
Economics Flashcard

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Other
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10th Grade
•
Hard
Wayground Content
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12 questions
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1.
FLASHCARD QUESTION
Front
What is productivity in economics?
Back
The ratio of outputs (goods and services) to inputs (labor, capital, etc.)
Answer explanation
Productivity in economics is defined as the ratio of outputs (goods and services) to inputs (labor, capital, etc.). This measure indicates how efficiently resources are utilized in the production process.
2.
FLASHCARD QUESTION
Front
What do interest rates represent? Options: The cost of borrowing money or the return on savings, The total revenue of a company, The percentage of money that the government collects from taxes, The price at which a product is sold
Back
The cost of borrowing money or the return on savings
Answer explanation
Interest rates indicate the cost of borrowing money or the return on savings, reflecting how much lenders charge borrowers or how much savers earn on deposits.
3.
FLASHCARD QUESTION
Front
What does the Consumer Price Index (CPI) measure?
Back
The average change in prices paid by consumers for goods and services.
Answer explanation
The Consumer Price Index (CPI) specifically measures the average change in prices paid by consumers for goods and services, making it a key indicator of inflation and cost of living.
4.
FLASHCARD QUESTION
Front
Mia is planning to buy a new smartphone. What is demand in this context?
Back
The amount of smartphones Mia and other consumers are willing to buy at different prices
Answer explanation
Demand refers to the amount of goods or services consumers are willing to buy at various prices. This choice accurately captures the essence of demand, distinguishing it from supply and other concepts.
5.
FLASHCARD QUESTION
Front
What is the method called that the government uses to collect money from its citizens to fund public services like schools and roads?
Back
A mandatory financial charge imposed by a government
Answer explanation
Taxes are a mandatory financial charge imposed by a government to fund public services and infrastructure. Unlike voluntary payments or rewards, taxes are required contributions from individuals and businesses.
6.
FLASHCARD QUESTION
Front
Mason is studying economics and wants to understand how to track the overall performance of an economy. Which economic indicator should he focus on?
Back
Track the overall performance of an economy
Answer explanation
An economic indicator is primarily used to track the overall performance of an economy, providing insights into growth, stability, and trends, rather than measuring income, tax collection, or market competition.
7.
FLASHCARD QUESTION
Front
Isla is considering offering a discount on her homemade candles to boost sales. This type of incentive in economics is designed to:
Back
Encourage people to act in a certain way
Answer explanation
Incentives in economics are mechanisms that motivate individuals or businesses to behave in specific ways, such as increasing production or consumption, making 'Encourage people to act in a certain way' the correct choice.
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