AnswersMI-Economics CRIntroduction to Economics

Introduction to Economics Answers

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Which best describes the role of a consumer?

A
buying goods
B
making products
C
providing products
D
supplying services
2
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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.
3

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
4

Every economic decision has

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

A
the materials used in its construction
B
the demand for the added performance elements
C
the quality of goods produced by the manufacturer
D
the numbers of previous models stored in the warehouse
6

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

A
goods.
B
services.
C
production.
D
consequences and tradeoffs.
7

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

A
services
B
producers
C
goods
D
scarcity
8

[BLANK]

A
consuming
B
creating
C
developing
D
revising
9

[BLANK]

A
regulation
B
goals
C
dependency
D
weakness
10

Consumers influence producers because consumers supply

A
product ideas.
B
necessary capital.
C
popular services.
D
a variety of goods.
11

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
12

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
13

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
14

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.
15

What is the fundamental problem producers and consumers face?

A
services
B
scarcity
C
resources
D
inadequacy
16

A producer would most likely

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

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