ECONOMICS PLEASE HELP?

Your friend says your car is worth about a dollar. Your friend is using money as a

standard.
store of value.
medium of exchange.
measure of value.

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.

Which of the following is not one of the basic economic questions?

What to produce?
How to produce?
Where to produce?
For whom to produce?

Which economy type exists in a society where people make or trade for the items they need?

traditional
pure market
command
mixed

The fact that we cannot have every single thing we want exemplifies

supply.
demand.
scarcity.
trade-offs.

Bookstores are overflowing with the latest vampire novel at . Store managers are frustrated with the lack of sales. The equilibrium price for this novel is

.
less than .
more than .
not calculable.

When Hurricane Katrina shut down many oil refineries, the supply curve for oil

shifted to the left.
shifted to the right.
stayed the same.
became equal to zero.

Which may occur as a result of a decrease in the price of laptop computers?

increase in demand
increase in quantity demanded
decrease in demand
decrease in quantity demanded

When the public learned of the connection between too much sun exposure and skin cancer, the demand curve for sunscreen

shifted to the left.
shifted to the right.
stayed the same.
became equal to zero.

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.

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.

Quantity demanded is the quantity

customers will purchase at a specific point in time.
producers will sell at a specific price.
government demands to be produced.
people will purchase at a specific price.

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.

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.

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.

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

credit cards
gold bars
coffee beans
Canadian coins

Which of the following is not a function of money?

It makes trading goods and services more efficient.
It helps us express the value of a good or service.
It gives society a national symbol of pride.
It provides a way to store value, or “purchasing power.”

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