Economics Unit 2 Review

Question 1

What is a disadvantage of a production line? There is more than one correct answer!

Accepted Answer

Worker absences, Worker boredom

Question 2

What is a production model? There is more than one correct answer!

Accepted Answer

It is three items adding up to be a good produced, It shows a good that is produced, It shows natural, human and capital resources, A model that shows how an item is produced

Question 3

What is specialization? There's more than one correct answer!

Accepted Answer

Division of labor, A production line

Question 4

What is a good?

Accepted Answer

An item that can be produced

Question 5

What is real GDP?

Accepted Answer

A comparison of the GDP of two years

Question 6

What is a credit card?

Accepted Answer

A card that lets you borrow money with interest

Question 7

Name 3 types of productive resources.

Accepted Answer

Natural, human, capital

Question 8

What is a need? There are 2 possible answers!

Accepted Answer

Food, water, shelter, clothing, Things that consumers need in order to survive

Question 9

Susie traded her pack of gum for Sam's basketball shoes. Who benefited from the trade?

Accepted Answer

Both

Question 10

If workers in a country earned MORE money last year, what can we say about what they could buy?

Accepted Answer

We can't say for sure because we don't know price changes

Question 11

How much profit would be made on a bracelet that cost $1 to make and sold for $3?

Accepted Answer

$2

Question 12

In economic terms why is money important?

Accepted Answer

It makes trade much easier

Question 13

What is opportunity cost? There's more than one correct answer!

Accepted Answer

The opportunity lost, The best thing that you give up when you make a choice, Your second choice

Question 14

What is a want? There are 2 possible answers!

Accepted Answer

Something that producers make for consumers, It's a reason that producers make items for consumers

Question 15

What is a service?

Accepted Answer

Something that a producer does and is consumed right away

Question 16

What is a budget?

Accepted Answer

The amount of money you earn compared to your expenses

Question 17

If Robert was making birdhouses, what would probably INCREASE the DEMAND for the birdhouses?

Accepted Answer

advertising

Question 18

What is nominal GDP? There is more than one correct answer!

Accepted Answer

Money GDP, Money earned in a year based on the amount of products made

Question 19

When Scott chooses to purchase a book instead of a DVD, what is his opportunity cost?

Accepted Answer

DVD

Question 20

How do you calculate profit?

Accepted Answer

Revenue - Costs = Profit

Question 21

Which item is an example of a capital resource?

Accepted Answer

dump truck

Question 22

Jerry decides to buy a riding mower for his lawn care business. What is he hoping will happen?

Accepted Answer

It will help him increase his future income

Question 23

Why do businesses use specialization through division of labor? There is more than one answer!

Accepted Answer

To be more efficient in their work efforts, To make more of a product

Question 24

What is a debit card?

Accepted Answer

It's a check card and is linked to your checking account

Question 25

What is a checking account? There is more than one correct answer!

Accepted Answer

An account for keeping your cash, A bank account linked to your debit card

Question 26

What is an advantage of a production line? There is more than one correct answer!

Accepted Answer

More goods can be produced, Workers know their jobs very well

Question 27

What would a business need to do if they wanted to produce more?

Accepted Answer

Get better or more capital resources

Question 28

What is scarcity?

Accepted Answer

There is a need for more goods than what are available

Question 29

What is a PIN number? More than one answer is correct!

Accepted Answer

Personal Identification Number, A 4-digit code used to get cash from a credit or debit card

Question 30

In economic terms, what is capital?

Accepted Answer

Tools that are used as part of production

Question 31

What is a credit score?

Accepted Answer

A number that tells lenders how well you pay money back

Economics Unit 2 Review

Questions 31

Economics Unit 2 Review

Questions 31