1. The law of demand states that there is a direct relationship between supply and demand.2. Equilibrium is a state of balance between supply and demand.A) TrueB) False 3. Goods are scarce for both rich and poor.A) TrueB) False 4. “The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statement about economic policy.A) TrueB) False 5. The law of supply states that there is a direct relationship between price and quantity demanded.A) TrueB) False 6. In the circular flow model, firms own economic resources, and householdsbuy the manufactured products and services.A) TrueB) False 7. Households play a dual role of providing the factors of production whilepurchasing the goods and services of firms.A) TrueB) False 8. At point A, more “X” goods are being produced than at point E.A) TrueB) False 9. At point B, almost all “X” goods are being produced and almost no”Y” goods.A) TrueB) False 10. Point C is unattainable.A) TrueB) False 11. In the immediate term, Point D is unattainable.A) TrueB) False 12. Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative.A) TrueB) False 13. Scarcity denotes that our desire for a good exceeds the amount that isfreely available from nature.A) TrueB) False 14. Economics is a social science concerned with satisfying man’s unlimitedwants with limited resources.A) TrueB) False 15. Joint output of individuals or nations will be maximized when goods areexchanged between parties in accordance with the law of”comparative advantage”.A) TrueB) False 16. The production possibilities frontier assumes that the level of technologyvaries when applying the model.A) TrueB) False 17. Excess demand in the market will cause the price of a product to decline.A) TrueB) False 18. Demand is measured on the vertical axis and supply on the horizontalaxis.A) TrueB) False 19. A change in quantity demanded is a movement along the same demandcurve.A) TrueB) False 20. As globalization and world trade proliferates, individual markets withincountries’ economies become more competitive.A) TrueB) False
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