Economics Chapter 1

1.

5 points

Which form of exchange is an item readily excepted by others in exchange for goods or services?

Barter

Money

Rental

Credit

2.

5 points

Which is an example of credit? (There may be more than 1)

Paige uses her Visa card to purchase Imagine Dragons tickets

Josh buys a truck and makes monthly payments

David trades his bike for a canoe

Molly saves her babysitting to by a new iPhone

3.

5 points

Which is an example of microeconomics? (There may be more than 1)

BP oil pays out 5 billion dollars in oil spill claims

decreased production of car parts in Japan causes factory layoffs in Michigan

a homeowner refinances their mortgage for a better rate

a company reports growth in earnings

4.

5 points

Which is not an important economic question used to allocate resources?

Whom am I producing the product for?

What should you produce?

What is the best way to market what I produce?

How will you produce the good or service?

5.

5 points

What is Entrepreneurship?

an easy way to to be a millionaire

The risks and activities involved with starting a new business

a marketing plan used to raise money

a business owned by a parent company

6.

5 points

Which is NOT an example of scarcity? (there may be more than 1)

a farmer raises so much corn he can not sell it all

A concert sells out and you are not able to attend

the value of gold increases

The price of oil drops after new reserves are discovered

7.

5 points

Which is an example of macroeconomics? (There may be more than 1)

U.S. unemployment numbers are down

Walmart refuses to talk to union leaders and protests increase

Greece accepts bailout money from European Union

India expands electronics taxes o include airplane cary on

8.

5 points

What is economics

the study of how people spend money

the study of how goods and services flow between people and countries

a graduation requirement and nothing else

the study of the choices people make to satisfy their wants and needs

9.

1 point

What gives something value.

Utility and scarcity

Scarcity and marketing

Interdependence and cost

Scarcity and GDP

10.

5 points

The Level of output produce by a level of input is called-

productivity

allocation

need

trade off