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

Introduction to Economics Answers

10 verified answers1 views
1
Free Preview

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
Free Preview

What are some reasons for studying economics? Choose three answers.Economics has an impact on everyday life.Economics helps people learn to manage resources.Economics describes the reasons products are scarce.Economics explains the roles of producers and consumers.Economics shows how people work together to make money.

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

consumingcreatingdevelopingrevising

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

Did you find these answers helpful?

More from this Course

Quiz
10 verified answers

Spending

Quiz
10 verified answers

Spending

Assignment
4 verified answers

Introduction to Economics

Introduction to Economics Answers — Financial…