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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