Question
Bryan needs a new backpack. He compares the prices of three different backpacks at a local store to find the best deal. Which purpose of money is Bryan demonstrating?
(1 point)
Responses
unit of account
unit of account
store of value
store of value
acceptance of payment
acceptance of payment
medium of exchange
unit of account
In January of 2008, the average price of a gallon of milk was $3.87. In January of 2012, the average price of a gallon of milk was $3.58. What is this an example of?
(1 point)
Responses
inflation
inflation
interest
interest
deflation
deflation
productivity
deflation
How does a compound interest rate differ from a simple interest rate?
(1 point)
Responses
Compound interest rates pay more interest over time.
Compound interest rates pay more interest over time.
Compound interest rates are calculated only once a year.
Compound interest rates are calculated only once a year.
Compound interest rates are usually lower than simple interest rates.
Compound interest rates are usually lower than simple interest rates.
Compound interest rates apply to home mortgages only.
Compound interest rates pay more interest over time.
Why do interest rates on home mortgages increase when demand for housing increases?
(1 point)
Responses
Banks look for ways to decrease incentives to buyers as much as possible when demand is high.
Banks look for ways to decrease incentives to buyers as much as possible when demand is high.
When the demand for mortgages increases, lenders can increase the cost of borrowing money.
When the demand for mortgages increases, lenders can increase the cost of borrowing money.
Interest rates on home mortgages do not move in response to consumers’ actions.
Interest rates on home mortgages do not move in response to consumers’ actions.
When demand is high, interest rates decrease on most goods and services, including houses.
When the demand for mortgages increases, lenders can increase the cost of borrowing money.
Which job is likely to have the highest income?
(1 point)
Responses
a job that many people are willing to do
a job that many people are willing to do
a job that requires low productivity
a job that requires low productivity
a job that calls for highly specialized skills
a job that calls for highly specialized skills
a job that most people would be able to do
a job that calls for highly specialized skills
Jill is interested in starting a new business, but she wonders if she would be good at it. She takes a personality test to try to understand her strengths and weaknesses as an entrepreneur. One of the questions asks whether she is able to identify goals and work toward them or if she waits for someone else to tell her what to do.
Question
Use the passage to answer the question.
Which characteristic of entrepreneurs is the question testing?
(1 point)
Responses
self-correction
self-correction
endurance
endurance
patience
patience
self-motivation