Introduction to Economics Answers

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1
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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
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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

regulationgoalsdependencyweakness

A
regulation
B
goals
C
dependency
D
weakness
4

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
5

Every economic decision has

A
only positive benefits.
B
gained opportunities.
C
unavoidable limitations.
D
a consequence or tradeoff.
6

regulationgoalsdependencyweakness

A
regulation
B
goals
C
dependency
D
weakness
7

Which best describes the role of a consumer?

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

Consumers influence producers because consumers supply

A
product ideas.
B
necessary capital.
C
popular services.
D
a variety of goods.
10

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

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