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- Grade Received: 81.8% (98.14 pts out of 120.00 pts)
- Question Number 1 Points: 5.00/5.00
- Question Text
- Nominal GDP is calculated using __________ prices.
- Your Answer
- B. current
- Question Number 2 Points: 5.00/5.00
- Question Text
- Charles Edgar Duryea and his brother, J. Frank Duryea, are credited with creating which of the following products?
- Your Answer
- D. Gasoline-powered automobile
- Question Number 3 Points: 5.00/5.00
- Question Text
- You accepted a major retailer's credit offer to buy home gym equipment without having to pay principal or interest until next year. You didn't think about the impact on your montly budget because a full year seemed so far away, and you even hoped to have a better paying job by then. When the year is up, and the bills start arriving for the equipment, you don't make payments on the principal or interest. What do you think will happen?
- Your Answer
- 7952999:C. You will be held legally responsible for making payments.
- ,7953000:D. You will have difficulty getting different kinds of credit in the future.
- Question Number 4 Points: 0.00/5.00
- Question Text
- Which Supreme Court ruling gave corporations the freedom to grow with more investors and employees?
- Your Answer
- D.
- Sherman v. B&O Railroad
- Question Number 5 Points: 5.00/5.00
- Question Text
- Lynette buys a cup of coffee for $1.25. She hands a $2.00 bill to the cashier and receives $.75 in return. Which of the following is NOT a characteristic of money illustrated in this example?
- Your Answer
- B. It is not easy to divide.
- Question Number 6 Points: 5.00/5.00
- Question Text
- Adam Smith said that the free market economy is regulated by
- Your Answer
- C. self-interest and competition.
- Question Number 7 Points: 5.00/5.00
- Question Text
- Luke's family received a lump sum from the insurance company after Luke died. What is Luke's family?
- Your Answer
- A. Beneficiary
- Question Number 8 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of efficiency?
- Your Answer
- B. A country understands how to best utilize its resources to reach maximum output.
- Question Number 9 Points: 5.00/5.00
- Question Text
- The Federal Reserve is run by
- Your Answer
- C. the Board of Governors.
- Question Number 10 Points: 5.00/5.00
- Question Text
- The company Marlene works for offers a matching incentive with all retirement plans. For every pre-tax dollar Marlene contributes to her retirement plan the company will match that amount up to a certain point. Which of the following is Marlene participating in?
- Your Answer
- A. 401(k) plan
- Question Number 11 Points: 5.00/5.00
- Question Text
- Which of the following is considered the riskiest type of investment?
- Your Answer
- C. stocks
- Question Number 12 Points: 5.00/5.00
- Question Text
- While shopping you discover that your favorite department store has lowered the price on a new video game that you wanted to buy. However, after looking through the store you find that they are completely sold out. What concept does this scenario illustrate?
- Your Answer
- D. shortage
- Question Number 13 Points: 5.00/5.00
- Question Text
- Which of the following statements is the best example of the inelasticity of supply?
- Your Answer
- B. A wheat farmer must harvest his crop when it is ripe.
- Question Number 14 Points: 5.00/5.00
- Question Text
- Use this production possibilities graph to help you answer the following question.
- Any intersection of points outside the frontier (line) on a production possibilities graph would show that the economy is
- Your Answer
- A. growing due to an increase of resources.
- Question Number 15 Points: 5.00/5.00
- Question Text
- Which of the following benefits of the American Free Enterprise System requires a great deal of government involvement?
- Your Answer
- C. Protection
- Question Number 16 Points: 0.00/5.00
- Question Text
- Which of the following is a major export of the United States?
- Your Answer
- A. agricultural products
- Question Number 17 Points: 5.00/5.00
- Question Text
- In a ____________ economy, some government involvement in the economy is evident.
- Your Answer
- D. mixed
- Question Number 18 Points: 5.00/5.00
- Question Text
- Which of the following groups are usually not taxed by state governments?
- Your Answer
- D. Both A and B
- Question Number 19 Points: 5.00/5.00
- Question Text
- Which of the following is a characteristic of a developed country?
- Your Answer
- D. low unemployment
- Question Number 20 Points: 5.00/5.00
- Question Text
- What is the highest point of the business cycle called?
- Your Answer
- B. peak
- Question Number 21 Points: 5.00/5.00
- Question Text
- Which of the following is true if you move to another state that has a higher cost of living, but your salary and bills remain the same?
- Your Answer
- D. You will have less discretionary income.
- Question Number 22 Points: 0.00/5.00
- Question Text
- The Income Effect causes consumers to
- Your Answer
- D. stop demanding a good.
- Question Number 23 Points: 5.00/5.00
- Question Text
- What will happen to interest rates if the supply of money in an economy is high?
- Your Answer
- A.
- The rates will lower
- Question Number 24 Points: 0.00/5.00
- Question Text
- Which exchange rate system has made international trade easier and allows for fluctuations in currency values on a day-to-day basis?
- Your Answer
- C. secure exchange rate system
- Question Number 25 Points: 5.00/5.00
- Question Text
- If a seller notices he or she is not selling much of a particular product, he or she is most likely going to
- Your Answer
- B. reduce the price of the item.
- Question Number 26 Points: 5.00/5.00
- Question Text
- What is the name given to unemployment that occurs because people want to take time to find a job?
- Your Answer
- D. frictional
- Question Number 27 Points: 5.00/5.00
- Question Text
- Which of the following redistribution programs can significantly increase the level of output of a nation by improving the human capital and efficiency of the workforce?
- Your Answer
- D. Education
- Question Number 28 Points: 5.00/5.00
- Question Text
- Which of the following is the biggest source of revenue for local governments?
- Your Answer
- B. property taxes
- Question Number 29 Points: 5.00/5.00
- Question Text
- The law of supply states that
- Your Answer
- B. producers will produce or supply more of a good as the price of the good increases.
- Question Number 30 Points: 5.00/5.00
- Question Text
- Which of the following is a characteristic of a general partnership?
- Your Answer
- C. Partners share responsibilities.
- Question Number 31 Points: 0.00/5.00
- Question Text
- Why is the opportunity cost of making cell phones lower in China than it is in the United States?
- Your Answer
- D. Demand for cell phones is greater in China than it is in the United States.
- Question Number 32 Points: 5.00/5.00
- Question Text
- Supply curves are created when the data from a
- Your Answer
- C. supply schedule is graphed.
- Question Number 33 Points: 5.00/5.00
- Question Text
- Which of the following economic goals is a major one of command economies?
- Your Answer
- A. equity
- Question Number 34 Points: 5.00/5.00
- Question Text
- When the government increases taxes
- Your Answer
- D. the economy slows down.
- Question Number 35 Points: 5.00/5.00
- Question Text
- Which of the following functions is NOT provided by financial institutions?
- Your Answer
- A. collecting taxes
- Question Number 36 Points: 5.00/5.00
- Question Text
- What was the Federal Deposit Insurance Corporation created to insure?
- Your Answer
- B. Deposits in a bank
- Question Number 37 Points: 5.00/5.00
- Question Text
- The population of Barneyville decreases because a local plant has downsized and cut 200 jobs. A market demand curve for housing will probably show which of the following?
- Your Answer
- B. The demand for houses will decrease.
- Question Number 38 Points: 2.00/2.00
- Question Text
- The cost of rising resources causing the cost of finished products to push upward is one cause of inflation.
- Your Answer
- True
- Question Number 39 Points: 5.00/5.00
- Question Text
- If demand decreases, producers will decrease prices to
- Your Answer
- A. get people to buy their goods.
- Question Number 40 Points: 0.00/5.00
- Question Text
- What is the main idea of the Commerce Clause in the U.S. Constitution?
- Your Answer
- D.
- Individual states can determine who can conduct business in their states.
- Question Number 41 Points: 5.00/5.00
- Question Text
- While shopping you discover that your favorite department store has lowered the price on a new MP3 player that you wanted to buy. You rush into the store, only to find that they are sold out. What concept does this scenario illustrate?
- Your Answer
- C. Shortage
- Question Number 42 Points: 5.00/5.00
- Question Text
- If Melody's monthly income is $3,250, what is the minimum she should have in her emergency fund?
- Your Answer
- C. $9,750.00
- Question Number 43 Points: 5.00/5.00
- Question Text
- Your friend is curious about how financial independence is obtained. Which of the following ways would best explain this to your friend?
- Your Answer
- A. Financial independence is achieved by learning to manage credit and understanding what having credit involves.
- Question Number 44 Points: 0.00/5.00
- Question Text
- Jacob finally paid off a credit card that he was late paying every month. His payment history on this card has caused his credit rating to go down. However, he no longer has to worry about this since the account will no longer appear on his credit report because it is paid off. How would you respond to Jacob's understanding of documentation of credit history?
- Your Answer
- C. Your credit will definitely improve since this particular line of credit is being removed from your credit report. All paid-off accounts are removed immediately.
- Question Number 45 Points: 0.00/5.00
- Question Text
- Which of the following is an example of an unsecured loan?
- Your Answer
- 7953897:A. Car loan,7953898:B. Credit card
- Question Number 46 Points: 5.00/5.00
- Question Text
- A business chooses to build army tanks rather than butter-making machines. What is this called?
- Your Answer
- B. trade-off
- Question Number 47 Points: 5.00/5.00
- Question Text
- Which of the following organizations focuses on getting rid of poverty?
- Your Answer
- B. United Nations Development Fund
- Question Number 48 Points: 0.00/5.00
- Question Text
- How did the Sherman Antitrust Act affect the U.S. economy?
- Your Answer
- C.
- Granted the states the power to shut down businesses using child labor
- Question Number 49 Points: 5.00/5.00
- Question Text
- The Consumer Price Index is used to calculate how
- Your Answer
- A. prices have changed over the years.
- Question Number 50 Points: 5.00/5.00
- Question Text
- Which of the following was an example of a monopoly that was forced by the government to break-up into smaller companies?
- Your Answer
- B. AT & T
- Questioext
- Which factors can positively affect development?
- Your Answer
- C. Both A and B
- Question Number 2 Points: 5.00/5.00
- Question Text
- Which of the following economic institutions aids less developed countries by providing loans for economic development?
- Your Answer
- B. World Bank
- Question Number 3 Points: 5.00/5.00
- Question Text
- Countries with traditional economies are often less developed because
- Your Answer
- A. people are resistant to change.
- Question Number 4 Points: 5.00/5.00
- Question Text
- Which of the following organizations focuses on getting rid of poverty?
- Your Answer
- B. United Nations Development Fund
- Question Number 5 Points: 5.00/5.00
- Question Text
- Which of the following is NOT a major import of the United States?
- Your Answer
- A. coal
- Question Number 6 Points: 0.00/5.00
- Question Text
- The United States leads the world in the production of
- Your Answer
- C. Crude oil and petroleum
- Question Number 7 Points: 0.00/5.00
- Question Text
- When does foreign direct investment occur?
- Your Answer
- C. When the United Nations Development Fund requests donations on behalf of a less developed country.
- Question Number 8 Points: 0.00/5.00
- Question Text
- Which of the following is a characteristic of a developed country?
- Your Answer
- A. low life expectancy
- Question Number 9 Points: 5.00/5.00
- Question Text
- Which of the following is a characteristic of a less developed country?
- Your Answer
- B. high unemployment
- Question Number 10 Points: 5.00/5.00
- Question Text
- Which of the following is a NOT a major U.S. import?
- Your Answer
- D. Services
- Question Number 11 Points: 5.00/5.00
- Question Text
- Which of the following is a characteristic of a developed country?
- Your Answer
- C. high rates of industrialization
- Question Number 12 Points: 5.00/5.00
- Question Text
- Which of the following are BOTH major U.S. exports AND major U.S. imports?
- Your Answer
- D. All of the above
- Question Number 13 Points: 5.00/5.00
- Question Text
- When does foreign portfolio investment occur?
- Your Answer
- B. When a foreigner buys stocks or bonds to support a less developed country's economy.
- Question Number 14 Points: 5.00/5.00
- Question Text
- Which of the following countries is NOT a developed nation?
- Your Answer
- D. Mexico
- Question Number 15 Points: 5.00/5.00
- Question Text
- Which of the following is NOT a major benefit of international trade?
- Your Answer
- B. Countries earn revenues from tariffs that are placed on imported goods
- Question Number 16 Points: 0.00/5.00
- Question Text
- Looking at the Great Depression from a global perspective, which of the following statements is TRUE?
- Your Answer
- C. Many countries depended almost solely on financial support from the United States in order to function, and when the United States was unable to provide funding, the countries revolted.
- Question Number 17 Points: 0.00/5.00
- Question Text
- Which term describes how one country can produce something at a lower opportunity cost than another?
- Your Answer
- C. Similar advantage
- Question Number 18 Points: 0.00/5.00
- Question Text
- Which exchange rate system has made international trade easier and allows for fluctuations in currency values on a day-to-day basis?
- Your Answer
- C. secure exchange rate system
- Question Number 19 Points: 0.00/5.00
- Question Text
- How did other countries contribute to the Great Depression in the United States?
- Your Answer
- D. The United States was in debt to many countries after WWI, so these countries didn't feel compelled to provide the United States with any further aid.
- Question Number 20 Points: 5.00/5.00
- Question Text
- Which of the following is a major export of the United States?
- Your Answer
- B. scientific instruments
- Question Number 1 Points: 5.00/5.00
- Question Text
- Exchange rate systems in which governments try to keep their currency values consistent with each other are called __________ exchange rate systems
- Your Answer
- B. fixed
- Question Number 2 Points: 0.00/5.00
- Question Text
- Which of the following statements about the International Monetary Fund is FALSE?
- Your Answer
- C. It aids and oversees development projects.
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which of the following organizations focuses on getting rid of poverty?
- Your Answer
- B. United Nations Development Fund
- Question Number 4 Points: 0.00/5.00
- Question Text
- Flexible exchange rate systems are calculated according to
- Your Answer
- D. world trade agreements.
- Question Number 5 Points: 5.00/5.00
- Question Text
- Which of the following statements about the United Nations Development Program is FALSE?
- Your Answer
- C. Its funding comes from required donations from UN member nations.
- Question Number 6 Points: 5.00/5.00
- Question Text
- The International Monetary Fund assists countries by providing
- Your Answer
- C. advice and technical assistance.
- Question Number 7 Points: 5.00/5.00
- Question Text
- Which of the following countries is NOT a developed nation?
- Your Answer
- D. Mexico
- Question Number 8 Points: 0.00/5.00
- Question Text
- Which of the following is a characteristic of a developed country?
- Your Answer
- B. low literacy rates
- Question Number 9 Points: 5.00/5.00
- Question Text
- Which of the following areas of the world or countries is NOT considered developed economically?
- Your Answer
- C. Northern Africa
- Question Number 10 Points: 5.00/5.00
- Question Text
- Which of the following is NOT considered in determining the level of development of a country?
- Your Answer
- D. number of social organizations
- Question Number 1 Points: 5.00/5.00
- Question Text
- Which of the following countries is NOT involved in the North American Free Trade Agreement?
- Your Answer
- C. Nicaragua
- Question Number 2 Points: 0.00/5.00
- Question Text
- Which of the following is NOT a major export of the United States?
- Your Answer
- C. telecommunication equipment
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which of the following countries is involved in the North American Free Trade Agreement?
- Your Answer
- D. all of the above
- Question Number 4 Points: 5.00/5.00
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- Which of the following allowed Congress to grant Most Favored Nation status to U.S. trading partners?
- Your Answer
- B. Reciprocal Trade Agreement Act
- Question Number 5 Points: 5.00/5.00
- Question Text
- Which of the following is NOT a type of trade barrier?
- Your Answer
- C. exportation taxes
- Question Number 6 Points: 5.00/5.00
- Question Text
- Which of the following is NOT a major import of the United States?
- Your Answer
- A. coal
- Question Number 7 Points: 5.00/5.00
- Question Text
- Which of the following is NOT a major benefit of international trade?
- Your Answer
- B. Countries earn revenues from tariffs that are placed on imported goods
- Question Number 8 Points: 0.00/5.00
- Question Text
- A(n) ______________ advantage is the ability of one person or nation to produce a particular good at a lower cost than another person or nation.
- Your Answer
- C. Protective
- Question Number 9 Points: 5.00/5.00
- Question Text
- Which of the following is a major export of the United States?
- Your Answer
- B. scientific instruments
- Question Number 10 Points: 0.00/5.00
- Question Text
- Which of the following is a major import of the United States?
- Your Answer
- A. Airplanes and parts
- Question Number 1 Points: 5.00/5.00
- Question Text
- Which of the following situations would most likely cause the Fed to increase the money supply?
- Your Answer
- D. when the economy is in a contraction
- Question Number 2 Points: 5.00/5.00
- Question Text
- Which of the following is NOT an action taken by the government to encourage innovation?
- Your Answer
- B. underwriting unemployment insurance programs
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which of the following is a characteristic of discretionary spending?
- Your Answer
- C. the government can decide how to spend the money
- Question Number 4 Points: 5.00/5.00
- Question Text
- Which of the following is known as the research branch of the Federal Reserve?
- Your Answer
- C. Federal Advisory Council
- Question Number 5 Points: 5.00/5.00
- Question Text
- Programs that give eligible citizens certain items for free or at a reduced cost are called
- Your Answer
- B. In-Kind Benefits.
- Question Number 6 Points: 5.00/5.00
- Question Text
- All of the other options that are given up when a business makes one choice over another are called
- Your Answer
- B. trade-offs.
- Question Number 7 Points: 5.00/5.00
- Question Text
- Which of the following is characteristic of insurance?
- Your Answer
- D. Minimizes risk
- Question Number 8 Points: 5.00/5.00
- Question Text
- Which of the following is the name of the law that says that as a country produces less of one product and more of another, there is an increase in the resources needed to expand production of the second product?
- Your Answer
- D. law of increasing costs
- Question Number 9 Points: 5.00/5.00
- Question Text
- Which of the following examples of factors of production will cause a decrease in the production of wheat?
- Your Answer
- A. poor soil nutrition
- Question Number 10 Points: 5.00/5.00
- Question Text
- Which of the following redistribution programs provide medical assistance to those who are disadvantaged or unemployed?
- Your Answer
- B. Medicaid
- Question Number 11 Points: 5.00/5.00
- Question Text
- Which of the following items is a want?
- Your Answer
- C. a new entertainment system
- Question Number 12 Points: 5.00/5.00
- Question Text
- Janel wants to know how a person maintains a good credit rating. How would you answer her question?
- Your Answer
- A. Good credit comes from paying your bills on time and borrowing what you need and can afford.
- Question Number 13 Points: 5.00/5.00
- Question Text
- Which of the following statements regarding command economies is FALSE?
- Your Answer
- D. Self-interest influences the decisions made about production.
- Question Number 14 Points: 5.00/5.00
- Question Text
- Which of the following statements best defines the term economics?
- Your Answer
- A. Economics is the study of the production and distribution of goods and services.
- Question Number 15 Points: 0.00/5.00
- Question Text
- Which level of government usually funds police forces?
- Your Answer
- B. Federal
- Question Number 16 Points: 0.00/5.00
- Question Text
- The law of __________ is defined as the willingness of producers to produce or supply more of a good as the price of the good increases.
- Your Answer
- B. increasing costs
- Question Number 17 Points: 5.00/5.00
- Question Text
- Which of the following entrepreneurs is best known for revolutionizing the communications industry with his inventions?
- Your Answer
- A. Alexander Graham Bell
- Question Number 18 Points: 5.00/5.00
- Question Text
- Expansionary fiscal policies are designed to
- Your Answer
- A. boost the economy.
- Question Number 19 Points: 5.00/5.00
- Question Text
- State governments use taxes to fund which of the following?
- Your Answer
- D. highway construction
- Question Number 20 Points: 5.00/5.00
- Question Text
- Adam Smith said that the free market economy is regulated by
- Your Answer
- C. self-interest and competition.
- Question Number 21 Points: 5.00/5.00
- Question Text
- John Maynard Keynes believed that the economy could be turned around and brought out of a depression by
- Your Answer
- B. increasing government spending.
- Question Number 22 Points: 5.00/5.00
- Question Text
- Which of the following principles of the American Free Enterprise System means that consumers have a wide variety of choices when purchasing goods and services?
- Your Answer
- A. Competition
- Question Number 23 Points: 0.00/5.00
- Question Text
- Some banks charge a fee to have a checking account. Sometimes this is based on a minimum balance. What is the fee called?
- Your Answer
- B. Interest
- Question Number 24 Points: 5.00/5.00
- Question Text
- Which of the following government actions has a direct impact on the protection of consumers?
- Your Answer
- A. Manufacturers are required to put product ingredients on the label.
- Question Number 25 Points: 5.00/5.00
- Question Text
- Which of the following statements is FALSE regarding the self-regulation of the market?
- Your Answer
- B. Producers will increase their prices if they have too many on hand.
- Question Number 26 Points: 5.00/5.00
- Question Text
- Leon found an error on his credit report. Who is ultimately responsible for correcting the error?
- Your Answer
- C. The company that supplied the credit report
- Question Number 27 Points: 2.50/5.00
- Question Text
- Which of the following is an example of a secured loan?
- Your Answer
- 7953893:A. Car loan,7953895:C. Home loan,7953896:D. Student loan
- Question Number 28 Points: 5.00/5.00
- Question Text
- If you were trying to start a railroad, but were unable to because the other railroad in town controlled all the goods and services, which would you ask the Supreme Court to consider?
- Your Answer
- D.
- Sherman Antitrust Act
- Question Number 29 Points: 5.00/5.00
- Question Text
- Mr. Carroll's employer offers great benefits. If he works for the company a minimum of 20 years, the company will continue to pay him some of his pay after he stops working. What benefit is being described?
- Your Answer
- B. Pension
- Question Number 30 Points: 0.00/5.00
- Question Text
- Which of the following is NOT a principle of the American Free Enterprise System?
- Your Answer
- B. Self-Interest
- Question Number 31 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of security?
- Your Answer
- A. The government provides an unemployment insurance program.
- Question Number 32 Points: 5.00/5.00
- Question Text
- Which level of government usually funds community recreation areas like parks and swimming pools?
- Your Answer
- A. Local
- Question Number 33 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of efficiency?
- Your Answer
- B. A country understands how to best utilize its resources to reach maximum output.
- Question Number 34 Points: 0.00/5.00
- Question Text
- The study of economics involves which of the following?
- Your Answer
- D. studying the impact of humans on the environment
- Question Number 35 Points: 5.00/5.00
- Question Text
- What are some important features of the Keating-Owen Act of 1916?
- Your Answer
- B.
- Child labor laws are enacted.
- Question Number 36 Points: 5.00/5.00
- Question Text
- Miko is currently renting an apartment, but would love to own her own home in the near future. Which of the following does she need to add to her savings plan to assist her in buying a home?
- Your Answer
- C. Major purchases
- Question Number 37 Points: 5.00/5.00
- Question Text
- In a ____________ economy, some government involvement in the economy is evident.
- Your Answer
- D. mixed
- Question Number 38 Points: 5.00/5.00
- Question Text
- Which of the following is NOT a tool used by the Federal Reserve to implement monetary policy?
- Your Answer
- A. buying and selling foreign stocks
- Question Number 39 Points: 5.00/5.00
- Question Text
- Which of the following entrepreneurs is best known for making computers easy enough for anyone to use?
- Your Answer
- C. Bill Gates
- Question Number 40 Points: 5.00/5.00
- Question Text
- Which statement best describes a mixed economy?
- Your Answer
- B. There is a free market with limited involvement from the government
- Question Number 41 Points: 5.00/5.00
- Question Text
- Shari just finished paying all of her monthly bills. She has $350.00 left over. Which of the following best describes Shari's left over money?
- Your Answer
- A. Discretionary income
- Question Number 42 Points: 5.00/5.00
- Question Text
- Mikayla wants to establish good credit. Which of the following is a wise way to do that?
- Your Answer
- 7952993:A. Ask for a low credit card limit so she is not tempted to spend beyond her means,7952996:D. Use a credit card to purchase items that she can afford to pay back before interest is added to her payments
- Question Number 43 Points: 5.00/5.00
- Question Text
- Which benefit of the American Free Enterprise System is best represented by the following statement? "American consumers are kept from purchasing products that could cause them serious injury or illness."
- Your Answer
- C. Government Protection
- Question Number 44 Points: 0.00/5.00
- Question Text
- Which of the following is NOT an example of a market?
- Your Answer
- C. a garage sale
- Question Number 45 Points: 5.00/5.00
- Question Text
- While shopping you discover that your favorite department store has lowered the price on a new MP3 player that you wanted to buy. You rush into the store, only to find that they are sold out. What concept does this scenario illustrate?
- Your Answer
- C. Shortage
- Question Number 46 Points: 0.00/5.00
- Question Text
- What were the results of the Supreme Court ruling in Dartmouth College v. Woodward?
- Your Answer
- B.
- Congress could regulate the profits of businesses.
- Question Number 47 Points: 0.00/5.00
- Question Text
- Which of the following cannot be shown on a production possibilities graph?
- Your Answer
- D. opportunity cost
- Question Number 48 Points: 5.00/5.00
- Question Text
- The cost of an economic decision that is the most attractive option that is given up because one choice was made over another. What is this called?
- Your Answer
- A. opportunity cost
- Question Number 49 Points: 0.00/5.00
- Question Text
- The Office of Management and Budget performs which of the following functions?
- Your Answer
- B. vetoes the budget
- Question Number 50 Points: 5.00/5.00
- Question Text
- Which of the following economic goals is a major one of command economies?
- Your Answer
- A. equity
- Question Number 1 Points: 0.00/5.00
- Question Text
- Which economic system combines traditional and free markets with limited government involvement?
- Your Answer
- B. Communism
- Question Number 2 Points: 5.00/5.00
- Question Text
- Which of the economic goals correlates with the explanation "the ability of people to make choices"?
- Your Answer
- D. freedom
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of security?
- Your Answer
- A. The government provides an unemployment insurance program.
- Question Number 4 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of efficiency?
- Your Answer
- B. A country understands how to best utilize its resources to reach maximum output.
- Question Number 5 Points: 5.00/5.00
- Question Text
- How would the government of a mixed economy put money back into the economy?
- Your Answer
- D. Through the purchase of goods and services that are needed in the society
- Question Number 6 Points: 5.00/5.00
- Question Text
- Which goal of the U.S. economy seeks to assure that the number of available jobs increases as the population increases?
- Your Answer
- B. Growth
- Question Number 7 Points: 5.00/5.00
- Question Text
- Which of the following is best described by this statement: "While the public technically owns the factors of production, it is the government that oversees (through planners) the allocation of resources and makes economic decisions.
- Your Answer
- C. socialism
- Question Number 8 Points: 5.00/5.00
- Question Text
- A country decides to produce wool. Which of the following key economic questions does this decision address?
- Your Answer
- A. What should be produced?
- Question Number 9 Points: 5.00/5.00
- Question Text
- Which of the following nations has a completely free market economy?
- Your Answer
- D. None of the above
- Question Number 10 Points: 5.00/5.00
- Question Text
- If the scarcity of a resource causes its price to increase, what will happen to the price of products made from that resource?
- Your Answer
- B. They will increase
- Question Number 11 Points: 5.00/5.00
- Question Text
- Which of the following ensures that consumers will be able to purchase products at the lowest possible price?
- Your Answer
- A. competition
- Question Number 12 Points: 5.00/5.00
- Question Text
- Which of the following is NOT an advantage of command economies?
- Your Answer
- B. Overall economic growth is small.
- Question Number 13 Points: 5.00/5.00
- Question Text
- Which of the following is a trait of communism?
- Your Answer
- C. The government makes all major economic decisions.
- Question Number 14 Points: 5.00/5.00
- Question Text
- Which goal of the U.S. economy makes people feel protected by ensuring the availability of staple products?
- Your Answer
- D. Security
- Question Number 15 Points: 5.00/5.00
- Question Text
- Which of the following is NOT considered a market?
- Your Answer
- B. Standing in an unemployment line.
- Question Number 16 Points: 5.00/5.00
- Question Text
- In a ____________ economy, some government involvement in the economy is evident.
- Your Answer
- D. mixed
- Question Number 17 Points: 5.00/5.00
- Question Text
- Which of the following does NOT describe traditional economies?
- Your Answer
- D. They tend to be focused on individuals rather than family units.
- Question Number 18 Points: 0.00/5.00
- Question Text
- Which of the following economic goals is a major one of command economies?
- Your Answer
- N/A
- Question Number 19 Points: 5.00/5.00
- Question Text
- Which of the following is NOT one of the three key economic questions?
- Your Answer
- C. Who will produce it?
- Question Number 20 Points: 5.00/5.00
- Question Text
- Which of the following is a disadvantage of free market economies?
- Your Answer
- C. Some consumers are not paid fairly and equally.
- Question Number 1 Points: 5.00/5.00
- Question Text
- Which of the following statements is FALSE regarding the self-regulation of the market?
- Your Answer
- B. Producers will increase their prices if they have too many on hand.
- Question Number 2 Points: 5.00/5.00
- Question Text
- Which of the following is NOT an advantage of a free market economy?
- Your Answer
- C. equality
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which of the following economic goals is a major one of command economies?
- Your Answer
- A. equity
- Question Number 4 Points: 5.00/5.00
- Question Text
- In a ____________ economy, some government involvement in the economy is evident.
- Your Answer
- D. mixed
- Question Number 5 Points: 5.00/5.00
- Question Text
- Which of the following usually involves one political party being in control?
- Your Answer
- B. communism
- Question Number 6 Points: 5.00/5.00
- Question Text
- Which of the following statements is TRUE?
- Your Answer
- C. Communism developed from socialism.
- Question Number 7 Points: 5.00/5.00
- Question Text
- What does the term "laissez-faire" mean?
- Your Answer
- B. Hands off
- Question Number 8 Points: 5.00/5.00
- Question Text
- Adam Smith said that the free market economy is regulated by
- Your Answer
- C. self-interest and competition.
- Question Number 9 Points: 5.00/5.00
- Question Text
- Why do markets exist?
- Your Answer
- A. to provide a place for people to trade goods and services
- Question Number 10 Points: 5.00/5.00
- Question Text
- Which of the following statements regarding command economies is FALSE?
- Your Answer
- D. Self-interest influences the decisions made about production.
- Question Number 1 Points: 5.00/5.00
- Question Text
- Which of the economic goals correlates with the explanation "the ability of people to make choices"?
- Your Answer
- D. freedom
- Question Number 2 Points: 5.00/5.00
- Question Text
- A country decides to produce wool. Which of the following key economic questions does this decision address?
- Your Answer
- A. What should be produced?
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of security?
- Your Answer
- A. The government provides an unemployment insurance program.
- Question Number 4 Points: 5.00/5.00
- Question Text
- Which goal of the U.S. economy is important in reducing the amount of wasted resources?
- Your Answer
- A. Efficiency
- Question Number 5 Points: 5.00/5.00
- Question Text
- If the scarcity of a resource causes its price to increase, what will happen to the price of products made from that resource?
- Your Answer
- B. They will increase
- Question Number 6 Points: 5.00/5.00
- Question Text
- The location of resources around the world greatly influences which of the following?
- Your Answer
- D. all of the above
- Question Number 7 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of efficiency?
- Your Answer
- B. A country understands how to best utilize its resources to reach maximum output.
- Question Number 8 Points: 5.00/5.00
- Question Text
- What is the main reason countries must carefully decide how they will produce the items they need?
- Your Answer
- C. Resources are scarce.
- Question Number 9 Points: 5.00/5.00
- Question Text
- Which economic goal creates jobs by generating new technologies?
- Your Answer
- D. Innovation
- Question Number 10 Points: 5.00/5.00
- Question Text
- Which of the following statements describes the economic goal of freedom?
- Your Answer
- A. Consumers can choose where they want to work.
- Question Number 1 Points: 5.00/5.00
- Question Text
- Neil believes that the more credit cards you have in your wallet, the more credit worthy you appear to others. If you were Neil's credit counselor, which of the following statements would you share with him?
- Your Answer
- B. It is more important to take good care of 1 or 2 loans or credit cards, than it is to show you have several.
- Question Number 2 Points: 5.00/5.00
- Question Text
- If a person needs to contact one of the three major credit bureaus, what would be the best ways? (Choose all that apply.)
- Your Answer
- 7953163:B. Company website,7953165:D. Phone
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which of the following are negotiable terms for a loan?
- Your Answer
- 7952973:A. Amount of interest applied to principal,7952975:C. Term of the loan,7952976:D. When repayments begin
- Question Number 4 Points: 0.00/5.00
- Question Text
- Which of the following will reduce the total amount of money you repay to a source of credit?
- Your Answer
- 7952981:A. Long loan term,7952984:D. Some downpayment
- Question Number 5 Points: 5.00/5.00
- Question Text
- Which of the following will increase the total amount of money you repay to a source of credit?
- Your Answer
- 7952986:B. High interest rate,7952988:D. Not meeting payment deadline
- Question Number 6 Points: 5.00/5.00
- Question Text
- Julie doesn't have any money for a house downpayment. How should she expect this to affect the cost of her credit?
- Your Answer
- 7952990:B. She will pay more interest over the loan term.,7952992:D. She will pay more principal over the loan term.
- Question Number 7 Points: 2.50/5.00
- Question Text
- What do you think would happen if you didn't use credit to buy a motorcycle but instead saved for one year to pay with cash?
- Your Answer
- 7952977:A. You would have to budget for the expense.
- Question Number 8 Points: 0.00/5.00
- Question Text
- When reviewing your credit report, which of the following should you make sure of?
- Your Answer
- 7953159:B. The phone numbers for all creditors are listed,7953160:C. Your place of birth is correct,7953161:D. Your information is up-to-date
- Question Number 9 Points: 5.00/5.00
- Question Text
- How often is it recommended that you check your credit report?
- Your Answer
- C. Once a year
- Question Number 10 Points: 5.00/5.00
- Question Text
- Isaiah filed bankruptcy. He knows that this has an adverse effect on his credit rating. How long can he expect this decision to remain on his credit report?
- Your Answer
- B. 7 years
- Question Number 1 Points: 0.00/5.00
- Question Text
- Which of the following terms is defined as a regular payment made by an employer to an employee after he or she stops working?
- Your Answer
- C. Retirement
- Question Number 2 Points: 5.00/5.00
- Question Text
- Which of the following is defined as a payment made to Americans of a certain age in order to help compensate them after they stop working?
- Your Answer
- D. Social Security
- Question Number 3 Points: 3.33/5.00
- Question Text
- Which of the following would you purchase with money saved for major purchases? (Choose all that apply.)
- Your Answer
- 7953583:A. Car,7953585:C. Home
- Question Number 4 Points: 5.00/5.00
- Question Text
- When saving money, what should you save for first?
- Your Answer
- B. Emergency fund
- Question Number 5 Points: 5.00/5.00
- Question Text
- Which of the following would justify using your emergency funds? (Choose all that apply.)
- Your Answer
- 7953580:B. Cover monthly bills in the event you lose your job.,7953581:C. Unexpected medical issues not covered in your monthly budget
- Question Number 6 Points: 0.00/5.00
- Question Text
- When setting up your monthly budget, what is the first thing you should do?
- Your Answer
- D. Set aside your monthly rent or mortgage
- Question Number 7 Points: 5.00/5.00
- Question Text
- Which of the following is defined as a type of investment account that in which a company takes money from an employee's paycheck before taxes and sets it aside for long-term investments until the employee's retirement?
- Your Answer
- A. 401(k) plan
- Question Number 8 Points: 5.00/5.00
- Question Text
- Craig was in a car accident that injured himself and his passenger. What do you predict will happen since Craig didn't buy automobile insurance?
- Your Answer
- 7953774:B. Craig's auto repair expenses won't be paid.,7953775:C. Craig may be liable for his passenger's medical expenses.,7953776:D. Since auto insurance is mandatory in most states, he will probably have to pay fines or serve jail time.
- Question Number 9 Points: 1.66/5.00
- Question Text
- Which of the following could affect the cost of a person's insurance premium?
- Your Answer
- 7953781:A. The beneficiary's age,7953782:B. The cost of the deductible,7953783:C. The insured person's age
- Question Number 10 Points: 5.00/5.00
- Question Text
- Mariah tripped over her front porch step, fell, and broke her chin. What do you predict will happen since Mariah couldn't afford to buy health insurance?
- Your Answer
- 7953779:C. She will have to pay for her medical expenses with her own money.,7953780:D. She will incur debt because medical care is so costly.
- Question Number 1 Points: 5.00/5.00
- Question Text
- Margie recently moved to New York from Alabama. New York has a higher cost of living. What will Margie need to do to ensure that she will have the same standard of living that she had in Alabama?
- Your Answer
- C. She will need to find a job that pays more than what she made when she lived in Alabama.
- Question Number 2 Points: 0.00/5.00
- Question Text
- Which of the following is an example of earned income?
- Your Answer
- 8051458:A. Investment from a rental property
- Question Number 3 Points: 5.00/5.00
- Question Text
- Which fee could be charged if you spend more money than you have in your checking account?
- Your Answer
- C. Overdraft fee
- Question Number 4 Points: 0.00/5.00
- Question Text
- Mr. McKinney doesn't want to work for the rest of his life. He has decided to invest some money each month in a retirement plan. This will allow him to live comfortably after he stops working. Mr. McKinney's monthly contribution to the retirement plan is an example of what type of income?
- Your Answer
- D. Unearned income
- Question Number 5 Points: 5.00/5.00
- Question Text
- What does ATM stand for?
- Your Answer
- C. Automated teller machine
- Question Number 6 Points: 5.00/5.00
- Question Text
- Which of the following is best defined as the material comfort that an individual family or society has attained?
- Your Answer
- C. Standard of living
- Question Number 7 Points: 0.00/5.00
- Question Text
- Marco's checking account requires him to keep a high balance. If he does this he, will earn interest. What type of checking account does Marco have?
- Your Answer
- C. Low-interest
- Question Number 8 Points: 0.00/5.00
- Question Text
- In which of the following ways can a person earn an income?
- Your Answer
- 8051454:A. Investment ,8051455:B. Salary ,8051457:D. Wage
- Question Number 9 Points: 0.00/5.00
- Question Text
- Most banks will provide a list of the costs associated with your account. What is this list called?
- Your Answer
- B. Check charges
- Question Number 10 Points: 5.00/5.00
- Question Text
- Which of the following is defined as a form of banking in which funds are transferred by a computer rather than going into the bank?
- Your Answer
- C. Electronic banking
- Question Number 1 Points: 1.00/1.00
- Question Text
- Quantities listed in market demand schedules are ______________ those found in individual demand schedules.
- Your Answer
- B. larger than
- Question Number 2 Points: 0.00/1.00
- Question Text
- Which of the following is NOT a major import of the United States?
- Your Answer
- C. power-generating machinery
- Question Number 3 Points: 0.00/1.00
- Question Text
- Which exchange rate system has made international trade easier and allows for fluctuations in currency values on a day-to-day basis?
- Your Answer
- C. secure exchange rate system
- Question Number 4 Points: 1.00/1.00
- Question Text
- What is the name given to unemployment that occurs because people do not have the required job skills?
- Your Answer
- D. structural
- Question Number 5 Points: 1.00/1.00
- Question Text
- Which of the following is NOT a function of a 21st century bank?
- Your Answer
- C. accept tax payments
- Question Number 6 Points: 1.00/1.00
- Question Text
- During recessions, unemployment
- Your Answer
- A. increases
- Question Number 7 Points: 1.00/1.00
- Question Text
- Which of the following statements best explains the term inflation?
- Your Answer
- C. Inflation is the increase of prices over time.
- Question Number 8 Points: 0.00/1.00
- Question Text
- Which goal of the U.S. economy is characterized by the maximum utilization of resources?
- Your Answer
- A. growth
- Question Number 9 Points: 1.00/1.00
- Question Text
- Investing has little influence on the overall state of the nation.
- Your Answer
- False
- Question Number 10 Points: 1.00/1.00
- Question Text
- Which of the following financial institutions is known as a cooperative association?
- Your Answer
- B. credit unions
- Question Number 11 Points: 1.00/1.00
- Question Text
- The decisions of financial institutions affect consumer spending.
- Your Answer
- True
- Question Number 12 Points: 1.00/1.00
- Question Text
- The location where the quantity supplied and the quantity demanded meet on a graph is called
- Your Answer
- B. equilibrium.
- Question Number 13 Points: 1.00/1.00
- Question Text
- As prices rise, producers will increase production of a product because
- Your Answer
- C. they want to obtain higher profits.
- Question Number 14 Points: 0.00/1.00
- Question Text
- Which of the following organizations conducts economic research, maintains a list of leading economic indicators, and publishes monthly economic reports?
- Your Answer
- B. Economic Data Board
- Question Number 15 Points: 1.00/1.00
- Question Text
- Which of the following is NOT a major U.S. trading partner?
- Your Answer
- C. North Korea
- Question Number 16 Points: 1.00/1.00
- Question Text
- Which of the following is considered a low-risk investment?
- Your Answer
- B. certificates of deposit
- Question Number 17 Points: 1.00/1.00
- Question Text
- Municipal bonds are issued by
- Your Answer
- A. state and local governments.
- Question Number 18 Points: 1.00/1.00
- Question Text
- Answer the following question using the market supply curve that appears below.
- ECO_U5exam_question10
- Click here for a long description of the image above.
- How many video games will producers supply at $8.00 per game?
- Your Answer
- A. 200
- Question Number 19 Points: 0.00/1.00
- Question Text
- Which of the following statements is FALSE?
- Your Answer
- C. Market supply schedules include all firms that sell a product in one market.
- Question Number 20 Points: 1.00/1.00
- Question Text
- Which of the following involves government payments to suppliers?
- Your Answer
- B. subsidies
- Question Number 21 Points: 0.00/1.00
- Question Text
- Which of the following is NOT a characteristic of a partnership?
- Your Answer
- C. Partners share responsibilities
- Question Number 22 Points: 1.00/1.00
- Question Text
- What might government leaders do to counteract the effects of inflation?
- Your Answer
- D. all of the above
- Question Number 23 Points: 0.00/1.00
- Question Text
- Which of the following is an example of an oligopoly?
- Your Answer
- B. Smith Jewelers
- Question Number 24 Points: 0.00/1.00
- Question Text
- Which of the following is NOT a characteristic of a developed country?
- Your Answer
- B. high literacy rates
- Question Number 25 Points: 0.00/1.00
- Question Text
- Which export from the United States is most important to China?
- Your Answer
- C. Electronics
- Question Number 26 Points: 1.00/1.00
- Question Text
- Which of the following are factors that can cause a shift in quantity supplied?
- Your Answer
- D. production increases and establishment of new companies
- Question Number 27 Points: 0.00/1.00
- Question Text
- The government calculates the unemployment rate by
- Your Answer
- D. none of the above
- Question Number 28 Points: 1.00/1.00
- Question Text
- The cost of rising resources causing the cost of finished products to push upward is one cause of inflation.
- Your Answer
- True
- Question Number 29 Points: 1.00/1.00
- Question Text
- Which of the following is described by this statement?
- As the prices of some goods rise, consumers cut back on the amount of items that they normally purchase and demand for these goods decreases.
- Your Answer
- B. income effect
- Question Number 30 Points: 1.00/1.00
- Question Text
- Partnerships in which only one person takes responsibility and the rest of the partners provide only money is called
- Your Answer
- B. limited partnership.
- Question Number 31 Points: 1.00/1.00
- Question Text
- Which of the following factors can negatively affect development?
- Your Answer
- D. All of the above
- Question Number 32 Points: 1.00/1.00
- Question Text
- An investor owns a piece of the company when he/she buys
- Your Answer
- D. stocks.
- Question Number 33 Points: 1.00/1.00
- Question Text
- A majority of all the financial institutions in the United States are
- Your Answer
- A. Commercial Banks
- Question Number 34 Points: 0.00/1.00
- Question Text
- Which of the following is NOT a BENEFIT of having a sole proprietorship?
- Your Answer
- C. Individual keeps all of the profits.
- Question Number 35 Points: 0.00/1.00
- Question Text
- What is it called when a country can produce an item at a lower opportunity cost?
- Your Answer
- A. absolute advantage
- Question Number 36 Points: 1.00/1.00
- Question Text
- What is a disadvantage to high tariffs on imports?
- Your Answer
- C. Foreign countries retaliate by imposing high tariffs on American exports
- Question Number 37 Points: 0.00/1.00
- Question Text
- What is the goal of the Federal Reserve?
- Your Answer
- D. Decrease the value of money
- Question Number 38 Points: 1.00/1.00
- Question Text
- Which of the following economic institutions aids less developed countries by providing loans for economic development?
- Your Answer
- B. World Bank
- Question Number 39 Points: 1.00/1.00
- Question Text
- Which of the following statements about the World Bank is FALSE?
- Your Answer
- D. It receives loans from developed countries
- Question Number 40 Points: 1.00/1.00
- Question Text
- Individual Demand Schedule
- Price of Peanut Butter Clusters Quantity Demanded per Day
- $1.00 4
- $2.00 3
- $3.00 2
- $4.00 1
- $5.00 0
- Market Demand Schedule
- Price of Peanut Butter Clusters Quantity Demanded per Day
- $1.00 250
- $2.00 200
- $3.00 150
- $4.00 100
- $5.00 50
- Looking at the individual demand schedule above, how many boxes of peanut butter clusters does the individual demand per at $4.00 per box?
- Your Answer
- A. 1
- Question Number 41 Points: 1.00/1.00
- Question Text
- If demand decreases, producers will decrease prices to
- Your Answer
- A. get people to buy their goods.
- Question Number 42 Points: 1.00/1.00
- Question Text
- What is it called when GDP figures decline but prices rise?
- Your Answer
- A. stagflation
- Question Number 43 Points: 1.00/1.00
- Question Text
- An industry that has four large firms that provide ______ of the supply of the product is called an oligopoly.
- Your Answer
- A. 75%
- Question Number 44 Points: 1.00/1.00
- Question Text
- Which of the following is NOT a characteristic of a horizontal merger?
- Your Answer
- D. government controlled
- Question Number 45 Points: 1.00/1.00
- Question Text
- In the long term, the elasticity of supply is affected most by
- Your Answer
- A. time.
- Question Number 46 Points: 1.00/1.00
- Question Text
- In terms of the law of demand, which of the following is said to occur when the price of a good increases?
- Your Answer
- C. The quantity demanded decreases.
- Question Number 47 Points: 1.00/1.00
- Question Text
- Which of the following is a factor that influences the business cycle?
- Your Answer
- B. interest rates on loans
- Question Number 48 Points: 1.00/1.00
- Question Text
- What is it called when countries block the importation of certain products into their country?
- Your Answer
- B. trade barrier
- Question Number 49 Points: 1.00/1.00
- Question Text
- When someone chooses to purchase one item over another because it is cheaper, this is known as the
- Your Answer
- A. Substitution Effect.
- Question Number 50 Points: 1.00/1.00
- Question Text
- Click here for a long description of the image above.
- Looking at the demand curve above, at what price does the customer demand 2 boxes of peanut butter clusters per day?
- Your Answer
- C. $3.00
- Question Number 1 Points: 1.00/1.00
- Question Text
- Which of the following was known as the father of economics?
- Your Answer
- B. Adam Smith
- Question Number 2 Points: 1.00/1.00
- Question Text
- Using the factors of production to produce one item means there are ________ resources to use in the production of another.
- Your Answer
- B. less
- Question Number 3 Points: 1.00/1.00
- Question Text
- Which of the following is NOT a source of tax revenue of the federal government?
- Your Answer
- A. sales taxes
- Question Number 4 Points: 1.00/1.00
- Question Text
- Jacquelin's weekly income is $750. If she saves 25% of her weekly income, how much money does she set aside for her weekly expenses?
- Your Answer
- C. $562.50
- Question Number 5 Points: 0.00/1.00
- Question Text
- Which of the following is an example of exempt property?
- Your Answer
- C. Television sets
- Question Number 6 Points: 1.00/1.00
- Question Text
- Congress can override the President's veto of the budget by
- Your Answer
- B. a 2/3 majority vote.
- Question Number 7 Points: 1.00/1.00
- Question Text
- Which of the following is NOT an example of a public good?
- Your Answer
- D. underwater theatre
- Question Number 8 Points: 1.00/1.00
- Question Text
- Which of the following terms is defined as the point in your life when you stop working to earn money?
- Your Answer
- C. Retirement
- Question Number 9 Points: 0.00/1.00
- Question Text
- Who presents the final federal budget to Congress at the beginning of the calendar year?
- Your Answer
- D. the Office of Management and Budget
- Question Number 10 Points: 0.00/1.00
- Question Text
- In which of the following circumstances would it be wise to take out a payday loan?
- Your Answer
- D. You want to spend more at the grocery store than you normally do this week.
- Question Number 11 Points: 0.00/1.00
- Question Text
- Which program is funded by contributions from employers only?
- Your Answer
- D. All of the above
- Question Number 12 Points: 1.00/1.00
- Question Text
- Which of the economic goals correlates with the explanation "decisions about how much workers should receive in income"?
- Your Answer
- B. equity
- Question Number 13 Points: 1.00/1.00
- Question Text
- Karl wants to know how much money is taken out of his paycheck every two weeks to cover the Social Security deduction. How is this deduction labeled?
- Your Answer
- B. FICA
- Question Number 14 Points: 1.00/1.00
- Question Text
- If the scarcity of a resource causes its price to increase, what will happen to the price of products made from that resource?
- Your Answer
- B. They will increase
- Question Number 15 Points: 1.00/1.00
- Question Text
- All economic questions and problems arise from
- Your Answer
- C. scarcity.
- Question Number 16 Points: 0.00/1.00
- Question Text
- Which of the following is NOT an example of a market?
- Your Answer
- B. a bulletin board that contains advertisements
- Question Number 17 Points: 1.00/1.00
- Question Text
- Which of the following does the Web site GuideStar provide?
- Your Answer
- D. Reviews of charitable organizations' effectiveness
- Question Number 18 Points: 0.00/1.00
- Question Text
- What is required for trading and banking to occur?
- Your Answer
- C.
- Small budget deficit
- Question Number 19 Points: 1.00/1.00
- Question Text
- A major retailer is offering you credit to buy a stove and refrigerator, which you need for your new apartment. The retailer's loan offer includes deferred interest for six months. The principal repayment will begin one month from purchase. In which of the following situations would it be wise to accept this credit?
- Your Answer
- C. If you earned enough money to pay back the full loan within the loan term
- Question Number 20 Points: 0.00/1.00
- Question Text
- Maggie borrowed $1700.00 from her bank. What is the amount Maggie borrowed called?
- Your Answer
- D. Term of the loan
- Question Number 21 Points: 1.00/1.00
- Question Text
- George is asked to make a copy of a computer program without paying for it. He refuses, knowing that he can't violate which clause of the U.S. Constitution?
- Your Answer
- C. Copyright Clause
- Question Number 22 Points: 1.00/1.00
- Question Text
- Which principle of the American Free Enterprise System is best represented by the following statement? "Buyers and sellers can easily buy and sell goods."
- Your Answer
- D. Voluntary Exchange
- Question Number 23 Points: 1.00/1.00
- Question Text
- Which of the following is the biggest source of revenue for local governments?
- Your Answer
- B. property taxes
- Question Number 24 Points: 1.00/1.00
- Question Text
- Which of the following will cause shifts in the quantity of a product supplied?
- Your Answer
- C. both a and b
- Question Number 25 Points: 1.00/1.00
- Question Text
- Which of the following is defined as selling something for more than you paid for it?
- Your Answer
- D. Profit
- Question Number 26 Points: 0.00/1.00
- Question Text
- Which of the following is a priority in a command economy?
- Your Answer
- D. Quality of Production
- Question Number 27 Points: 1.00/1.00
- Question Text
- Which goal of the U.S. economy seeks to compensate workers appropriately for the tasks they perform?
- Your Answer
- B. Equity
- Question Number 28 Points: 0.00/1.00
- Question Text
- What happens if you do not put enough money in your escrow account?
- Your Answer
- A. Your interest rate will increase
- Question Number 29 Points: 1.00/1.00
- Question Text
- Lance pays installments of $100 four times a year for life insurance. What is the amount of $100?
- Your Answer
- D. Premium
- Question Number 30 Points: 0.00/1.00
- Question Text
- Jaycee's checking account requires that she have her paychecks direct deposited. Additionally, if she uses the teller in person, she will be charged a fee. What type of checking account does she most likely have?
- Your Answer
- B. Free
- Question Number 31 Points: 1.00/1.00
- Question Text
- Which of the following would you recommend to a person if they need to get out of their lease?
- Your Answer
- C. Write a letter addressed to the landlord 30 days before the lease is over saying you will not be renewing your lease.
- Question Number 32 Points: 0.00/1.00
- Question Text
- Gross pay is also known as which of the following?
- Your Answer
- C. Net pay
- Question Number 33 Points: 1.00/1.00
- Question Text
- The study of economics involves looking at
- Your Answer
- D. unlimited wants and limited resources
- Question Number 34 Points: 1.00/1.00
- Question Text
- According to Adam Smith, what is the best way to generate wealth?
- Your Answer
- D.
- Private property rights.
- Question Number 35 Points: 1.00/1.00
- Question Text
- Jenny needs to take two weeks off from work because she injured her wrist from typing for hours each day at her job. What is Jenny's condition called?
- Your Answer
- A. Disability
- Question Number 36 Points: 1.00/1.00
- Question Text
- Who made manufacturing more efficient by inventing the assembly line?
- Your Answer
- C. Henry Ford
- Question Number 37 Points: 1.00/1.00
- Question Text
- Which of the following would an economist say motivates a man who builds chairs and sells them to the public?
- Your Answer
- B. self-interest
- Question Number 38 Points: 1.00/1.00
- Question Text
- Adam Smith developed an important economic theory that does what?
- Your Answer
- D. links unintended consequences and their impact on how society functions.
- Question Number 39 Points: 1.00/1.00
- Question Text
- Holiday and sick pay are known as which of the following?
- Your Answer
- A. Employee benefits
- Question Number 40 Points: 1.00/1.00
- Question Text
- Nia spends $35.00 to make one handmade purse. Since business has been slow lately, Nia is selling her purses for $30.00. Which of the following is this scenario an example of?
- Your Answer
- B. Loss
- Question Number 41 Points: 1.00/1.00
- Question Text
- Identify the following: Maria donates a piano to a local school.
- Your Answer
- A. Gift-in-kind
- Question Number 42 Points: 1.00/1.00
- Question Text
- Which of the following is NOT a function of the Federal Reserve?
- Your Answer
- D. supervising the New York Stock Exchange
- Question Number 43 Points: 0.00/1.00
- Question Text
- Which of the following refers to built-up interest?
- Your Answer
- C. Compound interest
- Question Number 44 Points: 1.00/1.00
- Question Text
- Which of the following actions of the Fed is performed most often?
- Your Answer
- B. conducting open market operations
- Question Number 45 Points: 1.00/1.00
- Question Text
- Which entrepreneur invented the color television set?
- Your Answer
- C. Peter Carl Goldmark
- Question Number 46 Points: 0.00/1.00
- Question Text
- Which statement best describes a mixed economy?
- Your Answer
- C. The people control the means of production and the government controls the markets
- Question Number 47 Points: 0.00/1.00
- Question Text
- Which of the following government-sponsored economic assistance programs was created in response to the Great Depression of the 1930s?
- Your Answer
- D. Temporary Assistance for Needy Families
- Question Number 48 Points: 0.00/1.00
- Question Text
- Which of the following is true about your credit rating?
- Your Answer
- C. It ranks everyone that has credit from highest to lowest.
- Question Number 49 Points: 1.00/1.00
- Question Text
- Up to what amount does the FDIC insure checking accounts?
- Your Answer
- D. $250,000
- Question Number 50 Points: 0.00/1.00
- Question Text
- Every month Jon saves $350.00. If he earns 2.5% interest on this amount, how much will he have saved in a year?
- Your Answer
- B. $2,795.00
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