Economics

5 Written Questions

1. how much is being purchased at equilibrium price
2. fundamental economic problem facing all society that result from a combination of scarce resources and people virtually unlimited wants
3. rule that more will be offered for sale at high prices than at low prices
4. meeting place mechanism allowing buyers and sellers of an economic product to come together
5. rule were more will be demanded a low prices and less at higher price

4 Multiple Choice Questions

1. economic system in which supply and demand and price system help people make decisions and allocate resources
   1. market
   2. price control
   3. market economy
   4. law of supply
2. market in which economic products are sold ilegally
   1. black market
   2. unfettered market
   3. market
   4. scarcity
3. alternative that must be giving up when one is chosen later than another
   1. shortage
   2. tradeoff
   3. scarcity
   4. market
4. a price restriction (price ceiling, price floor)
   1. market economy
   2. price ceiling
   3. tradeoff
   4. price control

4 True/False Questions

1. shortage → fundamental economic problem facing all society that result from a combination of scarce resources and people virtually unlimited wants

   True        False

2. unfettered market → market in which economic products are sold ilegally

   True        False

3. price ceiling → maximum legal price that can be charged for a product

   True        False

4. equilibrium price → how much is being purchased at equilibrium price

   True        False