semester

the next exam I take


Question 5

if a store has fewer customers, it earns less revenue, this shows a(n)

positive relationship

negative relationship

independent relationship

inverse relationship


Question 6

which is NOT a resource?  



human capital



Question 7

in economics human capital

is not a resource

refers specifically to labor

is our buildings and equipment

is our knowledge, skills, abilities


Question 8

the law of trade states that

both sides to a trade expect to benefit

if prices rise, there will be fewer trades made

our unlimited wants will lead to profitable trades

overtime, traders can find more substitutes to trade


Question 9

if peanut butter and jam are complements, if the price of jam falls

demand for peanut butter shifts right

supply of peanut butter shifts right

price of peanut butter falls

demand for peanut butter shifts left


Question 10

in the apple market, if bad weather ruins some of the apple crop

price of apples rise, quantity of apples rises

price of apples fall, quantity of apples fall

price of apples rises, quantity of apples fall

price of apples rises, quantity of apples rises


Question 11

if Nike and Adidas shoes are substitutes, if the price of Nike shoes falls

demand for Addidas shoes shifts left

demand for Nike shoes shifts left

demand for Addidas shoes shift right

demand for nike shoes shifts right

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