CA 2 Review

Households sell their labor for a wage. Who pays this wage?

• Households sell loans to banks for interest.

• Households sell labor to businesses for a wage.

• Households sell banks to the government for a business.

• Households sell labor to wages for a bank.

What would encourage consumers to buy more?

• Higher prices are a price incentive

• Low supply and high prices are a price incentive

• Low prices are a price incentive

• Low prices are higher than high prices which are lower

When a farmer only grows wheat and sells the wheat to make money to buy other things he wants and needs, this is an example of:

• bread

• specialization

• The Constitution

• Bill of Rights

The Bill of Rights...

• is the first 27 amendments of the Articles of Confederation

• is the first 10 Constitutions of the state of Arizona

• is the first 10 amendments of the US Constitution

• is the first Constitution of the USA

What is a way businesses can get people to buy their products?

• advertise using commercials

• raise prices

• throw all their products away

• yell at customers

What is required to propose an amendment?

• 3/4 of states must ratify

• 3/4 of Congress must ratify

• 2/3 of states must propose

• 2/3 of both houses of Congress must propose

Voluntary exchange is when two people agree to trade products or money for a product. What do both people get out of this experience?

• Both people get a wild adventure

• Both people get BENEFIT, one selling, one buying

• Both people get angry

• Both people get super powers

Why are new video games so expensive?

• Because no one wants to buy them

• Because no one wants to play them

• Because the demand is very high, lots of people want them

• Because the supply is high and no one wants them

What is opportunity cost?

• The value of the thing you didn't choose

• The price of your next sandwich

• How much a skateboard costs

• The amount you pay for a video game

Name an example of a "human resource."

• The oven used to bake a turkey

• The turkey

• The person who bakes the turkey for the restaurant he/she works at

• The pan used to cook the turkey in