AnswersMI-Economics CRIntroduction to Economics

Introduction to Economics Answers

0 verified answers
1
Free Preview

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.
2
Free Preview

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
3

[BLANK]

A
consuming
B
creating
C
developing
D
revising
4

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.
5

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
6

Every economic decision has

A
only positive benefits.
B
gained opportunities.
C
unavoidable limitations.
D
a consequence or tradeoff.
7

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.
8

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.
9

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

A
services
B
producers
C
goods
D
scarcity
10

Which best describes the role of a consumer?

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

Did you find these answers helpful?

More from this Course

Quiz
11 verified answers

Introduction to Economics

Quiz
10 verified answers

Quiz

Quiz
9 verified answers

Introduction to Economics