How does the Gov't use fiscal policy? (SSEMA3)

to adjust spending levels and tax rates

Which monetary policy decision is meant to increase the U.S. money supply? (SSEMA2)

The Federal Reserve buys treasury bonds in the open market

Law of Supply..... (SSEM12)

Price Increase, Quantity Supply Increase

What is absolute advantage? (SSEIN1)

Ability of an entity to produce G/S with little cost/unit

What MOST often happens when demand for a product is highly elastic? (SSEMI3)

Substitution occurs when its price rises

What are the 4 C's? (SSEPF4)

Character, Capital, Capacity, Collateral

The economic term “scarcity” relates MOST directly to a situation in which (SSEF1)

manufacturers lack raw materials needed to satisfy demand

Law of Demand states.......(SSEM12)

Higher the Price, Lower the Quantity Demand

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Questions 20

Answers

1
Which market rules with an iron fist? (SSEF4)
Command
Traditional
Market
Mixed
2
How does the Gov't use fiscal policy? (SSEMA3)
to adjust spending levels and tax rates
because they want to
to keep a steady economy
to increase taxes to a phenominal level
3
Which monetary policy decision is meant to increase the U.S. money supply? (SSEMA2)
Federal Reserve borrows money to cover a budget deficit
. Congress passes a bill to reduce personal income taxes
The Federal Reserve buys treasury bonds in the open market
Congress passes bill to reduce rules on business monopolies
4
A tax on a import is a.... (SSEIN2)
Quotas
Tariffs
Standards
Embargo
5
Law of Supply..... (SSEM12)
Price Increase, Quantity Supply Increase
Price Decrease, Quantity Supply Increase
Price Increase, Quantity Supply Decrease
Price Decrease, Quantity Supply Decrease
6
What is absolute advantage? (SSEIN1)
Ability of an entity to produce G/S with lower opp. cost
Ability of an entity to produce G/S with little cost/unit
Ability of an entity to produce G/S with highest opp. cost
Ability to produce G/S with highest cost/unti
7
Which role does money have in economic systems? (SSEI1)
a resource for production
a medium of exchange
a measure of satisfaction
a good to consume
8
Type of business entity that is owned and run by one person. (SSEM14)
Limited Partnership
Corporation
Sole Proprietorship
Partnership
9
What MOST often happens when demand for a product is highly elastic? (SSEMI3)
Supply of the product increases, establish equilibrium price
Demand for the product increases even when its price rises
. Higher productivity does not always reduce product’s price
Substitution occurs when its price rises
10
Tax rate increases as the taxable amount increases (SSEPF3)
Proportional Tax
Tariff
Regressive Tax
Progressive Tax
11
What are the 4 C's? (SSEPF4)
Club, Conscious, Clarity, Capital
Capable, Collateral, Character, Capital
Character, Charity, Capital, Character
Character, Capital, Capacity, Collateral
12
Kate took time off work to recover from a car accident. What insurance covers that? (SSEPF5)
Health
Property
Life
Disability
13
Who combine these three factors to make a profit?(SSEF1)
Labor
Land
Entrepeneurship
Capital
14
Which factor pays for Goods/Service (SSEM11)
Resource Market
Firms
Households
Product Market
15
A number that must be reach to obtain a certain _____ . (SSEIN2)
Embargo
Tariff
Import
Quota
16
What does GDP stand for? (SSEMA1)
Green Domestic Poduct
Gross Demand Product
Gross Domestic Product
Gross Dump Processed
17
The economic term “scarcity” relates MOST directly to a situation in which (SSEF1)
individuals lack money needed to purchase goods
manufacturers lack raw materials needed to satisfy demand
businesses lack customers needed to make a profit
employees lack experience needed to earn a promotion
18
Law of Demand states.......(SSEM12)
Higher the Price, Higher the Quantity Demand
Lower the Price, Higher the Quantity Demand
Higher the Price, Lower the Quantity Demand
Lower the Price, Lower the Quantity Demand
19
Which factor MOST directly affects the amount of money borrowers must repay tolenders? (SSEPF4)
the inflation rate
the annual percentage rate
the currency exchange rate
The employment rate
20
Tom wants a boat but his wife wants a new car. What is the opportunity cost for Tom? (SSEF1)
His Boat
Wife Satisfication
Wife Car
His Satisfication

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