Social Studies - Ch. 4 L. 3
Quiz by Taylor Serio
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- Q1
_____ is money a bank pays you for keeping your money in the bank.
opportunity cost
advertising
interest
scarcity
120s - Q2
What is the value of the item you didn't buy?
opportunity cost
interest
advertising
incentive
120s - Q3
What is the use of public notices to bring attention to a product or service?
incentive
interest
advertising
scarcity
120s - Q4
____ are things that encourage us to take action.
Opportunity Cost
Interest
Scarcity
Incentives
120s - Q5
_____ is the amount of a resource is limited.
Scarcity
Incentive
Advertising
Opportunity Cost
120s - Q6
Which statement expresses the meaning of scarcity?
The amount of something you want or need may be limited.
When you buy something, you give up the value of something else.
Businesses try to get you to buy something by putting a product on sale.
Working at a job like babysitting can earn you money.
120s - Q7
Which is an example of a negative incentive?
A smartphone store is running a "buy-one-get-one-free" offer.
A famous athlete appears on a commercial for running shoes.
A frozen yogurt shop opens up next door to a school.
The cost of an airplane ticket goes up the longer you wait to book it.
120s - Q8
Which is an example of an economic decision?
seeing an advertisement
helping a farmer plant or pick crops
purchasing a certain cereal over another
wanting to cheer for your favorite team at a game
120s - Q9
Why do banks offer interest to their customers?
Banks use the interest customers earn and loan it to the Federal Reserve in exchange for profits.
Customers who earn interest are more likely to buy stocks in companies that the banks own.
Interest is a positive incentive for customers to keep their money at that bank.
As interest is subtracted from customers' bank accounts, the Federal Reserve replaces it at a higher rate.
120s - Q10
Going to college is an economic incentive for some people because a college education can __________.
be required to get a high-interest bank loan.
lead to fewer opportunity costs.
help people make more important economic choices.
result in skills that are required for higher-paying jobs.
120s