Someone who buys and uses goods and services.

In the summer, winter coats are on sale- prices are lower. Which of the following is true about this scenario?

The demand for coats is low, and the supply for coats is high

What is the definition of an entrepreneur?

A person that takes a risk and creates their own business.

What is voluntary exchange?

When both parties benefit from a trade.

How do grocery stores sell fruits that aren't in season?

They trade them with other countries

Someone who makes and sells good and services.

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Economics Review for Test

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Questions 18

Answers

1
I go to the movies. I have enough money for pizza or a drink. I choose the pizza. What is my opportunity cost?
The movie
The pizza
The drink
2
Which of the following are examples of capital resources?
teacher, firefighter, dentist
pen, school, computer
A person that creates their own business
trees, air, animals
3
What is a good?
Something someone does.
Things people make.
4
Which of the following are examples of human resources?
pen, school, computer
A person that creates their own business
teacher, firefighter, dentist
trees, air, animals
5
What is a consumer?
Someone who buys and uses goods and services.
Someone who makes and sells good and services.
6
What do taxes cover?
Denotations from the people
Public goods and services
7
What is an opportunity cost?
The thing you gave up
The thing you bought
8
In the summer, winter coats are on sale- prices are lower. Which of the following is true about this scenario?
The demand for coats is low, and the supply for coats is high
The demand for coats is high, and the supply for coats is low
9
What is the definition of an entrepreneur?
A person that takes a risk and creates their own business.
A person that makes everything from natural resources.
A person that was unsuccessful with their business.
A person that provides a service.
10
What is human labor?
The money made from their business.
The tools people use.
The work people do.
Things from nature.
11
What is a service?
Something someone does.
Things people make.
12
Which of the following is NOT an example of a public service?
Six Flags
park
library
mail carrier
13
What is voluntary exchange?
When both parties benefit from a trade.
When an entrepreneur creates a business.
When someone steals a good from a store.
If you sign up to work at a restaurant.
14
Which of the following is an example of what taxes are used to pay for?
firefighters
movie theaters
shopping malls
hair stylists
15
How do grocery stores sell fruits that aren't in season?
The grow them poorly locally
They sell the rotten
They don't sell them
They trade them with other countries
16
Which of the following are examples of natural resources?
teacher, firefighter, dentist
A person that creates their own business
pen, school, computer
trees, air, animals
17
What is a producer?
Someone who makes and sells good and services.
Someone who buys and uses goods and services.
18
Why do countries have their own currency?
To buy goods and services
To pay taxes
To make a profit
To send to the president

Economics Review for Test Flashcards | StudBud