Which is the most important function of banks in an economy?
A.
extending credit
B.
guarding savings
C.
providing mutual fund options
D.
managing employee pay systems
__________
Customers cannot purchase every product. How does this fact affect companies that make products?
A.
They increase costs to make up for low sales.
B.
They decrease quality to make up for low sales.
C.
They provide better value so that customers choose their products.
D.
They provide fewer options so that customers choose their products.
________________________
Which of the following is a cost of production? Select the two correct answers.
A.
improving processes
B.
buying raw materials
C.
spending time working
D.
paying property taxes
E.
choosing the best products
________________
Three Basic Economic Questions
What to produce?
How to product it?
??
Use the table to answer the question.
What is the third Basic Economics Question?
A.
How much to produce?
B.
For whom to produce?
C.
Where to produce?
D.
What natural resources are used to produce?
________________
Which of the following economic actions demonstrates a negative incentive?
A.
An employee is fired.
B.
An item is put on sale.
C.
The cost of production decrease.
D.
The board of a company invests more.
__________
Which government action would interfere with free trade?
A.
increasing taxes on domestic producers
B.
charging duty taxes on foreign goods
C.
adding a value-added tax to consumer goods
D.
giving contracts to factories in other countries
________________________
What is an effect of the division of labor?
A.
Consumers are offered better choices.
B.
Investors pay more to start companies.
C.
Producers work more quickly.
D.
Employees learn how to produce an entire product.
______________
Which is true of how the market sets prices?
A.
Prices are set by the expected sales.
B.
Prices are set by how much consumers will pay.
C.
Prices are set by the size and location of market outlets.
D.
Prices are set by doubling the equilibrium price.
__________________________
Imagine that the amount of milk being purchased in the United States suddenly decreased.
Which of the following is the most likely cause?
A.
increased price of milk
B.
increased supply of milk
C.
decreased demand for milk
D.
decreased competition for milk
___________
Imagine your town has a local bike store called Brianna’s Bikes. After years of good business, a larger competing chain store opens up across the street. This new store, David’s Bike Depot, offers specials such as a family pack of helmets for a lower price and free bike tune-ups with a minimum purchase.
Use the passage to answer the question.
Which positive effects would likely result from this new competition? Select the two correct answers.
A.
fewer choices
B.
better prices
C.
higher quality
D.
higher wages
Imagine your town has a local bike store called Brianna’s Bikes. After years of good business, a larger competing chain store opens up across the street. This new store, David’s Bike Depot, offers specials such as a family pack of helmets for a lower price and free bike tune-ups with a minimum purchase.
Use the passage to answer the question.
Which positive effects would likely result from this new competition? Select the two correct answers.
A.
fewer choices
B.
better prices
C.
higher quality
D.
higher wages
Imagine your town has a local bike store called Brianna’s Bikes. After years of good business, a larger competing chain store opens up across the street. This new store, David’s Bike Depot, offers specials such as a family pack of helmets for a lower price and free bike tune-ups with a minimum purchase.
Use the passage to answer the question.
Which positive effects would likely result from this new competition? Select the two correct answers.
A.
fewer choices
B.
better prices
C.
higher quality
D.
Please help :)
higher wages
Economics basics pretest
1.A
2.C
3.B and C
4.B
5.A
6.B
7.C
8.B
9.A
10.B and C
u welcome 100%
Heads up my dudes, time for the quick check:
1. A, B, E
2. C
3. B
4. B
( credit to "UnaLoca" )
it a practice not a test alexiaaa what ever your name is
so what is the answer
Their are others who do this, am I not aloud?
and its called review
Sorry please forgive me.
i'll give you the answers after i'm done and people that say it not true back of cuz you cant do noting
OMG THANK YOU ALEXIA’S HATER I GOT 100% 10/10 THANK YOU SO MUCH
wait
got the answers
"alexiaaa's hater" is correct:) 100%!
why would i lie
alexiaaa’s hater is 100% CORRECT THANK YOUUUUUU
im almost done
OOF maybe i judge to quickly sorry my bad thank you Alexiaaa's hater sorry about that guys dont worry her/he answers are right
alexia's haters are correct if your from connexus academy 100%
My bad, the last question higher wages is option D.
u welcome
after_sans7 is rightttttttttttttttttttt btwwwwww 10000000%
Thank you Alexiaaa’s hater because of you people won’t fail their schoolwork And please because of you I got 100%
thx for the answers for the pretest and the quick check
Does this also apply for 2021??
2022*
alexiaaa's hater is still correct for January 25th 2023.
after_sans7 is also correct for January 25th 2023.
THANK YOU SOO MUCH!! after_sans7 AND alexiaaa’s hater IS 100% CORRECT!!
alexia hater is indeed 100% correct 2023 students
so are we all just here in 2022?
The answers for the Economics Basics Pretest are still correct in 2022. As well as after_sans7 answers to the Scarcity and Choice Quick Check.
idk man it doesnt look right
maybe im just stupid
I ask my sister to look at the answers and help me on it and explain how its right and how its wrong and I never cheated in my Life
yas
dont you guys think there are to many B answers in alexiaaa's haters answers im just saying
You are asking for answers, and this is not good. This is almost a whole test!
It is cheating.
Students who cheat will be banned.
Be aware.