Basic American?

Question

8. A direct relationship between supply and demand, based on increasing prices, is best shown with the

upward sloping curve of the supply curve.

downward sloping curve of the supply curve.

upward sloping curve of the demand curve.

9. How many factors determine supply?

2

4

6

10. As the price of a good decreases, the quantity demanded _____ and the quantity supplied _____.

increases, increases

decreases, decreases

increases, decreases

11. The term capital is defined as

any human-made resources used to create other goods and services.

natural resources used to make goods and services.

groups of resources used to make all goods and services.

12. The term scarcity is defined as

any human-made resources used to create other goods and services.

natural resources used to make goods and services.

limited quantities of resources to meet unlimited wants.

Answer 1

8. upward sloping supply curve

9. depends on the product

10. increases, decreases

11. human-made resource to create other goods and services

12. limited quantities of resources to meet unlimited wants