Fundamental Economic Concepts UPDATED ACTUAL Exam Questions and CORRECT Answers
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Fundamental Economic Concepts
Institution
Fundamental Economic Concepts
Fundamental Economic Concepts
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Based on the lesson, what would most affect the price a consumer is willing to pay for a
newer version of a laptop computer? - CORRECT ANSWER- the demand for the added
performance elements
Which activity would ...
Fundamental Economic Concepts
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Based on the lesson, what would most affect the price a consumer is willing to pay for a
newer version of a laptop computer? - CORRECT ANSWER✔✔- the demand for the added
performance elements
Which activity would a consumer most likely perform? - CORRECT ANSWER✔✔- filling a
lawnmower with gas
William Poole believes economics should be taught in schools because students will learn -
CORRECT ANSWER✔✔- how to make good decisions within an economy.
What forces businesses, industries, and governments to make decisions? - CORRECT
ANSWER✔✔- scarcity
What is the fundamental problem producers and consumers face? - CORRECT
ANSWER✔✔- scarcity
A producer would most likely - CORRECT ANSWER✔✔- serve in a coffee shop.
Which situation best illustrates the concept of scarcity? - CORRECT ANSWER✔✔- a
person buying a used car due to limited income
Becoming informed about economics helps a person understand the - CORRECT
ANSWER✔✔- role of government in regulating production.
A person studying economics can make better choices about purchases if that person
understands - CORRECT ANSWER✔✔- consequences and tradeoffs.
The idea of supply and demand is based on the development of - CORRECT ANSWER✔✔-
sufficient products to meet consumer wants.
, Every economic decision has - CORRECT ANSWER✔✔- a consequence or tradeoff.
Economics is the study of producing and _______ goods and services. - CORRECT
ANSWER✔✔- consuming
What is one way that economics can influence your daily life? - CORRECT ANSWER✔✔-
by helping you understand that every choice has a tradeoff
A resource has value, and people are willing to pay for it most likely because the resource is -
CORRECT ANSWER✔✔- scarce
How would a manufacturer benefit by using fewer scarce resources? - CORRECT
ANSWER✔✔- The product would be less expensive to produce.
What determines the value of an item? - CORRECT ANSWER✔✔- the resources consumed
in production
School band members need to raise money for new uniforms. Some members want to sell
energy drinks at a football game, but others want to organize a car wash in the school parking
lot. Based on economics, what would be most influential in making the decision? -
CORRECT ANSWER✔✔- the value of the resources
Most resources are nonrenewable, and wants and needs are unlimited. This is an example of -
CORRECT ANSWER✔✔- scarcity
Wind and solar energy are examples of - CORRECT ANSWER✔✔- renewable resources
A company manufacturing shirts for a department store decides to create a new style of
cotton shirt. The company would most likely produce shirts that will - CORRECT
ANSWER✔✔- be less costly to create.
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