AnswersFL-2102373-Personal Finance and Money Management HonorsIntroduction to Economics

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

regulationgoalsdependencyweakness

A
regulation
B
goals
C
dependency
D
weakness
4

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
5

Every economic decision has

A
only positive benefits.
B
gained opportunities.
C
unavoidable limitations.
D
a consequence or tradeoff.
6

regulationgoalsdependencyweakness

A
regulation
B
goals
C
dependency
D
weakness
7

Which best describes the role of a consumer?

A
buying goods
B
making products
C
providing products
D
supplying services
8

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.
9

Consumers influence producers because consumers supply

A
product ideas.
B
necessary capital.
C
popular services.
D
a variety of goods.
10

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
11

Which factor should be most important if you are considering purchasing a new video game?

A
the number of games available for purchase
B
the quality of the games produced by that manufacturer
C
the popularity of the video game with your friends
D
the other things you could do with your money instead
12

An economist most likely spends time studying

A
methods for spending and saving money.
B
reasons producers experience scarcity.
C
ways to balance time between work and leisure.
D
interactions between producers and consumers.
13

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
14

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

A
goods.
B
services.
C
production.
D
consequences and tradeoffs.

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