Bm 3 Review Part 1

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| By JP Payne
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JP Payne
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| Attempts: 57 | Questions: 12
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1. A baker is a _________ of bread, cakes, and other baked goods.

Explanation

A baker is someone who creates or makes bread, cakes, and other baked goods. They are responsible for producing these items.

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About This Quiz
Bm 3 Review Part 1 - 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.

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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?

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 _______

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. 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?

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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5. 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?

Explanation

supply was lost. The demand did not change.

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6. All of the following describe a market EXCEPT:

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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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:

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:

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?

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?

Explanation

faster and cheaper.

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11. All of the following resulted from Henry Ford's use of the assembly line EXCEPT?

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 $________

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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A baker is a _________ of bread, cakes, and other baked goods.
Cabella's is a sports store where you can get a special brand of bait...
A business that makes and sells clothing takes part in _______
Jenna has saved $50.  She wants to buy new shoes that cost $50....
Supply and Demand. Remember. Supply is opposite of Demand, Demand =...
All of the following describe a market EXCEPT:
People make, sell, and buy goods.  Goods are products you can...
All of the following are an example of a market EXCEPT:
"They are really better to us than we are to them.  They always...
ABC Toys is not making money. They decide to use an assembly line....
All of the following resulted from Henry Ford's use of the assembly...
Emily has a business making birthday cards.  She has to buy...
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