AnswersFinancial literacy Q2 - Brinkerhoff - 2000 - 202526Book Project Submission (CFA4)

Introduction to Economics Answers

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1
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What is one way that economics can influence your daily life?

A
by forcing a decision on a career path
B
by limiting your ability to save money
C
by helping you understand that every choice has a tradeoff
D
by determining if goals are actually worthwhile
2
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What are some reasons for studying economics? Choose three answers.

A
Economics has an impact on everyday life.
B
Economics helps people learn to manage resources.
C
Economics describes the reasons products are scarce.
D
Economics explains the roles of producers and consumers.
E
Economics shows how people work together to make money.
3

Consumers influence producers because consumers supply

A
product ideas.
B
necessary capital.
C
popular services.
D
a variety of goods.
4

How can knowing the future value of money help plan for a large purchase like a car?

A
It replaces the need for a loan.
B
It can predict the exact future cost of the car.
C
It guarantees a fixed interest rate for savings.
D
It can help determine the amount to save monthly.
5

Based on the lesson, what would most affect the price a consumer is willing to pay for a newer version of a laptop computer?

t
the materials used in its construction
t
the demand for the added performance elements
t
the quality of goods produced by the manufacturer
t
the numbers of previous models stored in the warehouse
6

Which individual is a producer?

a
a host who seats customers in a busy restaurant
a
a mother who demands quality produce for her family
a
a farmer who grows only what his family needs to survive
a
a student who builds a bookcase from bricks and boards
7

Which individual is acting most like a consumer?

A
a person whose job is selling goods at a market
B
a person who hires a mechanic to fix their car
C
a person eats a meal from vegetables grown in their garden
D
a person sells their old television to a friend
8

A person studying economics chooses to buy an economic textbook for their class, even though it means they cannot afford to buy a video game they want. This shows an understanding of

g
goods.
s
services.
p
production.
c
consequences and tradeoffs.
9

[BLANK]

A
consuming
B
creating
C
developing
D
revising
10

What forces businesses, industries, and governments to make decisions?

A
services
B
producers
C
goods
D
scarcity
11

If an economist's job paid $50,000 a year 10 years ago, how would understanding the present value and future value of money help explain the difference in the pay rate for the same job today?

A
It would predict the future pay rate in 10 more years.
B
It would guarantee a fixed pay rate increase each year.
C
It would justify why the pay rate has more than doubled.
D
It would calculate the pay rate adjusted for economic changes.
12

Becoming informed about economics helps a person understand the

A
reasons a command economy is ideal.
B
role of government in regulating production.
C
why consumers receive tax revenue.
D
reasons an economy must always be completely regulated.
13

Which activity would a consumer most likely perform?

A
filling a lawnmower with gas
B
answering phones in an office
C
growing vegetables in a home garden
D
helping mow lawns in the neighborhood
14

Every economic decision has

A
only positive benefits.
B
gained opportunities.
C
unavoidable limitations.
D
a consequence or tradeoff.
15

regulationgoalsdependencyweakness

A
regulation
B
goals
C
dependency
D
weakness
16

Which best describes the role of a consumer?

A
buying goods
B
making products
C
providing products
D
supplying services
17

Which situation best illustrates the concept of scarcity?

A
a class designing and selling calendars
B
a cook learning to be an executive chef
C
a friend buying a copy of a popular DVD
D
a person buying a used car due to limited income

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