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EPF Module - Economic Exam (50 Questions)

Quiz by Pa'Trice Day Owens

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50 questions
Show answers
  • Q1
    Which is not a type of economic system?
    pure economy
    command economy
    traditional economy
    market economy
    60s
  • Q2
    In a market economy, prices and wages are determined by ______.
    inflation
    supply and demand
    bartering
    suppliers and taxes
    60s
  • Q3
    Which of the following is NOT a depository institution?
    credit unions
    savings and loan associations
    commercial banks
    investment banks
    60s
  • Q4
    The regulatory agency that oversees NON-DEPOSITORY institutions is the ______.
    Securities and Exchange Commission
    Federal Trade Commission
    Federal Deposit Insurance Commission
    Federal Reserve Board
    60s
  • Q5
    Tax benefits are an incentive sometimes offered by ______.
    businesses
    citizens
    the government
    consumers
    60s
  • Q6
    An example of an incentive a business might offer to consumers is a ______.
    "children eat free" promotion
    tax-deferred retirement account
    free recycling bin
    tax-free shopping day
    60s
  • Q7
    The total amount of money in circulation in a country is called _______.
    fiat money
    usable money
    the money supply
    the Federal Budget
    60s
  • Q8
    When the government spends more money than it gets in revenue, it causes _______.
    a budget surplus
    inflation
    a budget deficit
    deflation
    60s
  • Q9
    The federal regulatory agency that guides monetary policy is the _______.
    Federal Trade Commission
    Securities and Exchange Commission
    Food and Drug Administration
    The Federal Reserve
    60s
  • Q10
    The exclusive right granted to an author for his work is known as ______.
    a trademark
    intellectual property
    a patent
    a copyright
    60s
  • Q11
    Each of the following is used to measure how well the economy is doing EXCEPT _______.
    the Gross Domestic Product (GDP)
    inflation rates
    unemployment rates
    the Consumer Price Index (CPI)
    60s
  • Q12
    What is a manufacturer's goal when using specialization?
    multitasking employees
    increased productivity
    cheaper labor
    production of a single product
    60s
  • Q13
    The main segments of the business cycle go in order of _______.
    expansion, recession, trough, recovery
    expansion, recession, recovery
    trough, expansion, recession, recovery
    recovery, expansion, trough, recession
    60s
  • Q14
    The main reason why there is cooperation of trading among nations is ________.
    inflation and deflation
    free trade agreements
    scarcity of resources
    political unions
    60s
  • Q15
    Each of the following is a form of protectionism EXCEPT _________.
    trade agreements
    quotas
    embargos
    tariffs
    60s

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