Economics Basics

Question 1

Which account is best for emergencies?

Accepted Answer

Savings account

Question 2

What do producers primarily do?

Accepted Answer

Create goods

Question 3

True or false: All goods are services.

Accepted Answer

False

Question 4

Where do you write the payee's name?

Accepted Answer

Pay to the order of

Question 5

True or false: Capital goods are used in production

Accepted Answer

True

Question 6

What happens when demand increases?

Accepted Answer

Prices rise

Question 7

What is a common result of scarcity?

Accepted Answer

Increased prices

Question 8

Which resource is often scarce?

Accepted Answer

Freshwater

Question 9

True or false: You must sign every check

Accepted Answer

True

Question 10

How do producers affect supply?

Accepted Answer

Increase it

Question 11

What should you do if a check is lost?

Accepted Answer

Report to bank

Question 12

Which property is usually exempt from taxes?

Accepted Answer

Churches

Question 13

What is a checking account used for?

Accepted Answer

Daily expenses

Question 14

True or false: Supply is unlimited

Accepted Answer

False

Question 15

How can you prevent check fraud?

Accepted Answer

Use a pen

Question 16

How often are property taxes paid?

Accepted Answer

Annually

Question 17

Who sets property tax rates?

Accepted Answer

Local government

Question 18

When does scarcity occur?

Accepted Answer

When demand exceeds supply

Question 19

Which is a result of surplus?

Accepted Answer

Price decrease

Question 20

What is the main purpose of an assembly line?

Accepted Answer

To speed up production

Question 21

Which is a consumer's main goal?

Accepted Answer

Satisfaction

Question 22

True or false: Services can be touched.

Accepted Answer

False

Question 23

True or false: Sales tax rates are the same everywhere.

Accepted Answer

False

Question 24

Which account is linked to debit cards?

Accepted Answer

Checking account

Question 25

Which term describes the study of choices?

Accepted Answer

Economics

Question 26

Which account is best for bills?

Accepted Answer

Checking account

Question 27

Which part of the check shows the amount in numbers?

Accepted Answer

Amount box

Question 28

What happens in a shortage?

Accepted Answer

Prices rise

Question 29

Which is a capital good?

Accepted Answer

Crane

Question 30

Who is responsible for paying income tax?

Accepted Answer

All earning individuals

Question 31

True or false: Savings accounts earn interest

Accepted Answer

True

Question 32

Which is an example of a good?

Accepted Answer

Bread

Question 33

What is the main purpose of income tax?

Accepted Answer

Funding public services

Question 34

What should you do after writing a check?

Accepted Answer

Record it in register

Question 35

What is the purpose of the memo line?

Accepted Answer

To note the purpose

Question 36

Who uses capital goods?

Accepted Answer

Producers

Question 37

Which factor contributes to scarcity?

Accepted Answer

Population growth

Question 38

Consumers are known for what action?

Accepted Answer

Buying goods

Question 39

When is sales tax applied?

Accepted Answer

On most purchases

Question 40

True or false: Property tax is a one-time payment

Accepted Answer

False

Question 41

Which state has no sales tax?

Accepted Answer

Delaware

Question 42

True or false: Consumers set prices

Accepted Answer

False

Economics Basics

Questions 42

Economics Basics

Questions 42