Question
Question 1 (2 points)
Which describes a command economy?
Question 1 options:
organized by producers and consumers
uses only free-market principles
run by the government
designed to protect private property
Question 2 (2 points)
Which term refers to the personal satisfaction someone gets from consuming goods and services?
Question 2 options:
preference
money
outcomes
utility
Question 3 (2 points)
Cost-benefit analysis is a process that involves which of the following?
Question 3 options:
calculating a budget for each expense
maximizing benefits and minimizing costs
accurately predicting the effects of every decision
determining the profit that results from production decisions
Question 4 (2 points)
What is the purpose of economic indicators?
Question 4 options:
figure out how fast the gross domestic product is growing
inform consumers how fast prices are going to rise
judge the overall condition of a particular country's economy
indicate whether an unemployed worker is likely to get a new job
Question 5 (2 points)
What does the inflation rate indicate?
Question 5 options:
how far in debt the government is
how much the minimum wage has increased
how quickly prices are rising
how much interest is being charged on mortgages
Question 6 (2 points)
Which does utility measure?
Question 6 options:
value
money
usefulness
satisfaction
Question 7 (2 points)
Which is an example of an action that is part of making a rational choice?
Question 7 options:
expanding your discretionary spending
adding up your assets
calculating flexible and fixed expenses
doing a cost-benefit analysis
Question 8 (2 points)
Which best explains the difference between short-term and long-term planning?
Question 8 options:
Short-term planning seeks to reduce discretionary spending while long-term planning seeks to reduce flexible expenses.
Short-term planning involves setting monetary goals while long-term planning involves setting nonmonetary goals.
Short-term planning involves only small amounts of money while long-term planning involves large sums of money.
Short-term planning takes care of regular expenses in the near future while long-term planning involves saving for large purchases further in the future.
Question 9 (2 points)
Which best explains the effect of immigration on the labor market?
Question 9 options:
Immigrants usually only make minimum wage.
Immigrants are not allowed to work.
Immigration increases the supply of labor.
Immigration leads to a decrease in consumption.
Question 10 (2 points)
Which housing decision provides a person with both housing and an investment?
Question 10 options:
subletting a condominium
renting an apartment
selling a share in a cooperative
buying a single-family home
Which describes a command economy?
Question 1 options:
organized by producers and consumers
uses only free-market principles
run by the government
designed to protect private property
Question 2 (2 points)
Which term refers to the personal satisfaction someone gets from consuming goods and services?
Question 2 options:
preference
money
outcomes
utility
Question 3 (2 points)
Cost-benefit analysis is a process that involves which of the following?
Question 3 options:
calculating a budget for each expense
maximizing benefits and minimizing costs
accurately predicting the effects of every decision
determining the profit that results from production decisions
Question 4 (2 points)
What is the purpose of economic indicators?
Question 4 options:
figure out how fast the gross domestic product is growing
inform consumers how fast prices are going to rise
judge the overall condition of a particular country's economy
indicate whether an unemployed worker is likely to get a new job
Question 5 (2 points)
What does the inflation rate indicate?
Question 5 options:
how far in debt the government is
how much the minimum wage has increased
how quickly prices are rising
how much interest is being charged on mortgages
Question 6 (2 points)
Which does utility measure?
Question 6 options:
value
money
usefulness
satisfaction
Question 7 (2 points)
Which is an example of an action that is part of making a rational choice?
Question 7 options:
expanding your discretionary spending
adding up your assets
calculating flexible and fixed expenses
doing a cost-benefit analysis
Question 8 (2 points)
Which best explains the difference between short-term and long-term planning?
Question 8 options:
Short-term planning seeks to reduce discretionary spending while long-term planning seeks to reduce flexible expenses.
Short-term planning involves setting monetary goals while long-term planning involves setting nonmonetary goals.
Short-term planning involves only small amounts of money while long-term planning involves large sums of money.
Short-term planning takes care of regular expenses in the near future while long-term planning involves saving for large purchases further in the future.
Question 9 (2 points)
Which best explains the effect of immigration on the labor market?
Question 9 options:
Immigrants usually only make minimum wage.
Immigrants are not allowed to work.
Immigration increases the supply of labor.
Immigration leads to a decrease in consumption.
Question 10 (2 points)
Which housing decision provides a person with both housing and an investment?
Question 10 options:
subletting a condominium
renting an apartment
selling a share in a cooperative
buying a single-family home
Answers
Answered by
GPT-4o mini
Here are the answers to your questions based on economic principles:
**Question 1:**
Which describes a command economy?
**Answer:** run by the government
---
**Question 2:**
Which term refers to the personal satisfaction someone gets from consuming goods and services?
**Answer:** utility
---
**Question 3:**
Cost-benefit analysis is a process that involves which of the following?
**Answer:** maximizing benefits and minimizing costs
---
**Question 4:**
What is the purpose of economic indicators?
**Answer:** judge the overall condition of a particular country's economy
---
**Question 5:**
What does the inflation rate indicate?
**Answer:** how quickly prices are rising
---
**Question 6:**
Which does utility measure?
**Answer:** satisfaction
---
**Question 7:**
Which is an example of an action that is part of making a rational choice?
**Answer:** doing a cost-benefit analysis
---
**Question 8:**
Which best explains the difference between short-term and long-term planning?
**Answer:** Short-term planning takes care of regular expenses in the near future while long-term planning involves saving for large purchases further in the future.
---
**Question 9:**
Which best explains the effect of immigration on the labor market?
**Answer:** Immigration increases the supply of labor.
---
**Question 10:**
Which housing decision provides a person with both housing and an investment?
**Answer:** buying a single-family home
---
Feel free to ask if you have more questions or need further clarification!
**Question 1:**
Which describes a command economy?
**Answer:** run by the government
---
**Question 2:**
Which term refers to the personal satisfaction someone gets from consuming goods and services?
**Answer:** utility
---
**Question 3:**
Cost-benefit analysis is a process that involves which of the following?
**Answer:** maximizing benefits and minimizing costs
---
**Question 4:**
What is the purpose of economic indicators?
**Answer:** judge the overall condition of a particular country's economy
---
**Question 5:**
What does the inflation rate indicate?
**Answer:** how quickly prices are rising
---
**Question 6:**
Which does utility measure?
**Answer:** satisfaction
---
**Question 7:**
Which is an example of an action that is part of making a rational choice?
**Answer:** doing a cost-benefit analysis
---
**Question 8:**
Which best explains the difference between short-term and long-term planning?
**Answer:** Short-term planning takes care of regular expenses in the near future while long-term planning involves saving for large purchases further in the future.
---
**Question 9:**
Which best explains the effect of immigration on the labor market?
**Answer:** Immigration increases the supply of labor.
---
**Question 10:**
Which housing decision provides a person with both housing and an investment?
**Answer:** buying a single-family home
---
Feel free to ask if you have more questions or need further clarification!