1) The factors of production include the number of
A) customers needed to make a profit on a good. B) consumers who show an interest in a good. C) employees needed to manufacture a good. D) producers who supply the same good.
2) Emma is trying to decide whether to buy a new laptop. As a student, she has a budget and wants to make sure this is the right financial decision. Which question should she ask herself in determining the opportunity cost of this purchase?
A) What will I have to sacrifice if I buy this laptop? B) Can I use credit to buy this laptop? C) Do I need this laptop for my studies? D) Is there a less costly alternative to buying this laptop?
3) Which is a desirable characteristic when choosing a line of credit?
A) rewards program B) annual fee C) amount of down payment D) amount of collateral
4) What is an advantage of an adjustable-rate mortgage? A) A borrower always knows how much to pay the bank each month. B) A borrower can purchase a home with little financial risk. C) A drop in interest rates may result in lower monthly payments. D) A rise in interest rates may result in lower monthly payments.