Economics Unit Test - 606
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Questions and Answers
- 1.
Erika has a two year old child. Her child has had a fever for three days. Erika decides to take her child to the doctor. Going to the doctor is a:
- A.
Need
- B.
Want
- C.
Market
Correct Answer
A. NeedExplanation
The correct answer is "need" because Erika's child has had a fever for three days, indicating a potential health issue that requires medical attention. Going to the doctor in this situation is necessary to ensure the well-being and proper treatment of the child.Rate this question:
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- 2.
It is Jay's 15th birthday. Jay is a great baseball player. This year he hopes to get a new bat and glove. The baseball bat and glove are:
- A.
Needs
- B.
Wants
- C.
Economics
Correct Answer
B. WantsExplanation
Based on the information provided, it can be inferred that the baseball bat and glove are items that Jay desires or wishes to have for his birthday. The term "wants" represents Jay's preference for these items rather than them being essential or necessary for him.Rate this question:
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- 3.
Carla hasn't seen her grandmother in 3 years. She decides to go to Florida to see her. Carla buys roundtrip airplane tickets. The airplane tickets are a:
- A.
Need
- B.
Want
- C.
Scarcity
Correct Answer
B. WantExplanation
The correct answer is "want" because Carla's decision to buy roundtrip airplane tickets to visit her grandmother in Florida indicates that it is something she desires or wishes for, rather than a necessity or scarcity.Rate this question:
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- 4.
Ms. X is getting married this summer. Because Ms. X is so busy teaching her students, she decides to hire Trina, a wedding planner to help her with planning the wedding. A wedding planner is a:
- A.
Good
- B.
Service
- C.
Economy
Correct Answer
B. ServiceExplanation
A wedding planner is a service that provides assistance in planning and organizing weddings. They help the bride and groom with various tasks such as selecting a venue, arranging decorations, managing vendors, and coordinating the overall event. Hiring a wedding planner allows busy individuals like Ms. X to delegate the responsibilities of wedding planning and ensure a smooth and well-executed ceremony.Rate this question:
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- 5.
Clarissa dropped her phone in the toilet. She goes to the Verizon store and buys a new blackberry curve. Her new phone is a:
- A.
Good
- B.
Service
- C.
Command
Correct Answer
A. GoodExplanation
The word "good" in this context refers to the quality or desirability of the new phone that Clarissa bought. It implies that the new blackberry curve phone she purchased is of good quality or meets her expectations.Rate this question:
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- 6.
The 6th graders are going on a field trip to see a broadway play. Ms. Borges bought 120 tickets so everyone can see the play. A broadway play is a:
- A.
Good
- B.
Service
- C.
Money
Correct Answer
B. ServiceExplanation
A broadway play is considered a service because it is an activity or performance provided by a group of individuals for the enjoyment and entertainment of others. In this case, the 6th graders are going on a field trip to see a broadway play, which implies that they will be attending a performance provided by actors, musicians, and other performers. Therefore, the broadway play is a service that the students will be able to enjoy.Rate this question:
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- 7.
Quamell owns a farm. On his farm he grows a lot of different vegetables like corn and celery. Corn and celery are:
- A.
Land resources
- B.
Labor resources
- C.
Capital resources
Correct Answer
A. Land resourcesExplanation
Corn and celery are considered land resources because they are grown on the farm, which is a piece of land. Land resources refer to natural resources that are used in the production of goods and services. In this case, the land is being used to cultivate and grow vegetables, making corn and celery examples of land resources.Rate this question:
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- 8.
Christine owns a dress store in Manhattan. She hires two people to help customers pick out clothes. Her employees are a:
- A.
Land resource
- B.
Labor resource
- C.
Capital resource
Correct Answer
B. Labor resourceExplanation
The correct answer is labor resource because the employees hired by Christine are helping customers and providing their services, which is a form of labor. They contribute their skills, knowledge, and effort to assist customers in picking out clothes.Rate this question:
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- 9.
Ms. Henderson is thinking about opening up a bakery. She wants to only sell cupcakes. The ingredients she will always need to have in order to make cupcakes are flour, sugar, eggs, milk, and chocolate. The ingredients she will need to make cupcakes are:
- A.
Land resources
- B.
Labor resources
- C.
Capital resources
Correct Answer
C. Capital resourcesExplanation
The correct answer is capital resources. Capital resources refer to the tools, equipment, and facilities needed to produce goods or services. In the case of a bakery, capital resources would include ovens, mixers, baking pans, display cases, and other equipment necessary for baking and selling cupcakes. These resources are essential for the production process and are required to transform the raw ingredients (flour, sugar, eggs, milk, and chocolate) into the final product (cupcakes).Rate this question:
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- 10.
Mr. Black owns a candy store. He sells 10 different kinds of very sugary candy. Last week, the government sent Mr. Black a letter that said he needed to start selling at least 20 different kinds of candy. What kind of economy does the situation describe?
- A.
Market economy
- B.
Command economy
- C.
Economy
Correct Answer
B. Command economyExplanation
The situation described suggests a command economy. In a command economy, the government has the power to regulate and control the production and distribution of goods and services. In this case, the government is instructing Mr. Black to increase the variety of candy he sells, indicating that they are exerting control over his business decisions.Rate this question:
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- 11.
Zara owns a sandwich shop. She sells 5 different types of sandwiches. One day, two of her customers told her they wish she had a roast beef sandwich. Zara decided she would put a roast beef sandwich on her menu. What kind of economy does the situation describe?
- A.
Market economy
- B.
Command economy
- C.
Economy
Correct Answer
A. Market economyExplanation
The situation described in the question suggests a market economy. In a market economy, the decisions regarding what goods and services to produce are determined by the interactions between buyers and sellers in the market. In this case, Zara, as the owner of the sandwich shop, responded to the demands of her customers by adding a roast beef sandwich to her menu. This shows that Zara is operating her business based on the preferences and demands of the customers, which is a characteristic of a market economy.Rate this question:
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- 12.
If you had to describe economics in one word, what would the best word be?
- A.
Needs
- B.
Money
- C.
Fun
Correct Answer
B. MoneyExplanation
Money is the best word to describe economics because it is the primary medium of exchange in economic transactions. Economics is the study of how individuals and societies allocate scarce resources to fulfill their needs and wants. Money plays a crucial role in this process as it facilitates the exchange of goods and services, enables saving and investment, and serves as a measure of value. Without money, the functioning of economies would be significantly impaired, making it an essential aspect of economics.Rate this question:
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- 13.
Scarcity is:
- A.
When there isn't enough resources for everyone to have all that they want
- B.
When the government decides to stop selling wants
- C.
When people stop buying goods and services
Correct Answer
A. When there isn't enough resources for everyone to have all that they wantExplanation
Scarcity refers to a situation where there is a limited availability of resources, which leads to an inability to fulfill all the wants and needs of individuals. This means that there is not enough resources to satisfy the unlimited desires and demands of everyone. Consequently, individuals must make choices and prioritize their needs based on the scarcity of resources. This concept highlights the fundamental economic problem of scarcity and the need for efficient allocation of resources to maximize utility.Rate this question:
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- 14.
The main different between a need and a want is:
- A.
A want is more important than a need
- B.
A need is something you cannot live without and a want is something you can live without
- C.
People only buy needs
Correct Answer
B. A need is something you cannot live without and a want is something you can live withoutExplanation
The correct answer explains that a need is something essential for survival and cannot be lived without, whereas a want is something that is not necessary for survival and can be lived without. This answer correctly distinguishes between the two concepts and clarifies that people do not only buy needs, but also wants.Rate this question:
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- 15.
A good is:
- A.
Something you can physically hold and you own it after you buy it
- B.
Something you pay someone else to do for you or pay to use for a short period of time
- C.
Something that tastes great
Correct Answer
A. Something you can physically hold and you own it after you buy itExplanation
The correct answer is "something you can physically hold and you own it after you buy it." This definition aligns with the concept of a good as a tangible item that can be possessed and owned by an individual after purchasing it. It excludes the other options, which refer to services or subjective qualities such as taste.Rate this question:
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- 16.
A service is:
- A.
Something you can physically hold and you own it after you buy it
- B.
Something you pay someone else to do for you or pay to use for a short period of time
- C.
Something that is great
Correct Answer
B. Something you pay someone else to do for you or pay to use for a short period of timeExplanation
The correct answer is "something you pay someone else to do for you or pay to use for a short period of time." This option accurately defines a service as an activity or task that is performed by someone else in exchange for payment, or as something that can be used or accessed for a limited duration by paying for it. This definition differentiates a service from a physical object that can be owned after purchase.Rate this question:
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- 17.
Opportunity cost is:
- A.
How much money you have to pay for something
- B.
How much it cost to do something
- C.
The real cost of purchasing something - it includes the cost of time and any missed opportunities
Correct Answer
C. The real cost of purchasing something - it includes the cost of time and any missed opportunitiesExplanation
Opportunity cost refers to the real cost of purchasing something, which includes not only the monetary cost but also the cost of time and any missed opportunities. It signifies the value of the next best alternative that is forgone when a choice is made. In other words, it represents what one must give up in order to obtain something else. Therefore, the correct answer accurately captures the concept of opportunity cost by emphasizing the comprehensive nature of the cost involved in a decision.Rate this question:
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- 18.
Jared wants to get an xbox kinect with his birthday money. He also wants to save his money to go to Six Flags this summer. Jared decides to use his money to buy a kinect. The opportunity cost is:
- A.
Missing his six flags trip
- B.
The money used to buy the kinect
- C.
The kinect
Correct Answer
A. Missing his six flags tripExplanation
The opportunity cost in this scenario is missing Jared's trip to Six Flags. This means that by choosing to buy the Xbox Kinect, Jared is giving up the opportunity to use his money for the Six Flags trip. The other options, the money used to buy the Kinect and the Kinect itself, are not opportunity costs but rather the actual costs of the purchase.Rate this question:
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- 19.
Economics is:
- A.
The study of how we satisfy our wants and needs with the limited resources available
- B.
How we get our stuff
- C.
The study of maintaining life with the money given to us by the government
Correct Answer
A. The study of how we satisfy our wants and needs with the limited resources availableExplanation
Economics is the study of how individuals, societies, and nations make choices to satisfy their wants and needs with the limited resources available. It involves analyzing the production, distribution, and consumption of goods and services. This field of study explores how individuals and societies allocate resources, such as time, money, and labor, to maximize their well-being and achieve their goals. By understanding economic principles, we can gain insights into how economies function and make informed decisions about production, trade, investment, and policy-making.Rate this question:
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- 20.
Why is it important to study economics, even as a middle school student?
- 21.
What is the different between a good and a service?
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