Economics Chapter 1

1.

5 points

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

need

trade off

productivity

allocation

2.

1 point

What gives something value.

Scarcity and GDP

Scarcity and marketing

Utility and scarcity

Interdependence and cost

3.

5 points

What is economics

the study of how people spend money

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

a graduation requirement and nothing else

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

4.

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

5.

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

The price of oil drops after new reserves are discovered

A concert sells out and you are not able to attend

the value of gold increases

6.

5 points

What is Entrepreneurship?

a business owned by a parent company

a marketing plan used to raise money

The risks and activities involved with starting a new business

an easy way to to be a millionaire

7.

5 points

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

What is the best way to market what I produce?

Whom am I producing the product for?

What should you produce?

How will you produce the good or service?

8.

5 points

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

a homeowner refinances their mortgage for a better rate

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

BP oil pays out 5 billion dollars in oil spill claims

a company reports growth in earnings

9.

5 points

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

Molly saves her babysitting to by a new iPhone

Paige uses her Visa card to purchase Imagine Dragons tickets

David trades his bike for a canoe

Josh buys a truck and makes monthly payments

10.

5 points

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

Rental

Credit

Barter

Money