Multiple Choice Questions

An income is measured as
  • not the amount produced slightly changes with the price.the amount consumed slightly changes with the price.
  • not temporarily stop paying debts.receive credit in an emergency.
  • not the balance of trade with other countries.any economic growth or shrinkage.
  • not any money received at any time.an amount received in a specific period.
It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. The $15 and discontinuation of shirt production are represented by which of the following sets of terms?
  • reducing the risk for consumers.
  • the US dollar has become stronger in value.
  • not total supply.total output.
  • production cost; opportunity cost
A mixed-market economy is one in which
  • there are strict limits on economic choice.
  • finding customers in other countries.
  • not short-term goal.net income.
  • A scholarship is aid given to a student by an institution.
Jacob is considering buying a new car. Which nonrenewable resource should influence the decision?
  • labor
  • kept by banks for a longer time period.
  • $645.00
  • index
Total output is a synonym for
  • a serious depression.
  • not W-2 form.tax return.
  • not gross domestic product.aggregate supply.
  • not excise tax.income tax.
The higher a country's gross domestic product (GDP), the more likely it is that the country
  • kept by banks for a longer time period.
  • not It transfers to new owners.It continues in business.
  • an office manager or warehouse manager.
  • not is wealthy.is developed.
Which best describes how advertising influences consumer choice in an oligopoly?
  • not Which best describes why a company issues stocks?to raise capital
  • not to limit the sale of foreign goodsto discourage consumers from purchasing foreign goods
  • not Advertising coaxes people to buy new products.Advertising undermines competition.
  • not temporarily stop paying debts.receive credit in an emergency.
Which best describes why governments enact tariffs?
  • A scholarship is aid given to a student by an institution.
  • not to limit the sale of foreign goodsto discourage consumers from purchasing foreign goods
  • not It transfers to new owners.It continues in business.
  • not Which best describes why a company issues stocks?to raise capital
Though it is seen as a last resort, bankruptcy allows a consumer to
  • not Advertising coaxes people to buy new products.Advertising undermines competition.
  • not temporarily stop paying debts.receive credit in an emergency.
  • not It transfers to new owners.It continues in business.
  • not Which best describes why a company issues stocks?to raise capital
If it becomes less expensive to travel overseas from the United States, American tourists are benefiting from the fact that
  • not It transfers to new owners.It continues in business.
  • not a savings and loana retail bank
  • kept by banks for a longer time period.
  • the US dollar has become stronger in value.
Which is the best definition of hyperinflation?
  • not It transfers to new owners.It continues in business.
  • a gradual expansion in the price of goods and services
  • not Which best describes why a company issues stocks?to raise capital
  • not to limit the sale of foreign goodsto discourage consumers from purchasing foreign goods
A low trough is indicative of
  • not gross domestic product.aggregate supply.
  • not excise tax.income tax.
  • lack of resources
  • a serious depression.
This graph demonstrates how
  • not to limit the sale of foreign goodsto discourage consumers from purchasing foreign goods
  • not gross domestic product.aggregate supply.
  • not Advertising coaxes people to buy new products.Advertising undermines competition.
  • not the amount produced slightly changes with the price.the amount consumed slightly changes with the price.
A certificate of deposit pays a higher interest rate than a savings account because the money is
  • reduced government spending
  • finding customers in other countries.
  • kept by banks for a longer time period.
  • not It transfers to new owners.It continues in business.
Economists use GDP to measure
  • not the balance of trade with other countries.any economic growth or shrinkage.
  • not to limit the sale of foreign goodsto discourage consumers from purchasing foreign goods
  • not any money received at any time.an amount received in a specific period.
  • not Which best describes why a company issues stocks?to raise capital
Which best describes what happens to a corporation after its owners retire?
  • not to limit the sale of foreign goodsto discourage consumers from purchasing foreign goods
  • not Advertising coaxes people to buy new products.Advertising undermines competition.
  • not It transfers to new owners.It continues in business.
  • not Which best describes why a company issues stocks?to raise capital
If a computer costs $600.00 and the sales tax rate is 7.5 percent, what is the total cost of the computer?
  • $645.00
  • kept by banks for a longer time period.
  • inelastic
  • reduced government spending
Demand-pull inflation occurs when
  • not Which best describes why a company issues stocks?to raise capital
  • not any money received at any time.an amount received in a specific period.
  • not the price of goods rises suddenly and extremely fast.consumers show an interest in purchasing more goods.
  • not temporarily stop paying debts.receive credit in an emergency.
What is the role of the three questions of economics?
  • changes in production and demand
  • to aid in production decisions
  • interest is paid over a year.
  • sacrifice profits for less risk.
What is one cause of scarcity?
  • lack of resources
  • not excise tax.income tax.
  • a serious depression.
  • not W-2 form.tax return.
An annual percentage rate, or APR, represents how much
  • to aid in production decisions
  • government spending.
  • sacrifice profits for less risk.
  • interest is paid over a year.
Market performance in the United States is tracked using stock , which use formulas to calculate price changes.
  • index
  • labor
  • inelastic
  • $645.00
Daryl would like to open new checking and savings accounts. One of his primary concerns is avoiding bank fees. Which type of banking institution is most suitable for Daryl?
  • not short-term goal.net income.
  • the US dollar has become stronger in value.
  • not total supply.total output.
  • not a savings and loana retail bank
In a competitive market, a computer store offers customers a warranty to help pay for any future damages. This is an example of
  • reducing the risk for consumers.
  • installment; installment
  • the US dollar has become stronger in value.
  • production cost; opportunity cost
John Maynard Keynes developed new economic theories in response to the
  • Great Depression of the 1930s.
  • decreases.
  • He was a philosopher who promoted the idea of free enterprise.
  • not make many businesses more competitive.keep more qualified workers from being hired.
Which best describes why a company issues stocks?
  • not Which best describes why a company issues stocks?to raise capital
  • not Advertising coaxes people to buy new products.Advertising undermines competition.
  • a gradual expansion in the price of goods and services
  • not It transfers to new owners.It continues in business.
In which situation would a savings account be the best investment to earn interest?
  • saving in July to buy holiday gifts in a few months
  • a gradual expansion in the price of goods and services
  • A scholarship is aid given to a student by an institution.
  • an office manager or warehouse manager.
When artists pass away, the supply of their paintings most likely becomes
  • inelastic
  • interest is paid over a year.
  • not alwaysas required
  • labor
An interest in supervising other workers would be useful for someone who wanted to become
  • not is wealthy.is developed.
  • kept by banks for a longer time period.
  • not It transfers to new owners.It continues in business.
  • an office manager or warehouse manager.
Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's
  • not total supply.total output.
  • installment; installment
  • not alwaysas required
  • not a savings and loana retail bank
This document is part of a
  • not W-2 form.tax return.
  • not alwaysas required
  • not gross domestic product.aggregate supply.
  • not excise tax.income tax.
Which statement best explains a scholarship?
  • a gradual expansion in the price of goods and services
  • not Which best describes why a company issues stocks?to raise capital
  • A scholarship is aid given to a student by an institution.
  • not It transfers to new owners.It continues in business.
The law of supply states that as the price of a good declines, the quantity supplied of that good
  • not is wealthy.is developed.
  • inelastic
  • decreases.
  • not make many businesses more competitive.keep more qualified workers from being hired.
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Multiple Choice Questions
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