Pre-Quiz B The questionnaire consists of 10 multiple-choice questions about the topic “Economics and Finance”. Please circle ONLY ONE as the right answer to each question, UNLESS otherwise stated. Q1. The resources used in the production of goods and services are limited, so society should: A. Make choices about how to use resources. B. Try to obtain additional resources. C. Reduce their use of resources. - CORRECT D. All the above Q2. The concept of present value relates to the idea that A. The money you have now is worth less today than an identical amount you would receive in the future B. The money you have now is worth the same today as an identical amount you would receive in the future C. The money you have now is worth more today than an identical amount you would receive in the future - CORRECT D. None of the above Q3. What is the law of demand? (Choose ALL the correct answers) A. As price increases, consumers will purchase less of the specific goods. – CORRECT B. As price increases, consumers will purchase more of the specific goods. C. As price decreases, consumers will purchase more of the specific goods. – CORRECT D. As price decreases, consumers will purchase less of the specific goods. Q4. Suppose you have 100€ in a savings account earning 3% interest a year. After 3 years, how much would you have? A. More than 103€ – CORRECT B. Exactly 103€ C. Less than 103€
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