Introduction to Economics — Quiz

Question 1

Consumers influence producers because consumers supply

Revolt · Accepted Answer

product ideas.

Question 2

An economist most likely spends time studying

Revolt · Accepted Answer

interactions between producers and consumers.

Question 3

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

Revolt · Accepted Answer

by helping you understand that every choice has a tradeoff

Question 4

Every economic decision has

Revolt · Accepted Answer

a consequence or tradeoff.

Question 5

Which individual is acting most like a consumer?

Revolt · Accepted Answer

a person who hires a mechanic to fix their car

Question 6

Which individual is a producer?

Revolt · Accepted Answer

a host who seats customers in a busy restaurant

Question 7

Which situation best illustrates the concept of scarcity?

Revolt · Accepted Answer

a person buying a used car due to limited income

Question 8

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

Revolt · Accepted Answer

the demand for the added performance elements

Question 9

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

Revolt · Accepted Answer

the other things you could do with your money instead

Question 10

Which best describes the role of a consumer?

Revolt · Accepted Answer

buying goods

Introduction to Economics — Quiz Answers