Economics Question Preview (ID: 49132)
Economic Vocabulary.
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income
a) money saved
b) money earned
c) money spent
d) money shared
savings
a) money saved
b) money earned
c) money spent
d) money shared
expenditure
a) money saved
b) money earned
c) money spent
d) money shared
budget
a) a plan of how to use income and make spending and saving decisions.
b) a plan of how to use expenditures and make spending and saving decisions.
c) a plan of how to use savings and make spending and saving decisions.
d) a plan of how to use the colors purple and blue and make spending and saving decisions.
opportunity cost
a) the amount of money spent when you make an expenditure.
b) the value placed on whatever is lost when a decision is made.
c) the value placed on what is gained when a decision is made.
d) the amount of opportunity given when you purchase something.
price incentive
a) affects people's behavior and choices.
b) affects dog's behavior and choices.
c) affects martians behavior and choices..
d) affects a tree's behavior and choices.
specialization
a) the act of producing one good or one set of goods based on your efficiency.
b) the act of buying one good or one set of goods based on your ability.
c) the act of exchanging one good or one set of goods based on your efficiency.
d) the act of trading one good based on how much money you have in the bank.
voluntary exchange
a) allows buyers the freedom to search out goods or services they want and how much they want to spend on these items.
b) allows sellers the freedom to search out goods or services they want and how much they want to spend on these items.
c) allows Ms. Zajac to buy whatever she wants.
d) allows the south to buy, but not the north.
trade
a) the exchange of money.
b) the exchange of goods.
c) the exchange of opportunity cost.
d) the exchange of expenditures.
economic activity
a) the activity of economics.
b) the activity of jumping over a good or service.
c) the activity of exchanging goods.
d) the activity of making, providing, purchasing, or selling goods or services.
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