AnswersFL-2102373-Personal Finance and Money Management HonorsIntroduction to Economics

Introduction to Economics Answers

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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
2
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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
3

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.
4

Consumers influence producers because consumers supply

A
product ideas.
B
necessary capital.
C
popular services.
D
a variety of goods.
5

[BLANK]

A
consuming
B
creating
C
developing
D
revising
6

What is the fundamental problem producers and consumers face?

A
services
B
scarcity
C
resources
D
inadequacy
7

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
9

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

A
services
B
producers
C
goods
D
scarcity
10

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
11

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.
12

A producer would most likely

A
buy books and music.
B
shop for groceries.
C
purchase cookies.
D
serve in a coffee shop.
13

Which individual is a producer?

A
a host who seats customers in a busy restaurant
B
a mother who demands quality produce for her family
C
a farmer who grows only what his family needs to survive
D
a student who builds a bookcase from bricks and boards
14

[BLANK]

A
regulation
B
goals
C
dependency
D
weakness

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