Economics Basics Review!

Question 1

Which of the following is NOT one of the basic economic questions?

Accepted Answer

How much does it cost to resell an item?

Question 2

An economy can increasingly grow forever

Accepted Answer

False

Question 3

How might a change in cost of an item from one company, impact another company?

Accepted Answer

The 2nd company will have to match the 1st companies prices.

Question 4

A Market Economy is when individual consumers and producers make economic decisions

Accepted Answer

True

Question 5

A command economy is when the government makes all the economic decisions.

Accepted Answer

True

Question 6

Monopolies occur when 2 companies are battling with similar prices

Accepted Answer

False

Question 7

Income is limited, needs and wants are unlimited

Accepted Answer

True

Question 8

When Demand for an item increases, the price will also increase

Accepted Answer

True

Question 9

Banks will not charge interest fee on credit cards

Accepted Answer

False

Question 10

Mixed Economy can also be referred to as socialism

Accepted Answer

True

Question 11

Which of the following is NOT a way companies can compete?

Accepted Answer

Increasing the workers at the store

Question 12

What's the difference between consumers and producers?

Accepted Answer

Producers are those who sell good/service and consumers buy/use those goods

Question 13

Why might rising prices cause problems for consumers?

Accepted Answer

Rising prices make it harder for consumers to buy everything they need

Question 14

Which of the following is a key tool in money management?

Accepted Answer

Budgeting

Question 15

What drives someone to make a business?

Accepted Answer

The hope to make a profit

Questions 15