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EPF Module - Economic Exam (50 Questions)
Quiz by Pa'Trice Day Owens
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50 questions
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- Q1Which is not a type of economic system?pure economycommand economytraditional economymarket economy60s
- Q2In a market economy, prices and wages are determined by ______.inflationsupply and demandbarteringsuppliers and taxes60s
- Q3Which of the following is NOT a depository institution?credit unionssavings and loan associationscommercial banksinvestment banks60s
- Q4The regulatory agency that oversees NON-DEPOSITORY institutions is the ______.Securities and Exchange CommissionFederal Trade CommissionFederal Deposit Insurance CommissionFederal Reserve Board60s
- Q5Tax benefits are an incentive sometimes offered by ______.businessescitizensthe governmentconsumers60s
- Q6An example of an incentive a business might offer to consumers is a ______."children eat free" promotiontax-deferred retirement accountfree recycling bintax-free shopping day60s
- Q7The total amount of money in circulation in a country is called _______.fiat moneyusable moneythe money supplythe Federal Budget60s
- Q8When the government spends more money than it gets in revenue, it causes _______.a budget surplusinflationa budget deficitdeflation60s
- Q9The federal regulatory agency that guides monetary policy is the _______.Federal Trade CommissionSecurities and Exchange CommissionFood and Drug AdministrationThe Federal Reserve60s
- Q10The exclusive right granted to an author for his work is known as ______.a trademarkintellectual propertya patenta copyright60s
- Q11Each of the following is used to measure how well the economy is doing EXCEPT _______.the Gross Domestic Product (GDP)inflation ratesunemployment ratesthe Consumer Price Index (CPI)60s
- Q12What is a manufacturer's goal when using specialization?multitasking employeesincreased productivitycheaper laborproduction of a single product60s
- Q13The main segments of the business cycle go in order of _______.expansion, recession, trough, recoveryexpansion, recession, recoverytrough, expansion, recession, recoveryrecovery, expansion, trough, recession60s
- Q14The main reason why there is cooperation of trading among nations is ________.inflation and deflationfree trade agreementsscarcity of resourcespolitical unions60s
- Q15Each of the following is a form of protectionism EXCEPT _________.trade agreementsquotasembargostariffs60s