Bm 3 Review Part 1

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| By JP Payne
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JP Payne
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Quizzes Created: 5 | Total Attempts: 982
| Attempts: 57
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  • 1/12 Questions

    A baker is a _________ of bread, cakes, and other baked goods.

    • Producer
    • Consumer
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About This Quiz

BM 3 Review part 1 tests understanding of economic concepts, fairness in historical contexts, and market dynamics. It evaluates knowledge of production, economic activity, and market descriptions, enhancing learner's comprehension in economics and social studies.

Bm 3 Review Part 1 - Quiz

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  • 2. 

    Cabella’s is a sports store where you can get a special brand of bait that catches a special kind of fish.  The closest store is in Baton Rouge.  Why might a fisherman from New Orleans drive all the way to Baton Rouge to go to Cabella’s?

    • To look at the scenery along the way

    • To find new lakes to fish in

    • Because he needs the bait and Baton Rouge is the closest place to find

    • Because he likes driving

    Correct Answer
    A. Because he needs the bait and Baton Rouge is the closest place to find
    Explanation
    A fisherman from New Orleans might drive all the way to Baton Rouge to go to Cabella's because he needs the special brand of bait that catches a special kind of fish, and Baton Rouge is the closest place to find it.

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  • 3. 

    A business that makes and sells clothing takes part in _______

    • Price

    • Economy

    Correct Answer
    A. Economy
    Explanation
    A business that makes and sells clothing takes part in the economy. This means that it is involved in the production, distribution, and consumption of goods and services within a specific market or country. The clothing business contributes to the overall economic activity by creating jobs, generating revenue, and meeting consumer demand for clothing products. It also interacts with other businesses, suppliers, and customers within the economic system.

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  • 4. 

    All of the following describe a market EXCEPT:

    • Christmas shopping at the mall

    • A nail salon

    • Amazon.com

    • People working at a lawyer’s office

    Correct Answer
    A. People working at a lawyer’s office
    Explanation
    The given options describe different types of markets. Christmas shopping at the mall refers to a physical location where goods are bought and sold. A nail salon is a service-based market where nail care services are provided. Amazon.com is an online marketplace where various products are sold. However, people working at a lawyer's office do not represent a market as they are not engaged in buying or selling goods or services.

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  • 5. 

    Jenna has saved $50.  She wants to buy new shoes that cost $50.  She also wants to have spending money when she goes to an amusement park.  Jenna decides to buy the shoes.  What will Jenna give up by making this choice?

    • Time to spend with friends

    • Time to wear the new shoes

    • Money to buy video games

    • Money to spend at the amusement park

    Correct Answer
    A. Money to spend at the amusement park
    Explanation
    By choosing to buy the new shoes, Jenna will give up the opportunity to have money to spend at the amusement park. Since the shoes cost $50, all of her savings will be used for the purchase, leaving her with no money left for other expenses like amusement park tickets or snacks. Thus, Jenna will have to forgo the option of enjoying herself at the amusement park due to her decision to buy the shoes.

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  • 6. 

    Supply and Demand. Remember. Supply is opposite of Demand, Demand = PriceAn early freeze has killed many lemons.  How has the supply or demand for lemons changed?

    • Supply of lemons will increase

    • Supply of lemons will decrease

    • Demand of lemons will increase

    • Demand of lemons will decrease

    Correct Answer
    A. Supply of lemons will decrease
    Explanation
    supply was lost. The demand did not change.

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  • 7. 

    People make, sell, and buy goods.  Goods are products you can touch.  Shoes are goods.  Hot dogs are goods.  Goods are an important part of economic activity.Check all goods:

    • Computers

    • Haircuts

    • Yo-Yos

    • Basketball balls

    • Doctor visit

    • Sector 6 field trip

    Correct Answer(s)
    A. Computers
    A. Yo-Yos
    A. Basketball balls
    Explanation
    The correct answer includes "Computers", "Yo-Yos", and "basketball balls" because these are all products that can be touched and bought or sold. They are tangible goods that are part of economic activity. The other options, "Haircuts", "doctor visit", and "sector 6 field trip" are not goods as they are services or experiences that cannot be touched or bought or sold in the same way as physical products.

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  • 8. 

    All of the following are an example of a market EXCEPT:

    • Going to a snowball stand for a snowball

    • People going to work at a bank

    • A beauty supply store

    • Going to Wal-Mart

    Correct Answer
    A. People going to work at a bank
    Explanation
    The question is asking for an example of a market. A market is a place where goods or services are bought and sold. The options "going to a snowball stand for a snowball," "a beauty supply store," and "going to Wal-Mart" are all examples of places where goods are bought and sold, making them markets. However, "people going to work at a bank" does not involve buying or selling goods or services, so it is not an example of a market.

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  • 9. 

    “They are really better to us than we are to them.  They always give us food at their quarters, and take care we are protected against hunger and thirst.  We do not go by them (generally speaking) but let them walk by our doors hungry, and do not often help them.  We think them little better than beasts in human shape; though, if well examined, we shall find that for all our religion and education we possess more evils than these savages do.”What is this colonist’s point of view?

    • Indians are not to be trusted.

    • Colonists need to move closer to their religion.

    • Indians are not much more than savage beasts.

    • Colonists do not treat Indians fairly.

    Correct Answer
    A. Colonists do not treat Indians fairly.
    Explanation
    This person must be a colonist. He is sad that his fellow colonists treat the indians bad. Indians "always give us food a their quarters," The Colonists "do not often help them." "He calls them savages, but you can tell he doesnt mean it when he says "we possess more evils than these savages do."

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  • 10. 

    ABC Toys is not making money. They decide to use an assembly line. What would be most likely happen at ABC Toys when they start using an assembly line?

    • People would get paid less.

    • There would be more goods produced in less time.

    • Not as much work would get done and it would cost more money.

    • Employees would have less fun at work.

    Correct Answer
    A. There would be more goods produced in less time.
    Explanation
    faster and cheaper.

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  • 11. 

    All of the following resulted from Henry Ford’s use of the assembly line EXCEPT?

    • Cars could be built cheaper

    • People would be better at their jobs

    • Cars could be built faster

    • Less cars were made

    Correct Answer
    A. Less cars were made
    Explanation
    The use of the assembly line by Henry Ford resulted in several benefits, including the ability to build cars cheaper, faster, and more efficiently. However, it did not result in less cars being made. In fact, the assembly line allowed for mass production, leading to an increase in the number of cars being manufactured.

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  • 12. 

    Emily has a business making birthday cards.  She has to buy paper, pencils, paint and more to make her cards.  She spends $300 to make one hundred cards.  She sells all three hundred cards for $5 each.  Emily makes $1500.  After she subtracts the $300 it cost her to make the cards, Emily has $1200 left.  Emily’s profit is $________

    Correct Answer
    1200, 1,200
    Explanation
    Emily's profit is $1200. This is calculated by subtracting the cost of making the cards ($300) from the total amount she made from selling the cards ($1500). Therefore, $1500 - $300 = $1200.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 14, 2016
    Quiz Created by
    JP Payne
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