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Intro to Economics
Where is the heart of a shrimp located?
An example of a need is....
Intro to Economics
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1
An example of a need is....
Music
Candy
Notebook
Shelter
2
Where is the heart of a shrimp located?
Fin
head
mouth
Chest
3
Where was German chocolate cake invented?
Brazil
California
Germany
Texas
4
What is a consumable good?
A good that is often replaced.
Something that is taxed by the government.
A good that does not have to be replaced often.
A good that can only be eaten.
5
What is supply?
How much you charge for the product.
How many people want a product
How many children want the product.
How much there is of a product.
6
What was once sold as medicine?
Mustard
Ketchup
Coffee
Cucumbers
7
Deciding between pizza for dinner or chinese food. Your family chooses chinese food. What is the oppotunity cost?
neither
pizza
chinese food
Pizza and chinese food
8
An example of a need is your 5th pair of sneakers.
True
False
9
What is the definition of Opportunity Cost?
The process of saving money.
Taxes charged from the government
What you give up when making another choice
The deposit when buying a house.
10
An example of a good is a teacher.
True
False
11
What is a producer?
A person who starts a business.
The people who buy a product.
The business that makes the product.
Someone who builds homes
12
What is the only planet to spin clockwise?
Saturn
Mars
Earth
Venus
13
What is a consumer
Anyone who drives to work
Anyone who buys something
Someone who only eats meat
Someone who makes products
14
What year did the first airplane fly
1925
1918
1903
1915
15
What is the definition of a need?
Something you have to have to survive
Something that is provided by the government.
Something that you really want
Something that is given to you for free
16
M&M's are named after...
Maralyn Manroe
Mickey and Minnie Mouse
The creators Forrest Mars and Bruce Murrie
Micky Mantle
17
What was the last letter added to the english alphabet?
r
k
m
j
18
The store was running low on eggs for easter. What was the supply and demand?
Low Supply High demand
High supply, High Demand
Low supply, low demand
High supply, low demand
19
Jenny had $50. She wanted to get a video game and sneakers She decided on the video game. What is the opportunity cost?
Going to the store
Video game
Her time
Sneakers
20
What is a want?
Something you trade with another person.
Something that is on sale
Something you have to have to survive.
Something you desire but not needed for suvival.
21
What is the definition of demand?
Yelling at someone to do something
How many people want a product
Buying somehting that is in low supply
How much there is of somehting
22
A hair dresser is a type of...
service
need
opportunity cost
good
23
An example of a service is
mug
watch
coffee
plumber
24
An example of a want is...
Water
Video game
Clothing
Food
25
What is a durable good?
Goods that do not have to be replaced
Goods that are to be eaten
Goods that need to be replaced often
Goods that can be fixed
26
In January, there were shorts and t-shirts on sale, why is that?
The supply and demand were high
The demand was low
The demand was high
The demand was equal
27
What is the definition of a good
Anything you can buy
When you pay someone to do something for you.
Something you have always wanted
The taxes the government collects from people
28
In December, sunscreen is put on the shelf. What would the demand for it be?
Negative
Low
High
Equal
29
An example of a durable good is
Washing machine
soda
laundry detergant
food
30
Everybody wants the newest game system. They were sold out. What could happen to the price with a demand being so high?
The price goes up
The price goes down
The price stays the same
It becomes free
