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Economics
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Economics Review
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
The thing you give up when you buy something else
resource
interdependence
opportunity cost
currency
2
Producer or Consumer: Joe earned $10 for washing his dad's car.
Consumer
Producer
3
What is a loonie
money from Canada
money from Mexico
money from China
money from the Carribean
4
Oven
Human Resource
Capital Resource
Natural Resource
5
All of the countries in the Caribbean use the same kind of currency
False
True
6
which list shows only needs?
water, shirt, toys
sweater, water, apple
nail polish, TV, sweater
shoes, shirt, necklace
7
When you go to the store and buy a bag of cookies you are a....
human resource
natural resource
consumer
producer
8
The United States gets bananas from Costa Rica.
Import
Export
9
Billy is reading a book
Consumer
Producer
10
Making one kind of good or service
scarcity
deposit
specialization
opportunity cost
11
Which is an example of bartering?
Ashley gave Bill a birthday present
Sarah's mom pays for her groceries at the store.
Tim gives Rita his cookie. Rita gives Tim her apple.
Lisa washes Mr. J's car for $5
12
Using money makes getting the things you need much easier
True
False
13
In January, what will probably happen to the price of Christmas decorations?
The prices will go up
The price will stay the same
The prices will go down
14
Why are giant rocks NOT a good form of money
they are not portable
they are not divisible
they are not durable.
15
You set up a lemonade stand in your yard.
Producer
Consumer
16
The United States sends oranges to Costa Rica.
Import
Export
17
Which item is NOT a service?
piano lessons
a haircut
a pack of gum
car wash
18
In July, a store is running low on sunscreen. What is the supply and demand?
high demand and high supply
high demand and low supply
low supply and low demand
low demand and high supply
19
What happens when you borrow money from a bank?
The bank pays you interest
you make a deposit in the bank
You pay the bank interet
the bank has to pay someone else interest
20
Baker
Capital Resource
Human Resource
Natural Resource
21
Eggs
Human Resource
Capital Resource
Natural Resource
