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The basics of Economics
The basics of Economics
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Quiz on Economics
Flashcards
15 cards
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Questions
15
Answers
1
When a product is scarce, the sellers may
charge a low price for it.
give it away for free.
give people a discount.
charge a high price for it.
2
What does
scarcity
mean?
To give an item in return for something else.
An item that is difficult to find or get.
An item that is easy to find or get.
To be scared of something.
3
A person who purchases goods and services from other people is called a
buyer.
servant.
cashier.
banker.
4
Economics is the
study of how people use money, goods, and services.
study of how microphones work.
study of echolocation.
study of the natural landmarks.
5
Ana Sofía went to the doctor for a check-up. The doctor provided a _____.
supply
product
service
good
6
Colombia, Argentina and Mexico use a paper currency called ___________.
Dollars
Bolívares
Pesos
Yuans.
7
Norma Editorial Book Fair brought over 600 books to our school. They have a large _______ of books.
exchange
demand
supply
scarcity
8
Colombian coins __________
come in the same size and have different values.
come in the same values and sizes.
come in different sizes with the same values.
come in different values and sizes.
9
Something useful that people do for others is called a _________
demand.
currency.
trade.
service.
10
Venezuelan paper currency is called
"santanderes"
"perros"
"pesos"
"bolívares"
11
If you go to the bookstore and buy a book, that book is a
seller.
good.
service.
buyer.
12
Erin gave Taylor her bag of Skittles. Taylor gave Erin his bag of M&M's. This is a(n)
exchange.
order.
arrangement.
service.
13
Juan went to the barber shop to get his hair cut by Edd. Who is the seller?
Neither
Both
Edd
Juan
14
Demand is ______________
a name of a coin used in the Caribbean.
the number of people who want or need something.
another name for a service.
the amount of something that is available.
15
If an item is in high _________, the item may be sold out.
exchange
effect
demand
supply
