Econ Final Exam Prediction Questions.

ECON FINAL EXAM PREDICTION QUESTIONS. William Poole believes economics should be taught in schools because students will learn how economics helps achieve dreams. why economics is a good career choice. how to make good decisions within an economy. why studying a global economy is important. - CORRECT ANSWER how to make good decisions within an economy. What are some reasons for studying economics? Check all that apply. Economics has an impact on everyday life. Economics helps people learn to manage resources. Economics describes the reasons products are scarce. Economics explains the roles of producers and consumers. Economics shows how people work together to make money. - CORRECT ANSWER Economics has an impact on everyday life. Economics helps people learn to manage resources. Economics explains the roles of producers and consumers. Which situation best illustrates the concept of scarcity? a class designing and selling calendars a cook learning to be an executive chef a friend buying a copy of a popular DVD a person buying a used car due to limited income - CORRECT ANSWER a person buying a used car due to limited income What is the fundamental problem producers and consumers face? services scarcity resources inadequacy - CORRECT ANSWER scarcity Every economic decision has only positive benefits. gained opportunities. unavoidable limitations. a consequence or tradeoff. - CORRECT ANSWER a consequence or tradeoff. A person studying economics can make better choices about purchases if that person understands goods. services. production. consequences and tradeoffs. - CORRECT ANSWER consequences and tradeoffs. Which individual is a producer? a quality control manager who works in a busy restaurant a mother who demands quality produce for her family a farmer who grows only what his family needs to survive a student who builds a bookcase from bricks and boards - CORRECT ANSWER a quality control manager who works in a busy restaurant What is one way that economics can influence your daily life? by forcing a decision on a career path by limiting your ability to save money by helping you understand that every choice has a tradeoff by determining if goals are actually worthwhile - CORRECT ANSWER by helping you understand that every choice has a tradeoff