Economics (Week 2)

1.

1 point

Why do companies raise prices when they sell them to consumers?

keep the price lower

make a profit

make the price break even

make a deficit

2.

1 point

Why is it important for a business to make a profit?

so businesses can improve & get things they need & want

so businesses can spend whatever money they make

so businesses can decline & get things they need & want

so businesses can break even

3.

1 point

What were the 1st coins used by the new U.S. government?

copper cents & silver dollars

copper cents & bronze dollars

copper cents and dollar bills

copper cents and gold dollars

4.

1 point

Which president can be found on the penny?

Franklin D. Roosevelt

Abraham Lincoln

Thomas Jefferson

George Washington

5.

1 point

The more there is of a product, then the _.

lower the price

higher the price

better chance of breaking even

6.

1 point

In a free enterprise economy, what is the price of a product based on?

supply & deficit

supply & demand

opportunity cost

supply & profit

7.

1 point

Which president can be found on the nickel?

Thomas Jefferson

Abraham Lincoln

George Washington

Franklin D. Roosevelt

8.

1 point

Which president can be found on the dime?

George Washington

Abraham Lincoln

Thomas Jefferson

Franklin D. Roosevelt

9.

1 point

How can you, as a U.S. citizen, contribute to our nation's economy?

be a producer & sell what you need & want

be a consumer & buy only things you need

be a consumer & buy what you need & want

10.

1 point

What costs are included in the price of a product?

price the consumer says the item costs

price of natural resources, machinery, & workers used

price the producer says the item costs

price of natural resources & machinery used & whatever the consumer says it's worth

11.

1 point

The fewer products there are, then the _.

better chance of breaking even

higher the price

lower the price

12.

1 point

Why is it important for people to make careful choices when spending their money?

cannot have everything you want

so they can keep whatever money they have

so they can have whatever they want

13.

1 point

Which president can be found on the quarter?

Abraham Lincoln

Franklin D. Roosevelt

Thomas Jefferson

George Washington