TOP 10- ECON

Which of the following is an example of a service?

• Pizza
• Haircut
• iPhone
• Backpack

What does scarcity mean in economics?

• Too many resources
• Unlimited resources
• Limited resources and unlimited wants
• No money in the economy

Which is an example of an opportunity cost?

• Buying shoes on sale
• Missing a concert to study for a test
• Getting a raise at work
• Saving money in a bank

What type of economy does the United States have?

• Traditional
• Command
• Market
• Mixed

What is specialization in economics?

• Doing all jobs equally
• Trading without rules
• Focusing on one area of production to increase efficiency
• Selling items at the lowest price

What is the purpose of a budget?

• To spend as much money as possible
• To track your spending and savings
• To avoid paying taxes
• To buy things you want

Which of the following helps build a positive credit history?

• Missing loan payments
• Using cash only
• Paying credit card bills on time
• Avoiding all forms of credit

True or False: Credit cards are free money.

• True
• False

What is interest on a loan?

• The amount you save
• The extra money you earn
• The money you borrow
• The extra money paid to borrow funds

Why is it beneficial to begin saving money at an early age?

• Handling unexpected expenses

• Funding leisure activities

• Purchasing the latest gadgets

• Securing future financial stability