What type of economy uses simple tools and methods to harvest and hunt for food and often results in little economic growth.
a. Command
b. Free Market
c. Mixed
d. Traditional
100
c. salaries increase more as each level of education increases
What happens as the level of education increases?
a. salaries remain the same
b. salaries grow at the same rate for each level of education
c. salaries increase more as each level of education increases
100
b. scarcity
What economic principle describes a limited amount of lack of something?
a. supply and demand
b. scarcity
c. surplus
d. recession
100
F. Preserve Competition
A plastics company cuts costs and gains control of the plastics market in the United States.
The federal government would investigate this company’s practices (above) in order to—
F. Preserve Competition
G. Conserve resources
H. Protect Workers’ Rights
J. Safeguard International Trade
100
F. Merger
Two businesses combining into one is an example of a:
F. Merger
G. Acquisition
H. Settlement
J. Split
200
a. government regulation
Which of the following has the biggest impact on determining types of economic systems?
a. government regulation
b. industrial productivity
c. business profit
d. consumer care
200
a. proprietorship
What term describes a company that is authorized to operate as a legal person?
a. proprietorship
b. entrepreneur
c. partnership
d. corporation
200
c. what, how, whom
What are the three basic economic questions you should know in order to be successful?
a. what, where, whom
b. how, whom, when
c. what, how, whom
d. what, why, whom
200
H. The law stating that the government cannot at any time interfere with a businesses activity
What does the word "Laissez Faire" mean?
E. The philosophy that government should not interfere with business activity
F. The law stating that the government can at any time interfere with a businesses activity
G. The philosophy that individuals should not interfere with government activity
H. The law stating that the government cannot at any time interfere with a businesses activity
200
d. a situation in which the quantity supplied is greater than the quantity demanded at a given price
What is surplus?
a. situation in which quality supplied is not met by the manufacturer
b. a situation in which the quality demanded is greater than the quality demanded at a given price
c. a situation in which the quality supplied is less than the quantity demanded at a given price
d. a situation in which the quantity supplied is greater than the quantity demanded at a given price
300
d. traditional, command, market
What are three types of economic systems?
a. market, traditional, competitive
b. traditional, competitive, market
c. command, competitive, traditional
d. traditional, command, market
300
b. interest payments
Consumer Bank Savings and Loans Consumer Savings
Deposits and _______?
Which incentive best completes the diagram?
a. dividend payments
b. interest payments
c. bonuses
d. salaries
300
a. circular flow model
What model shows the exchange of money and goods between households, governments and businesses?
a. circular flow model
b. economic business model
c. supply and demand economic model
d. recession economic model
300
c. food and drug administration
What is the FDA?
a. flooding and damage association
b. federal drug administration
c. food and drug administration
d. federal department of aviation
300
a. extra cost of producing one additional unit of production
What is marginal cost?
a. extra cost of producing one additional unit of production
b. additional cost associated with lack of demand
c. cost above and beyond normal associated costs
d. cost formed by excess production
400
c. socialism
Cuba, North Korea and China are all types of which economic system?
a. capitalism
b. traditional
c. socialism
d. market
400
D. A period during which real GDP declines for 2 quarters in a row, or 6 consecutive months
19. What is a recession?
A. A period during which real GDP increases for 2 quarters in a row, or 6 consecutive months
B. A period during which real GDP declinces for 6 quarters in a row, or 2 consecutive months
C. A period during which real GDP increases for 6 quarters in a row, or 2 consecutive months
D. A period during which real GDP declines for 2 quarters in a row, or 6 consecutive months
400
a. a situation in which prices are relatively stable
What is equilibrium?
a. a situation in which prices are relatively stable
b. a situation in which prices are very unreliable
c. a situation in which prices fluctuate
d. a situation in which prices are very unstable
400
b. an act to protect trade and commerce against unlawful restraint and monopoly
What is the Sherman Anti-trust act?
a. An act which put in place the monopolistic ideals of many businesses today
b. an act to protect trade and commerce against unlawful restraint and monopoly
c. an act that abolished the right to trade with foreign countries anything that was made on US soil
d. an act that caused trade and commerce to nearly cease
400
F. Develop computer software
Advances in technology have increased the number of people needed to —
F. Develop computer software
G. Teach children in school
H. Work on assembly lines
J. Serve in the military
500
c. consumer sovereignty
What economic principle of a free enterprise system implies that the consumer has the ultimate say in what and how much is being produced in the economy?
a. profit margin
b. opportunity cost
c. consumer sovereignty
d. central planning
500
A. A situation in which prices are relatively stable
What is equilibrium?
A. A situation in which prices are relatively stable
B. A situation in which prices are very unreliable
C. A situation in which prices always fluctuate
D. A situation in which prices are very unstable
500
d. a situation in which the quantity supplied is greater than the quantity demanded at a given price
What is surplus?
a. situation in which the quality supplied is not met by the manufacturer
b. a situation in which the quality demanded is greater than the quality demanded at a given price
c. a situation in which the quality supplied is less than the quantity demanded at a given price
d. a situation in which the quantity supplied is greater than the quantity demanded at a given price
500
a. securities and exchange commission
What does the SEC stand for?
a. securities and exchange commission
b. safety and exemption committee
c. security of environment commission
d. securities and foreign exchange committee
500
G. Self-Assessment
What is the first step in career planning?
F. Marketing
G. Self-Assessment
H. Interviewing
K. Job search