What would be examples of an incentives? (Hint: there are two answers)

Higher Wages, More Vacation Days

Choose all that apply: Tariffs apply to:

Imports, Goods from other countries

Restriction on both imports and exports

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Unit 1 Vocabulary

18 termsStudBud Administration35 plays

#ConsumerMath Unit 1 Vocabulary Quiz

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
What is Economics?
The study of money
The study of jobs
The study of decisions made in business
All of the above
2
What is an example of a need?
Weekly manicure
Shelter
Nike Air Jordans
Filet Mignon dinners at Ruths Chris
3
What is the point where the blue and red lines meet?
Advantage Point
Inelastic Demand
Gross Domestic Product
Equilibrium Point
4
True or False: Deflation is a decline in the level of prices of goods and services over time
True
False
5
Supply is...
How much producers are willing to pay at a certain price.
How much consumers are willing to pay at a certain price.
the amount of product consumers are willing to produce
the amount of product producers are willing to produce
6
What is a tariff?
Tax on money
Tax on exports
Tax on imports
Tax on domestic goods
7
Demand is...
Amount of product that producers are willing to produce at $
Amount of product that consumers are willing to produce at $
How much producers are willing to pay at a certain price.
How much consumers are willing to pay at a certain price.
8
What would an example of Comparative Advantage be?
Vermont producing Ben & Jerry's
Russia producing oil
Florida producing oranges
Canada producing coffee
9
True or False: Inflation is the decline in the level of prices for goods and services over time
False
True
10
What would be examples of an incentives? (Hint: there are two answers)
Discounted Price
Higher Wages
More Vacation Days
Buy One Get One Free
11
What country do we currently have an embargo on?
China
South Korea
Russia
North Korea
12
Which is not a way entrepreneurs make money?
Create and Sell
Create and Rent
Buy and Create
Buy and Sell
13
Choose all that apply: Tariffs apply to:
Exports
Imports
Goods from other countries
Goods from America
14
What does CPI stand for?
Consumer Price Index
Crisis Prevention Intervention
Custom Pricing Indicator
Customer Price Index
15
What is this graph representing?
Supply and Demand
Comparative Advantage
Market Economy
Consumer Price Index
16
What do entrepreneurs create?
Taxes
Businesses
Crime
Money
17
What is an example of a want?
Pedicure
Water
Food
Clothing
18
What is an Embargo?
Restriction on both imports and exports
Restriction on Imports
None of the above
Restriction on Exports

Unit 1 Vocabulary Flashcards | StudBud

Unit 1 Vocabulary

18 termsStudBud Administration35 plays

#ConsumerMath Unit 1 Vocabulary Quiz

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
What is Economics?
The study of money
The study of jobs
The study of decisions made in business
All of the above
2
What is an example of a need?
Weekly manicure
Shelter
Nike Air Jordans
Filet Mignon dinners at Ruths Chris
3
What is the point where the blue and red lines meet?
Advantage Point
Inelastic Demand
Gross Domestic Product
Equilibrium Point
4
True or False: Deflation is a decline in the level of prices of goods and services over time
True
False
5
Supply is...
How much producers are willing to pay at a certain price.
How much consumers are willing to pay at a certain price.
the amount of product consumers are willing to produce
the amount of product producers are willing to produce
6
What is a tariff?
Tax on money
Tax on exports
Tax on imports
Tax on domestic goods
7
Demand is...
Amount of product that producers are willing to produce at $
Amount of product that consumers are willing to produce at $
How much producers are willing to pay at a certain price.
How much consumers are willing to pay at a certain price.
8
What would an example of Comparative Advantage be?
Vermont producing Ben & Jerry's
Russia producing oil
Florida producing oranges
Canada producing coffee
9
True or False: Inflation is the decline in the level of prices for goods and services over time
False
True
10
What would be examples of an incentives? (Hint: there are two answers)
Discounted Price
Higher Wages
More Vacation Days
Buy One Get One Free
11
What country do we currently have an embargo on?
China
South Korea
Russia
North Korea
12
Which is not a way entrepreneurs make money?
Create and Sell
Create and Rent
Buy and Create
Buy and Sell
13
Choose all that apply: Tariffs apply to:
Exports
Imports
Goods from other countries
Goods from America
14
What does CPI stand for?
Consumer Price Index
Crisis Prevention Intervention
Custom Pricing Indicator
Customer Price Index
15
What is this graph representing?
Supply and Demand
Comparative Advantage
Market Economy
Consumer Price Index
16
What do entrepreneurs create?
Taxes
Businesses
Crime
Money
17
What is an example of a want?
Pedicure
Water
Food
Clothing
18
What is an Embargo?
Restriction on both imports and exports
Restriction on Imports
None of the above
Restriction on Exports