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Final Review Econ

Quiz by Julie

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40 questions
Show answers
  • Q1
    What protections does OSHA give to people in the United States?
    regulates workplace safety and information about hazards in the workplace.
    regulations about clean environment.
    consumer protection in buying foods.
    protection for certain key industries such as logging.
    20s
  • Q2
    Which of the following is a critical rule for determining whether something is a public good?
    The benefits of the facility are greater for the society than for the individuals using it.
    The total benefits to society are greater than the total cost
    The total cost is small for each individual taxpayer.
    The benefits to each individual who uses the facility is greater than the cost.
    20s
  • Q3
    Which of the following is an example of lower production costs brought about by the use of technology?
    The delivery costs of gasoline to the consumer by diesel trucks.
    The use of email to replace slower surface mail.
    The importing of fresh vegetables from South America rather than canned goods.
    The making of breads and pastries in local shops rather than large bakeries.
    20s
  • Q4
    What is the term for the total value of all goods and services produced in a particular economy?
    standard of living
    gross domestic product
    open market value
    net worth
    20s
  • Q5
    What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?
    sell the goods now and try to invest the money instead of resupplying.
    store goods until the price rises
    store the goods indefinitely regardless of when the price rises.
    sell the goods now but try to get the higher prices for them.
    20s
  • Q6
    What is a factory building an example of?
    an economic trade-off
    physical capital
    technology
    human capital
    20s
  • Q7
    All of the following are examples of financial intermediaries except
    a credit union
    a stock certificate
    a life insurance company
    a finance company
    20s
  • Q8
    The interest rate the bond issuer pays to the bondholder is called the
    coupon rate
    discount rate
    maturity rate
    value rate
    20s
  • Q9
    To finance the building of a new police station, a local government is most likely to issue a
    municipal bond
    money market bond
    treasury bond
    junk bond
    20s
  • Q10
    Which of the following is an example of a barter system?
    Instead of paying for a purchase in Mexico in pesos, you use dollars from the United States.
    Instead of paying the full amount for a car, you pay 10 percent in cash and pay for the rest in monthly installments.
    Instead of paying cash for a computer, you use a credit card.
    Instead of paying rent, you clean the house for the owner.
    20s
  • Q11
    What is the purpose of competition?
    To act as a regulating force in the marketplace.
    To act as a motivating force behind the free market.
    To cause buyers to have to be careful about spending their money.
    To cause producers to attempt to put each other out of business.
    20s
  • Q12
    What does it mean when a person is underemployed?
    The person is looking for work in a a special field.
    the person is not making as much money as they need to live above the poverty level.
    The person has a job but they are overqualified for it.
    The person has been working but is now laid off.
    20s
  • Q13
    How does a natural monopoly function?
    The government supplies all buyers with the product.
    A single firm supplies all the output.
    A few firms are in perfect competition.
    Imperfect competition makes it difficult for firms to do business.
    20s
  • Q14
    Why does government use its powers to make sure that businesses disclose so much information to the public?
    To make buyers more knowledgeable and safer.
    To make it easy for businesses to have good information.
    To make it hard for businesses to make an excess profit.
    To make it easier for consumers to save money.
    20s
  • Q15
    Which of the following is a situation that makes the market behave inefficiently?
    When consumers do not have enough information to make good choices.
    When the market is in perfect competition and prices are high.
    When producers have the power to find out exactly what to produce.
    When both consumers and producers are fully informed about a product.
    20s

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