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ICEV Consumer Economic Systems Flashcards | StudBud
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ICEV Consumer Economic Systems
ICEV Consumer Economic Systems
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Flashcards
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Questions
10
Answers
1
Which of the following is NOT a way one can participate in the consumer economic system?
Maintaining a checking account
Paying bills
Shopping
Not paying taxes
2
Travel and recreational opportunities is a financial opportunity for the launching economic stage of families.
True
False
3
The Consumer Product Safety Commission is empowered to conduct research on safety and collect data regarding injuries.
False
True
4
Take-home pay minus total living expenses equals money available for savings and investment.
True
False
5
The law of supply is "as the price of any good falls, the quantity demanded will increase."
True
False
6
Which of the following is one of the four economic stages of families?
Landing
Aging
Mid-life
Compressing
7
Which of the following defines opportunity cost?
What you are giving up 1 opportunity in order to take advantage of opport.
Measure of the general responsiveness of quantity to change in price
A good whose consumption decreases when income increases
As the price of any good falls, the quantity demanded will increase
8
Which of the following is an example of a new banking technology?
Checking accounts
savings accounts
mobile banking applications
teller lines
9
Demand can change due to a change in the number of people in a market, & change in taste or preferences.
False
True
10
Which of the following is an economic issue which seems to have a direct impact on crime?
global markets
unemployment
supply and demand
elasticity
