AnswersLVA-Economics SPRINGIntroduction to Economics

Introduction to Economics Answers

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1
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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
2
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What forces businesses, industries, and governments to make decisions?

A
services
B
producers
C
goods
D
scarcity
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

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.
5

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.
6

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
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

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

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

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