Economics III: Question Preview (ID: 8614)


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Parts of a product built to a standard size to easily be replaced
a) intermission b) interchangeable parts c) interchange d) particles
A person who buys, sells, and trades goods for a profit
a) missionary b) producer c) consumer d) merchant
The value of the second best choice between two choices
a) opportunity costs b) productin costs c) material costs d) wages
The money made on goods that exceeds the cost
a) expense b) wage c) profit d) advertisement
The person who owns a business
a) proprietor b) consumer c) customer d) employee
The shortage of goods and services
a) surplus b) scarity c) demand d) supply
The amount of an item in inventory
a) stock b) deficit c) tax d) surplus
Another word for tax
a) budget b) investment c) tariff d) boycott
Money paid to the government
a) tax b) cost c) barter d) boycott
When imports exceed exports
a) trade barrier b) trianglular trade c) trade deficit d) trade surplus
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