A
Which of the following is NOT considered an economic system?
d. none of the options
What is the most important factor in a person credit score?
Payment history
Where is the safest place a person can store money?
Savings account at bank
Something the US buys from another country is considered what?
Import
Tax placed on an imported product is called
tariff
Which term best defines the amount of a good or service that producers are willing and able to sell at various possible prices during a specified period of time?
c. supply
What is it called when quantity supplied equals quantity demanded?
equilibrium
define opportunity cost
cost of the next best alternative
If you start a new business you are a ....
entreprenurship
What’s the branch of economic theory dealing with the economy as a whole and decision making by large units such as governments?
marco economics
Which of these factors of production are workers for a corporation considered as
d. Labor
Which of the following is NOT one of the tools the government uses to stabilize the economy?
c. Reoccurring fiscal stabilizers
18. The unemployment rate underestimates the number of people out of work in the economy
when which of the following occurs?
a. Workers get discouraged and stop looking for jobs
A house is an appreciating asset. What does that mean.
It will most likely increase in value over time
If a country can produce a particular product at less cost than another country with the same amount of resources, it has
absoulute advantage
20. Nations with relatively high standards of living are best defined as
develpoed nations
What is the term for when a company buys out their competition?
horizontal integration
Economics is primarily concerned with which of the following?
b. values and objectives of a society
not being able to have everything we want
Which of the following is not measured in GDP?
A) illegal drug trade
The National Debt is calculated by?
d. all previous National Deficits
who sets monetary policy
FED
The principle that states that the more you have of something, the less satisfaction you will get from an additional unit is the
b. Law of diminishing marginal utility
What is the main difference between stocks and bonds.
You own shares of the company with stocks...bonds are loans you give to a company.
When does the Federal Government begin to charge interest on amounts borrowed on a Direct
Unsubsidized student loan?
a. Immediately, as soon as the first amount is borrowed