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Introduction to Economics Answers

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22
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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.
23
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What forces businesses, industries, and governments to make decisions?

A
services
B
producers
C
goods
D
scarcity
24

[BLANK]

A
regulation
B
goals
C
dependency
D
weakness
25

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.
26

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.
27

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.
28

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
29

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
30

What is the fundamental problem producers and consumers face?

A
services
B
scarcity
C
resources
D
inadequacy
31

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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