Economics help pleaseeee?

Question 4 (Multiple Choice Worth 4 points)

When making a choice, we give up costs, and we gain

demand.

money.

opportunity.

benefits.

Question 5 (Multiple Choice Worth 4 points)

When you gave your friend a bill for an ipod, you used money as a

standard.

store of value.

medium of exchange.

measure of value.

Question 6 (Multiple Choice Worth 4 points)

Currency is

an adjective for current economic news.

stocks and bonds.

paper bills and coins.

government-issued bank checks.

Question 7 (Multiple Choice Worth 4 points)

Equilibrium price is the

point where supply and demand meet.

average price for all brands of the same product.

price the government sets for a product.

price charged for products of equal quality.

Question 8 (Multiple Choice Worth 4 points)

Economics is best defined as a study of the

properties of money.

ways people obtain their wants with limited resources.

ways businesses and government operates.

best ways to increase the profits of a company.

Question 9 (Multiple Choice Worth 4 points)

Traditional economies are based on

currency.

money.

barter.

gold.

Question 10 (Multiple Choice Worth 4 points)

You have to choose between playing a team sport or taking music lessons because the practices overlap. This choice exemplifies that

music lessons are scarce.

sports teams are scarce.

time is scarce.

demand is scarce.

Question 11 (Multiple Choice Worth 4 points)

An mp3 download costs and a CD costs . If your allowance is and you choose to purchase a CD, your opportunity cost is

one mp3 download.

ten mp3 downloads.

one CD.

ten CDs.

Question 12 (Multiple Choice Worth 4 points)

You choose to complete your homework rather than watch television so that you can earn a good grade. You made the choice with the lowest

opportunity cost.

demand.

scarcity.

benefit.

Question 13 (Multiple Choice Worth 4 points)

Counterfeit activity

lowers people’s acceptance of currency.

destroys currency in circulation.

leads to currency being taken out of circulation.

increases overall demand for legal currency.

Question 14 (Multiple Choice Worth 4 points)

Which of the following exemplifies money in U.S. society?

credit cards

gold bars

coffee beans

Canadian coins

Question 15 (Multiple Choice Worth 4 points)

What would cause the overall demand for books to increase?

an increase in the price of books

fires that destroy the paper factories

a decrease in the price of book binding glue

a celebrity commercial encouraging reading

Question 16 (Multiple Choice Worth 4 points)

When “bell-bottom” pants became fashionable in the 1970s, the demand curve for bell-bottoms

shifted to the left.

shifted to the right.

stayed the same.

became equal to zero.

Question 17 (Multiple Choice Worth 4 points)

When price increases, quantity supplied

stays the same.

decreases.

increases.

becomes zero.

Question 18 (Multiple Choice Worth 4 points)

Which of the following best describes the concept of “equilibrium price"?

Sellers are happy with the price, but buyers are unhappy with the quantity.

Sellers are unhappy with the price, but buyers are happy with the quantity.

Both sellers and buyers are unhappy with the price and quantity.

Both sellers and buyers are happy with the price and quantity.

Question 19 (Multiple Choice Worth 4 points)

Your friend wanted a cell phone and an mp3 player for birthday gifts. When his mom said he could only have one, he chose the cell phone. His opportunity cost is the

the enjoyment of having a cell phone.

price of the cell phone.

the enjoyment of having a mp3 player.

price of the mp3 player.

Question 20 (Multiple Choice Worth 4 points)

Which situation best illustrates the basic economic questions?

You start your own web design company and sell your services to local businesses.

You start your own web design company for fun, making sites for your friends.

You pay a web design company to make a site for you.

You start a web design company using your own equipment and serve local businesses.

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