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13 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Which term is and economic term for MAKING goods and services?
Production
Consumption
Assertion
Completion
- Multiple ChoicePlease save your changes before editing any questions.
Which economics term describes the physical things that are bought and sold in the economy?
Production
Goods
Services
Consumption
- Multiple ChoicePlease save your changes before editing any questions.
Which economics term describes the way in which there are a limited number of resources to meet our unlimited wants and needs?
Shortage
Consumption
Production
Scarcity
- Multiple ChoicePlease save your changes before editing any questions.
Which economics term describes the actions that people perform for us that are bought and sold?
Goods
Production
Services
Consumption
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is the best example of a NEED?
a solid gold guitar
a glass of juice
a video game console
a basketball
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is the best example of a WANT?
A plate of spaghetti
A t-shirt
An apartment
A haircut
- Multiple ChoicePlease save your changes before editing any questions.
Which economic term describes people buying and using goods and services?
Production
Consumption
Collating
Consolidating
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following BEST describes the subject of economics?
The way people use money to navigate their way in the world.
The study of people's employment in difficult and excellent times.
The study of government actions when faced with political elections.
The study of the choices people make when faced with limited resources.
- Multiple ChoicePlease save your changes before editing any questions.
What difference was important in the way that pharmacies were allowed to stay open in April 2020 while nail salons were not?
The difference between production and consumption
The difference between goods and services
The difference between needs and wants
The difference between scarcity and economics
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following topics are studied in economics?
People's jobs and their pay
Government decisions such as taxes
Business decisions such as prices charged
People's choices when making purchases
ALL OF THE ABOVE (HINT IT IS THIS ONE!!!)
- Multiple ChoicePlease save your changes before editing any questions.
Lisa makes $15 per hour at her job working for Red Lobster. This money is best described as.....
Income
Wealth
Excessive
Sunk Costs
- Multiple ChoicePlease save your changes before editing any questions.
Jerry has a boat, and a mansion, and a million dollars in the bank. This is all known as......
Income
Wealth
Sunk Costs
Taxed Capital
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following statements is true?
Wealth is equally distributed among households in the US.
The lowest 25% of households' wealth hold 30% of the wealth because there are so many people there.
The middle class holds most of the wealth in the economy.
The top 1% wealthiest households hold about 40% of the wealth.