Study

Economics Review #2

  •   0%
  •  0     0     0

      Back   Restart
  • In the market place, who is the consumer?
    a person who buys goods or services
  • What are the baseball hat and the skateboard? Goods, Consumers, Services, or Producers
    Goods
  • Which of the following is Jewel's opportunity cost?
    Owning the bike
  • True of False: Sharon makes a quilt and Lucy buys the quilt. Sharon is the consumer and Lucy is the producer.
    False
  • Why do countries create currency?
    so people can buy goods and services
  • True or False: A tax is money that people pay to help support the government.
    True
  • True or False: It is important that goods are made all over the word because it gives people access to goods that their community does not make.
    True
  • Georgia grows a lot of peaches. Peaches do not grow well in Hawaii. Hawaii grows pineapples, but Georgia does not. How do the 2 states meet their needs?
    The 2 states trade fruits with each other
  • What allows consumers in Georgia to be able to purchase fresh fruit year round? Fruit is shipped from other states and countries to stores in Georgia or Farmers in Georgia have learned how to grow fruit in frozen soil
    Fruit is shipped from other states and countries to stores in Georgia
  • Who benefited from this exchange?
    Both Trish and Greg
  • True or False: Daniel lives in a small town with no factories. He saw an ad on tv for a pair of sneakers. He will most likely find them in his local store because the shoes were made in another part of the country & sent to the store.
    True
  • True or False: A town's police force is paid by the government with taxes.
    True
  • Which of the following is Johnny's opportunity cost?
    Johnny's score on his social studies test
  • Which of the following is Sasha's opportunity cost?
    Sasha will have a smaller amount of savings
  • How were the baseball hat and the skateboard allocated? By Price, By Lottery, or By the Government
    By Price
  • What phrase would complete the graphic? Consumers pay taxes to producers or Consumers buy the goods of producers
    Consumers buy the goods of producers
  • Why do local, state, and federal governments collect taxes?
    to provide services to citizens
  • What is the name of the place where people buy and sell goods?
    Marketplace
  • Who was the consumer in this story?
    Desmond and Tasha
  • Which of the following is paid for with money collected through taxes? Bank, Restaurant, Public Library, or Shopping Mall
    Public Library
  • True or false: Trade with other countries does not give American consumers more choices of what goods to buy.
    False
  • Who provided a service in this story?
    Petra
    • Your experience on this site will be improved by allowing cookies.