Name That Graph Basic Concepts Demand Supply Super Easy Questions $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 Final J

Name the four categories of resources (sometimes also called factors of production).

During the recession phase of a business cycle, how will the unemployment rate change?

What points on the productions possibilities curve represent efficiency in production?

True or False: A company with an absolute advantage in the production of all goods doesn’t benefit from trade.

True or False: Socks are a substitute for shoes.

Computers and computer games are known as __________ in economics.

If the demand for a good decreases when incomes rise, that good is known as an __________.

Name two factors that cause demand to increase.

If there is a decrease in demand, what will happen to the demand curve?

True or False: A decrease in price results in increased demand for a normal good.

If CD burners suddenly become cheaper to produce, what will happen to the supply of CDs?

If there is a technological advancement in toilet paper production, what will happen to the supply of toilet paper?

The market price of a good will tend to __________ if it is below the equilibrium price.

The market price of a good will tend to __________ if it is above the equilibrium price.

If the demand for a consumer good increases, what will happen to the supply of that consumer good?

What costs more: Mr. Cady’s phone or a brand new iPhone X?

If Sam can play League of Legends, Counterstrike, or Overwatch, and chooses to play League of Legends but would play Overwatch over Counterstrike, what is the opportunity cost of playing League of Legends?

If Fred can play League of Legends, Counterstrike, or Overwatch, and chooses to play League of Legends but would play Overwatch over Counterstrike, what is his opportunity cost of playing Counterstrike?

The antonym of surplus is __________.

The antonym of product is __________.

True or False: Shorts are a substitute for underwear.