AnswersFinancial Literacy WMHS - Semester 1Introduction to Economics

Introduction to Economics Answers

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

A
services
B
producers
C
goods
D
scarcity
2
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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.
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

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.
5

What is the fundamental problem producers and consumers face?

A
services
B
scarcity
C
resources
D
inadequacy

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