
Economics Final Review
Quiz by Tabitha Neufeld
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20 questions
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- Q1A consumer isA person who buys and uses goods and servicesNone of the Abovethe value or price of goods or servicesa condition where human wants exceed available resources60s
- Q2Cost isA person who buys and uses goods and servicesThe value or price of goods or servicesNone of the AboveAnything given up when a choice is made, in time or money60s
- Q3Demand isAn action performed by another that can satisfy wants or needsAnything given up when a choice is made, in time or moneyNone of the AboveThe quantity of a good or service that buyers are willing to buy60s
- Q4An entrepreneur isAn index that measures the average level of prices of goods and services typically consumed by an urban American familyNone of the AboveA person who creatively combines resources to produce and sell a good or service.The value or price of goods or services60s
- Q5Opportunity Cost isA measure of the production of goods and services within a countryNone of the AboveAnything given up when a choice is made, in time or moneyThe concentration of effort on only one task or a few tasks60s
- Q6Scarcity isA condition where human wants exceed available resourcesThe concentration of effort on only one task or a few tasksAny product that is produced and sold but also has value of its ownNone of the Above60s
- Q7Service meansAny product that is produced and sold but also has value of its ownNone of the AboveAn action performed by another that can satisfy wants or needsThe concentration of effort on only one task or a few tasks60s
- Q8Specialization isThe value or price of goods or servicesNone of the AboveA person who buys and uses goods and servicesThe concentration of effort on only one task or a few tasks60s
- Q9Supply isNone of the AboveA measure of the production of goods and services within a countryAn action performed by another that can satisfy wants or needsThe quantity of goods or services that sellers are willing to sell60s
- Q10Commodity isThe value or price of goods or servicesAn index that measures the average level of prices of goods and services typically consumed by an urban American familyAny product that is produced and sold but also has value of its ownNone of the Above60s
- Q11Consumer Price Index isNone of the AboveThe value or price of goods or servicesAn index that measures the average level of prices of goods and services typically consumed by an urban American familyThe concentration of effort on only one task or a few tasks60s
- Q12Gross Domestic Product isNone of the AboveAn index that measures the average level of prices of goods and services typically consumed by an urban American familyA measure of the production of goods and services within a country.a condition where human wants exceed available resources.60s
- Q13Capitalism (free market) is an economic system where:Most of the private citizens are entrepreneursThe government owns all businessesThe government owns none of the businessesSome of the businesses are owned and run by private citizens60s
- Q14The government plays a role in economics byMaking laws that try to prevent companies from taking unfair advantage of each otherProviding goods and servicesAll of the aboveInvestigating safety standards60s
- Q15The price of an item is based onCost to produce and ship the itemSupplyAll of the aboveDemand60s