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Quiz 1 Introduction into Economics Flashcards | StudBud
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Quiz 1 Introduction into Economics
Quiz 1 Introduction into Economics
30 terms
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Economic Review 3rd grade
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What is an example of a capital resource?
A business
Income and loss
Currency
Tools and equipment
2
A list of _________ for a business would show the total amount of money spent on resources.
Services
Income
Expenses
Resources
3
How much is a nickel worth?
$0.10
$1.00
$0.05
$0.50
4
When a product leaves its country to be shipped to another country, it is ________.
Exported
Bought
Sold
Imported
5
Which of the following are needs? (choose all that apply)
Cake
TV
Water
Clothes
6
Perfectly Elastic
Price elasticity is greater than one
Elasticity of supply is infinite
7
When you buy something, you have to give up something else to get what you want or need.
Price
Supply
Opportunity Cost
Good
8
How much is a dime worth?
$.0.01
$0.10
$0.05
$1.00
9
______ is the amount of money received from selling goods or services.
Services
Resources
Income
Expenses
10
Supply is...
Something people buy that you can hold or touch.
Products and services businesses provide.
To do a certain job.
The money you earn.
11
Which of the following is a good? (there are two correct answers - choose one)
A bag of flour
Selling cupcakes
Baking a pie
A cookie
12
Law of Demand =
People do less as the cost of doing it rises
The highest price we’d be willing to pay
13
Demand is...
A person who makes a good or provides a service.
People's willingness to buy goods or services.
Goods that are used to make other goods/to provide services.
Something people buy that you can hold or touch.
14
When countries, businesses, or people depend on each other, it is called _______.
Interdependence
Specialize
Depending
Opportunity Cost
15
When you exchange one good or service for another, it is called...
Interdependence
Demand
Trade
Currency
16
What could lead to a higher price for your product?
Low supply, high demand
Low supply, low demand
High supply, high demand
High supply, low demand
17
What is economics?
Money, goods, services, supply, and demand
things we use to satisfy our wants and needs
People depend on each other
The way a country manages its money and resources.
18
A capital resource is...
Goods that are used to make other goods/to provide services
Things we use to satisfy our wants and needs
The things nature provides that we use for our wants/needs
Resources found in people
19
A _________ is anything that satisfies our wants and needs.
Toy
Income
Supply
Resource
20
A mechanic knows how to repair a car. He/she _______ in this specific service.
Consumes
Specializes
Produces
Supplies
21
Currency is...
The type of money that a country uses to buy or trade things
Pesos
Dollars and Cents
Euros
22
What are the three types of resources? (there are three - choose one)
Capital
Human
Natural
Consumer
23
How much is a penny worth? (there are two correct answers - choose one)
$0.05
$0.10
$0.01
1 cent
24
Total Expenditure =
Total Benefit
Total Revenue
25
A human resource is...
The things nature provides that we use for our wants/needs
Goods that are used to make other goods/to provide services
Things we use to satisfy our wants and needs
Resources found in people
26
A natural resource is...
The things nature provides that we use for our wants/needs
Things we use to satisfy our wants and needs
Resources found in people
Goods that are used to make other goods/to provide services
27
How much is a quarter worth?
$2.50
$0.05
$0.25
$0.10
28
When price rises, total expenditure may
stay the same
sell more units at a lower price
increase
decrease
29
Disposable income
income less direct taxes but including government subsidies.
net income
30
I buy a cake. I am a....
Consumer
Producer
Customer
Resource
