desire to have a good or services and ability to pay for it

the possibility for financial loss on an investment

tax on goods/services produced abroad and sold domestically

money made on good/service after paying costs to produce it

willingness/ability of a producer to produce/sell a product

goods produced abroad and sold domestically

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RUHS-MrB-Economics-Course Pre-Quiz

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Pre-quiz to Economics

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Questions 14

Answers

1
Not enough resources to meet human wants.....
Supply
Scarcity
Risk
Demand
2
Physical objects that are tangible and can be purchased.
Wants
Goods
Needs
Services
3
Shares of ownership in a corporation.
stocks
cost/benefit analysis
profit
comparative advantage
4
What is demand?
buying and selling of goods
willingness and ability to produce and sell a product
study of how society manages its scarce resources
desire to have a good or services and ability to pay for it
5
What is risk?
A game of world domination
the buying and selling of goods
the possibility for financial loss on an investment
a person who owns his/her own business
6
What are debts or financial responsibilities for past transactions.
bonds
liabilities
stocks
scarcity
7
What is a tariff?
goods produced abroad and sold domestically
goods produced domestically and sold abroad
tax on goods/services produced domestically and sold abroad
tax on goods/services produced abroad and sold domestically
8
What is profit?
money made on good/service after paying costs to produce it
the possibility for loss on an investment
shares of ownership in a corporation
9
The buying and selling of goods/services.
Trade
Demand
Stocks
Tariff
10
Term for goods produced domestically and sold abroad
imports
exports
scarcity
services
11
What is supply?
tax on a good produced domestically and sold abroad
willingness/ability of a producer to produce/sell a product
desire to have a good/service and ability to pay for it
tax on a good produced abroad and sold domestically
12
What do you call a person who owns their own business?
profit
supply
entrepreneur
demand
13
What do we call the study of how a society manages its scarce resources?
Economics
Profit
Goods/Services
Trade
14
What are imports?
A person who owns his/her own business
A situation when there are not enough resources to go around
goods produced domestically and sold abroad
goods produced abroad and sold domestically

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