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CHAPTER 3 ECONOMICS Flashcards | StudBud
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CHAPTER 3 ECONOMICS
CHAPTER 3 ECONOMICS
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Answers
1
What are exports?
Goods brought into a country to sell
Goods taken out of a country to sell
2
A family eating at a restaurant is a _________.
Consumer
Producer
3
Pizza is a service
True
False
4
If a store is running low on Christmas cards during December, the demand is _________.
Low
High
5
If a store is running low on Christmas cards during December, the supply is _________.
High
Low
6
Toys are a good.
False
True
7
A house cleaner is a service.
True
False
8
Who was the second U.S. president?
Mary Kay
John Adams
George Washington
Benjamin Banneker
9
Who helped survey Washington D.C.?
John Adams
Benjamin Banneker
Mary Kay
George Washington
10
What are the two political parties?
Democrats and republicans
Spartans and Trojans
Legislators and justices
Federalists and democratic-republicans
11
What are imports?
Goods taken out of a country to sell
Goods brought into a country to sell
12
What is a precedent?
High demand low supply
A system of buying goods and services
An example
Money gained after selling something
13
A budget is a plan for using money.
False
True
14
What is the electoral college?
People who donate money to the president
A university that teaches how to vote
People chosen by the president to give advice
People who choose the president
15
A waiter/waitress is a service
True
False
16
What is an economy?
A manufacturing process to create a product
When there is high demand and low supply
Money gained after selling something
A system of buying goods and services
17
You should budget what you spend, save and give.
True
False
18
Who created a multi-million dollar cosmetics company?
George Washington
Mary Kay
Benjamin Banneker
John Adams
19
What year did John Adams become president?
1800
1805
1797
1789
20
What year did George Washington become president?
1799
1879
1789
1790
21
Who was the first president to live in Washington D.C.?
Joe Biden
John Adams
George Washington
Benjamin Banneker
22
A pizza delivery person is a good.
True
False
23
A baker is a _________.
Consumer
Producer
24
Who was the first Vice President?
George Washington
Mary Kay
Benjamin Banneker
John Adams
25
We need a budget because God gives us money to hurt others.
True
False
26
What is an assembly line?
Goods brought into a country to sell
A system of buying goods and services
Goods taken out of a country to sell
A manufacturing process to create a product
27
What is a cabinet?
People who vote on laws
People who choose the president
People chosen by the president to give advice
People who cook for the president
28
Shoes are a service.
False
True
29
What is scarcity?
High demand low supply
High demand high supply
Low demand low supply
Low demand high supply
30
What is profit?
Money gained after selling something
Money used to start a business
Money lost by the seller
Money spent on product
31
A Farmer is a _________.
Producer
Consumer
32
A movie-goer is a _________.
Producer
Consumer
