Economics Review Question Preview (ID: 43904)
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Which items are considered a capital resource?
a) cotton and oil
b) a barber and a construction worker
c) money and a hammer
d) magazine creator and computer inventor
Which description is NOT TRUE about the business sector?
a) also known as producers
b) creates manufactured goods
c) wants and needs determine production
d) owns a hot dog stand
Which description is NOT TRUE about the household sector?
a) also known as consumers
b) purchases most goods
c) sells their labor
d) sells most goods
BOGO coupons and holiday sales are examples of ____________.
a) economic choice
b) opportunity costs
c) price incentives
d) services
Interest is _______________________.
a) your total expenses
b) the difference between your expenses and income
c) a fee charged for borrowing money
d) a fine charged for not paying your taxes
Knowing your income is the ________ step in creating a budget.
a) 1st
b) 2nd
c) last
d) not a step
Henry Ford is known for his idea for ___________.
a) checking accounts
b) interest on loans
c) private banks
d) the assembly line
Listing all your expenses is the _______ step in creating a budget.
a) 1st
b) 2nd
c) last
d) not a step
Goods and services are produced by the _______________.
a) banking sector
b) business sector
c) government sector
d) household sector
You can save money for short or long term goals when __________.
a) your expenses are less than your income.
b) your expenses are more than your income.
c) you pay your taxes.
d) you don't pay your taxes.
Which one of these is NOT an example of an entrepreneur?
a) Two men started Home Depot as a new type of home improvement store.
b) Steve Jobs created Apple Inc. to produce computer software.
c) Truett Cathy built a restaurant based soley on chicken ( Chick Fil A )
d) Mr. Jones bought the materials and built a house.
Providing checking and savings accounts is a function of the __________.
a) banking sector
b) business sector
c) government sector
d) household sector
Opportunity cost is __________________________.
a) the choice you make
b) the total cost of your expenditures
c) the difference between your income and your expenditures
d) the next best choice you make
Which good/service is NOT something provided by the government?
a) highways
b) homes
c) parks
d) schools
It is the job of the ______________ to collect taxes.
a) bank sector
b) business sector
c) government sector
d) household sector
A business owner is an example of a ____________.
a) consumer
b) entrepreneur
c) government sector
d) household sector
You can earn interest when you put your money __________.
a) in a checking or savings account.
b) under the mattress
c) in the government
d) in a business
Your debt increases when ____________
a) your expenses are less than your income
b) your expenses are more than your income
c) you pay your taxes
d) you don't pay your taxes
Which of the following would NOT be an example of an opportunity cost?
a) James can choose to read or watch TV. He chooses to read, so that would be his opportunity cost.
b) James can choose to read or watch TV. He chooses to read, so watching TV would be his opportunity cost.
c) Maggie can choose between chocolate or strawberry ice cream. She chooses chocolate; strawberry would be the opportunity cost.
d) Maggie can choose between Zaxby's or Wendy's. She chooses Wendy's so Zaxby's is the opportunity cost.
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