Which of the following is not one of the three fundamental economic questions? O a. What to produce? O b. How to produce? Oc. Where to produce? O d. For whom to produce? 2. If equilibrium is present in a market: O a. the quantity supplied exceeds quantity demanded. O b. the quantity demanded exceeds quantity supplied. C. the quantity demanded equals quantity supplied. Od. there is either a shortage or a surplus. 3. The central question in economics is how to: O a. change government economic policy. O b. manage money and become wealthy. O C. change people's wants to match their needs. O d. deal with the problem of scarcity. 4. A movement along a demand curve is called a change in: O a. demand. O b. tastes. c. income. O d. quantity demanded.
Which of the following is not one of the three fundamental economic questions? O a. What to produce? O b. How to produce? Oc. Where to produce? O d. For whom to produce? 2. If equilibrium is present in a market: O a. the quantity supplied exceeds quantity demanded. O b. the quantity demanded exceeds quantity supplied. C. the quantity demanded equals quantity supplied. Od. there is either a shortage or a surplus. 3. The central question in economics is how to: O a. change government economic policy. O b. manage money and become wealthy. O C. change people's wants to match their needs. O d. deal with the problem of scarcity. 4. A movement along a demand curve is called a change in: O a. demand. O b. tastes. c. income. O d. quantity demanded.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:1.
Which of the following is not one of the three fundamental economic questions?
O a. What to produce?
O b. How to produce?
O c. Where to produce?
O d. For whom to produce?
2.
If equilibrium is present in a market:
O a. the quantity supplied exceeds quantity demanded.
b. the quantity demanded exceeds quantity supplied.
O . the quantity demanded equals quantity supplied.
O d. there is either a shortage or a surplus.
3.
The central question in economics is how to:
O a. change government economic policy.
O b. manage money and become wealthy.
O c. change people's wants to match their needs.
O d. deal with the problem of scarcity.
4.
A movement along a demand curve is called a change in:
O a. demand.
O b. tastes.
O c. income.
O d. quantity demanded.
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