Introduction To Economics Test – Flashcards

Unlock all answers in this set

Unlock answers
question
Which best describes the role of a consumer?
answer
buying goods
question
Consumers influence producers because consumers supply
answer
necessary capital.
question
Studying economics best helps an individual determine how to achieve economic
answer
goals.
question
A producer would most likely
answer
serve in a coffee shop.
question
Based on the lesson, what would most effect the price of a new laptop computer?
answer
the demand for the added performance elements
question
An economist most likely spends time studying
answer
interactions between producers and consumers.
question
Which activity would a consumer most likely perform?
answer
filling a lawnmower with gas
question
Which situation best illustrates the concept of scarcity?
answer
a person buying a used car due to limited income
question
What determines the balance of production and consumption?
answer
scarcity
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New