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2.What's the term for the idea that there aren't enough resources to satisfy everyone's wants and needs?

AScarcity

BConsumer

CDemand

DSupply


3.If a worker is free to quit a job and find a new job at another place of employment, what US economic goal has been met?

AEconomic stability

BEconomic freedom
CEconomic justice

DEconomic security


4.A tractor to help with farm work would be an example of what kind of economic resource?

AA farm resource

BA human resource

CA capital resource

DA natural resource


5.Why are people with savings hurt by inflation?

AThe money they saved in the past is worth less in the future.

BInflation reduces the interest savings accounts pay.

CInflation discourages people from saving.

DThe money is worth more now than it was in the past, leading to a higher tax bill.

6.Who decides how goods and services will be produced in a command economy?

APrivate business owners

BEntrepreneurs

CThe government

DIndividual consumers


  1. What role does an entrepreneur play in the making of goods and services?

AThe entrepreneur harvests the natural resources.

BThe entrepreneur brings together the factors of production into workable businesses.
CThe entrepreneur provides the labor for a business.

DThe entrepreneur buys goods that are made.


8.Which economic system has economic roles that are passed from generation to generation?

AMarket

BGenerational

CTraditional

DCommand


9.In a market economy, who decides what will be produced?

AGovernment

BTraditions

CManagers

DConsumers


10.What tool does the US government use to keep track of inflation throughout the years?

AThe Inflation Scale

BThe Monetary Supply

CThe Value Calculator

DThe Consumer Price Index


11.Banks get most of the money to loan out to people from

Ataxes charged by banks.

Bthe government.

Cother banks.

Dpeople that deposit money in the bank for safekeeping.


12.Prices are important to the US economy because they

Adetermine the quality of a product.

Blet you know how much an item costs.
Care set by the US government.

Dact as signals to buyers and sellers.


13.One of the benefits of competition in an economy is that competition

Aresults in economic security.

Balways results in higher wages.

Cresults in higher prices.

Dcreates better and more services


14.Which type of currency is now in use in the United States?

ACash money

BCommodity money
CFiat money

DSpecie money


15.What might cause a consumer to have an elastic demand for a product?

AThe product is a necessity.

BThe product is priced at $5.

CThe product isn't a necessity.

DThe product was produced outside of the United States.

16.Which of the following would be a human resource in terms of the factors of production?

AWood to make a table

BThe time a woodworker puts into carving a table

CA hammer and saw used to construct a table

DThe money used to purchase supplies to build a table


17.The profit motive is important to a market economy because it

Aencourages people to open businesses and invent new products.
Ballows the government to collect extra in taxes.

Callows workers to get paid.

Dencourages consumers to buy more products.


18.What term describes the rise in prices of most goods and services?

ARecession

BDeflation

CInflation

DInelasticity


19.Commercial banks create money by

Aprinting money as the needs of the economy change.

Bborrowing money from other banks.

Caccepting loan payments that are made on time.

Dmaking loans while only keeping a fraction of deposits in cash on hand at any given time.

20.Which of the following would be an example of a service?

AA pair of shoes

BA television

CA wooden shelf

DA waiter serving food

Verified Answer :

malachijavon

I have some of the answers that you are looking for:

2. A
6. C
8. C
9. D
10. D
11. D
18. C
19. D
20. D

Hope this helps

lazygenius514

Answer 2

A) Scarcity

Explanation:

Scarcity is the restricted availability of products, which may be in demand in the market. Scarcity also involves an individual's absence of reserves to buy products. It says that community has inadequate productive sources to satisfy all human wants and needs.

Answer 3

B) Economic freedom

Explanation:

Economic freedom or financial freedom is the strength of people of a society to take financial actions. This is a term done in economic and policy discussions as well as in the conception of economics. In an economically free community, individuals are free to work, produce, use, and invest in any way they want.

Answer 4

C) A capital resource

Explanation:

Capital resources involve devices, appliances, buildings, and machinery. However, any good used by a business to provide other goods and assistance is organized as a capital source, including ordinary items such as shipping boxes, inventory forms, pens, or file governments.

Answer 5

A) The money they saved in the past is worth less

in the future.

Explanation:

The influence on your savings and investments. Inflation is bad news for savers, as it consumes the purchasing power of your money. Low-interest rates also don't help, as this makes it even harder to find gains that can keep pace with increasing living costs. Higher inflation can also push down the price of bonds.

Answer 6

C) The government

Explanation:

In a controlled economy, the government controls important features of economic generation. The government determines the means of production and owns the enterprises that produce goods and services for the public. The government prices and provides goods and services that it thinks interests the people.

Answer 7

B) The entrepreneur brings together the factors of production into workable businesses.

Explanation:

Entrepreneurs maintain a central position in a business economy.  For years, economists surveyed entrepreneurship as a small part of economic activity. But in the 1800s, the Austrian School of Economics was the first to identify the entrepreneur as the person having the central role in all financial activity.

Answer 8

C) Traditional

Explanation:

The traditional economy is a new economic system in which traditions, customs, and faiths help shape the goods and the services the economy provides, as well as the rules and manner of their delivery. Countries that use this type of economic system are usually rural and farm-based.

Answer 9

D) Consumers

Explanation:

A market economy is a kind of economic system where stock and demand control the economy, preferably than government interference. The judgments about the allocation of those sources are made by individuals without government interference.

Answer 10

D) The Consumer Price Index

Explanation:

A consumer price index (CPI) includes variations in the price level of a market basket of consumer goods and services bought by households. The CPI is an analytical estimation created using the prices of a sample of elected items whose prices are obtained annually.

Answer 11

D) People that deposit money in the bank for safekeeping.

Explanation:

At the most primary level, what banks do is somewhat simple. Banks take deposits from consumers, increase capital from investors or bankers, and then use that money to make loans, buy protection and give other economic services to customers.

Answer 12

D) Act as signals to buyers and sellers.

Explanation:

U.S. economy generates is scaled by GDP. When the GDP growth rate turns contrary, the economy starts a collapse. When the economy deals for years, it's named a depression. Learn the distinction between depression and inflation.

See the attachment for remaining answers


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