AnswersMI-Economics CRIntroduction to Economics

Introduction to Economics Answers

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1
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What forces businesses, industries, and governments to make decisions?

A
services
B
producers
C
goods
D
scarcity
2
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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.
3

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.
4

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
5

Which best describes the role of a consumer?

A
buying goods
B
making products
C
providing products
D
supplying services
6

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.
7

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.
8

Consumers influence producers because consumers supply

A
product ideas.
B
necessary capital.
C
popular services.
D
a variety of goods.
9

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
10

Which individual is a producer?

A
a host who seats customers in a busy restaurant
B
a mother who demands quality produce for her family
C
a farmer who grows only what his family needs to survive
D
a student who builds a bookcase from bricks and boards
11

[BLANK]

A
regulation
B
goals
C
dependency
D
weakness
12

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

A
the materials used in its construction
B
the demand for the added performance elements
C
the quality of goods produced by the manufacturer
D
the numbers of previous models stored in the warehouse

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