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Econ Test

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Submitted By leny
Words 5315
Pages 22
56 out of 100 .

Answer Key Chapter one

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Question 1 (Worth 4 points)
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.
Points earned on this question: 4

Question 2 (Worth 4 points)
Currency is an adjective for current economic news. stocks and bonds. paper bills and coins. government-issued bank checks.
Points earned on this question: 4

Question 3 (Worth 4 points)
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.
Points earned on this question: 0

Question 4 (Worth 4 points)
Which situation best illustrates all three of 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.
Points earned on this question: 4

Question 5 (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.
Points earned on this question: 4

Question 6 (Worth 4 points)
In one week, you could read two books or see four movies. The opportunity cost of choosing to read one book is one book. two books. one movie. two movies.
Points earned on this question: 0

Question 7 (Worth 4 points)
Your friend

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