Introduction to Economics Quiz 1 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Which best describes the role of a consumer?
answer
buying goods
question
Which individual is a producer?
answer
a quality control manager who works in a busy restaurant
question
What determines the balance of production and consumption?
answer
scarcity
question
Becoming informed about economics helps a person understand the
answer
role of government in regulating production.
question
Every economic decision has
answer
possible unpleasant consequences.
question
Which factor should be most important if you are considering purchasing a new video game?
answer
the impact of the decision on your available resources
question
Which activity would a consumer most likely perform?
answer
filling a lawnmower with gas
question
What is one way that economics can influence your daily life?
answer
by defining the number of leisure activities
question
What forces businesses, industries, and governments to make decisions?
answer
scarcity
question
A person studying economics can make better choices about purchases if that person understands
answer
consequences.
