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Economics Review Part 2

Quiz by Thomas Calder

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12 questions
Show answers
  • Q1
    The use of technology can help to...
    encourage saving and investing
    encourage central ownership of property and resources
    lower the cost of production
    raise the cost of production
    30s
  • Q2
    Worldwide markets in which the buying and selling of goods and services by all nations takes place is referred to as:
    Exchange
    Securities Brokerages
    Global Economy
    Bartering
    30s
  • Q3
    All of the following are examples of reasons states and nations trade with other countries EXCEPT:
    To create jobs
    To obtain goods and services they cannot produce efficiently themselves
    To sell goods and services within their own country
    To buy goods and services at a lower cost
    30s
  • Q4
    Banks, Savings and Loans, Credit Unions, and Securities Brokerages would fall under the category of:
    Private Financial Institutions
    Corporations
    Divisions of the Federal Reserve
    Partnerships
    30s
  • Q5
    What is the purpose of private financial institutions?
    To help employ consumers
    To receive deposits and make loans
    To maintain stability in the economy
    To help the Federal Reserve
    30s
  • Q6
    What do businesses provide households with?
    Income and goods/services
    Taxes and goods/services
    Taxes and Income
    Income and goods/services
    30s
  • Q7
    Which of the following would be the best example of how the government takes part in economic (circular) flow?
    Buy resources and make products
    Sell goods and services for profit
    Uses tax revenue to provide goods and services
    Save money in a bank
    30s
  • Q8
    In what type of business can many people buy shares of partial ownership? They all share the risk and the profits are distributed among many owners.
    Corporation
    Partnership
    Financial Institution
    Proprietorship
    30s
  • Q9
    In this type of business, there is one owner and that person keeps all of the profits.
    Financial Institution
    Corporation
    Proprietorship
    Partnership
    30s
  • Q10
    What are the functions of the Federal Reserve?
    passing laws and maintaining global markets
    protecting the environment and disrupting monopolies
    manage the amount of money in the economy, maintain the value of the dollar, and regulate banks
    collect taxes and preparing the national budget
    30s
  • Q11
    What is the key factor in determining the type of economy that a government has?
    amount of corporate ownership
    level of government involvement
    population of a country
    amount of resources a country has available
    30s
  • Q12
    In response to consumer sovereignty, most decisions regarding the production of goods and services are made ___________.
    by the public sector
    by the government
    by the producer
    by the workers
    30s

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