What is the main function of the Federal Deposit Insurance Corporation

Protecting personal savings in the event of bank failure

Oligopoly – market structure concerns:

Number of firms, Product differentiation, Barriers to entry

Why is equilibrium wage for a doctor so high?

Supply of doctors is low and demand is high

Why do many governments in countries with market economies control or outlaw monopolies?

Monopolies can make excessive profits by overcharging consumers

In a free enterprise system,

individuals can start their own businesses with little govt. interference

Registering with the government's Selective Service System…

Is a legal duty if you are a man b/t the ages of 18 & 25.

By reading a party platform, you can learn about the party’s

beliefs and positions on election issues

What is the difference between a recession and a depression?

A depression is a deep recession with high levels of unemployment

What is the difference between seasonal unemployment and structural unemployment?

Seasonal due to schedules; structural due to wrong skills

What do Americorps volunteers do?

help to meet community needs in the United States

The most recent change we have seen in the way news is being disseminated is ______.

the use of social networking sites for these purposes

What is the basic principle of the law of demand?

When the price is low, there is more demand.

Which of these best explains a way that mass media influences the public agenda?

By giving lengthy coverage and publicity to an issue.

Your paystub deducts money for FICA. What does this mean?

Money is being withheld to fund social security and Medicare.

Americans with Disabilities Act

Prohibited discrimination of disabled Americans

Human capital includes

a taxi driver’s knowledge of the city streets.

In the United States, third parties are also called minor parties because they

have never won a presidential election

What is the Electoral College?

A group of people chosen by each state to elect the President and VP

The label on your jeans says they were made in Latin America. The jeans co made them there bc...

labor in mexico is plentiful and therefore cheaper

What did the Civil Rights Act of 1964 do?

banned discrimination by race, color, sex, religion, and national origin.

All of the following are associated with moving from a centrally planned economy to a market economy EXCEPT...

An increase in the role the gov. plays in day to day operation of business

What is the major difference between Political Parties and Interest Groups?

PP attempt to get candidates elected and IG do not

Which of the following people is most likely to have a budget deficit?

a person who spends more than he or she earns

What happens when you make a purchase with a credit card?

the credit card issuer pays the store

Which of the following is an example of lower production costs brought about the use of technology?

The use of e-mail to replace slower surface mail

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Civics Review(Final Exam)

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Questions 85

Answers

1
Which act bans monopolies?
Civil rights Act
Equal pay Act
Sherman Antitrust Act
Americans with Disabilities Act
2
where do exchanges of goods and services takeplace in the circular flow?
consumer sector
factor market
business sector
product market
3
What is the main function of the Federal Deposit Insurance Corporation
Providing monetary aid to struggling banks
Guaranteeing job security for bank employees
Assisting banks in recovering unpaid loans
Protecting personal savings in the event of bank failure
4
Which of the following regulates the economic market and influences the price of goods?
Supply and demand
Monetary Policy
Antitrust Policy
Substitution
5
Oligopoly – market structure concerns:
A strong regime
No barriers to entry, Perfect information, Perfect factor mobility
Many buyers and many sellers, No barriers to entry, Perfect information
Number of firms, Product differentiation, Barriers to entry
6
An electric company that serves an entire state is an example of?
perfect competition
a natural monopoly
a merger
oligopoly
7
Which of the following is not a phase of the business cycle?
Peak
Expansion
Trough
Unemployment
8
Why is equilibrium wage for a doctor so high?
Demand for doctors is low and supply is high
supply of doctors is high and demand is low
Demand for doctors equals supply
Supply of doctors is low and demand is high
9
Why do many governments in countries with market economies control or outlaw monopolies?
Monopolies are always run by selfish people who defraud customers
Monopolies often become more powerful than governments
Monopolies are competitive and sell their goods & services for low prices
Monopolies can make excessive profits by overcharging consumers
10
Which propaganda technique attempts to convince voters that the candidate is like them?
Endorsements
wagan
Just Plain Folks
Name Calling
11
Who makes most of the economic decisions in the United States?
planning boards
federal government
state governments
citizens
12
In a free enterprise system,
only groups may start their own businesses
individuals must have government approval to start businesses
businesses are heavily regulated by the government
individuals can start their own businesses with little govt. interference
13
Registering with the government's Selective Service System…
Is a legal duty if you are a man b/t the ages of 18 & 25.
Is a legal duty for men b/t the ages of 18 to 25 if the country is at war.
Is a voluntary responsibility for men b/t the ages ages of 18 to 25.
Is no longer a legal duty for men b/t the ages of 18 to 25.
14
By reading a party platform, you can learn about the party’s
campaign strategies for the coming election
plans for the national convention.
beliefs and positions on election issues
budget for campaign spending
15
Which type economy does the U.S. have?
Traditional
Command
Mixed Market
Pure market
16
What is the difference between a recession and a depression?
A Recession is more severe than a depression and lasts longer
A recession is a period of economic growth while a depression is a contract
A depression is a deep recession with high levels of unemployment
a depression includes high levels of inflation
17
Which business strategy is demonstrated by a factory supervisor who breaks a large job into small, seperate tasks?
human capital investment
specialization
division of labor
economic interdependence
18
What is the difference between seasonal unemployment and structural unemployment?
Seasonal is rare; structural is common.
Seasonal is usually for low pay; structural is for high pay.
Seasonal due to schedules; structural due to wrong skills
Seasonal occurs in summer only; structural can be any time.
19
When Alison, college math professor, leaves her job at a small rural college and starts looking
structurally unemployment
cyclically unemployed
frictionally unemployed
discouraged worker
20
Scarcity is a basic economic problem because
people have trouble making choices
governments limit production
opportunity costs limit demand
resources are limited
21
Choosing to buy a DVD player instead of something else is an example of
Microeconomics
Trade-off
Scarcity
What is a DVD?
22
Which of the following is NOT a source of public opinion?
mass media
pollsters
interest groups
a person's background
23
Which factor is most likely to cause the supply of a product to decrease?
an increase in the number of suppliers
an increase in the number of consumers
a decrease in consumer demand
a decrease in the price of resources used to make the product
24
What do Americorps volunteers do?
work in many countries of the world
promote service learning in schools
teach farmers new and efficient methods for farming
help to meet community needs in the United States
25
Which country is moving from a command economy towards a market economy?
China
Japan
India
South Korea
26
The most recent change we have seen in the way news is being disseminated is ______.
that such information is spread by word of mouth nowadays
that more Americans are reading newspapers on Kindle
that computers have led to slow distribution of information
the use of social networking sites for these purposes
27
What is the basic principle of the law of demand?
The higher the price, the more people want the good.
Everyone has a limited income that they will spend.
When the price is low, there is more demand.
people have limited resorces to meet unlimited wants.
28
Which of these best explains a way that mass media influences the public agenda?
By showing commercials and advertisements.
By giving lengthy coverage and publicity to an issue.
By airing reality shows and contests.
By interviewing people about an issue.
29
Your paystub deducts money for FICA. What does this mean?
Money is being withheld for personal exemptions and deductions.
Money is being withheld to fund social security and Medicare.
Money is being withheld for excise and state taxes.
Money is being withheld for federal, state and city taxes.
30
Which amendment removed poll taxes?
24th
18th
14th
21st
31
What is a mortgage?
A large rental payment
A loan to purchase a car
A particular type of credit card
A loan to buy a house
32
Americans with Disabilities Act
Allowed discrimination of disabled
Wouldn’t let disabled do anything
Gave disabled jobs
Prohibited discrimination of disabled Americans
33
Human capital includes
the machinery used to weave cloth
the equipment used by a doctor to cure a patient
a taxi driver’s knowledge of the city streets.
the salary paid to an accountant
34
In the United States, third parties are also called minor parties because they
support independent candidates
have never won a presidential election
influence government policies
draw attention to social issues
35
Knitting factory worker loses her job because the company relocates to India. This is:
Cyclical unemployment
Seasonal unemployment
Frictional unemployment
Structural unemployment
36
What is the Electoral College?
A group of people chosen by the government to elect the President and VP
A group of people chosen by each state to elect the President and VP
A group of congressmen who select the President and VP
A college in North Carolina
37
Which of the following political parties would be most likely to oppose reduced sentencing for nonviolent felons?
The Green Party
The Democratic Party
The Republican Party
The Libertarian Party
38
The label on your jeans says they were made in Latin America. The jeans co made them there bc...
mexico has better trained workers than the US
labor in mexico is plentiful and therefore cheaper
mexico is closer to a large urban workforce
mexico is in a region with less technology
39
What does a surplus indicate?
government price controls are needed.
the market is in equilibrium
Supliers cannot meet the demand
the price is too high
40
Which of the following makes you more likely to buy on impulse?
paying by credit
saving more than you spend
comparison shopping
making a list of what you need
41
This Supreme Court case overturned the Plessy v. Ferguson decision
Miranda v. Arizona
Brown v. Board of Education
Roe v. Wade
Bakke v. California
42
What did the Civil Rights Act of 1964 do?
ended segregation of schools
banned discrimination by race, color, sex, religion, and national origin.
banned literacy test
Ended the Poll Tax
43
Which of the following is a fixed cost for a store?
inventory
short-term workers
rent
advertising
44
Roe v. Wade decision legalized...
Voting
Working Conditions
Fair Wages
Abortion
45
All of the following are associated with moving from a centrally planned economy to a market economy EXCEPT...
A rise in unemployment.
An increase in the role the gov. plays in day to day operation of business
The protection of individual property rights.
An increase of competition for high paying jobs.
46
What is the major difference between Political Parties and Interest Groups?
PP receives funds from the states and IG do not
PP attempt to get candidates elected and IG do not
There is no difference between the two
IG attempt to educate voters and PP do not
47
Which of the following people is most likely to have a budget deficit?
a person who spends more than he or she earns
a person who invests more than he or she saves
a person who saves more than he or she spends
a person who earns more than he or she spends
48
What happens when you make a purchase with a credit card?
the place receives the $$$ within 24 hours
the amount purchased is deducted from a pre-paid account
the money is immediately deducted from your account
the credit card issuer pays the store
49
Which of the following is an example of lower production costs brought about the use of technology?
the importing of fresh vegtables from South Africa rather than using cans
The making of breads and pastires in local shops rather than large bakeries
The use of e-mail to replace slower surface mail
The delivery costs of gasoline to the consumer by diesel tucks
50
What happens if no presidential candidate receives 270 electoral votes?
state governors elect the President
run-off election
Senate elects the President
House elects the President
51
When buyers will purchase exactly as much as sellers are willing to sell, what is this condition called?
Equilibrium
Excess demand
price floor
Supply and Demand
52
The price of movie tickets has risen from $7 to $9. What is the effect?
the quantity demanded of tickets will increase
the quantity demanded of tickets will decrease
the demand curve for tickets will move left
the demand curvefor movie tickets will move right
53
What type of primary system does Florida have?
caucus
open
indirect
closed
54
What is the largest source of income for banks?
money deposited in a savings account
fees charged to customers for use of accounts
special accounts such as a NOW account
interest they receive from loans
55
Which of the following is NOT a characteristic of command economy?
Each person decides where he/she wants to work.
The central government sets prices on most goods and services.
The central government owns all land and capital.
The central government makes all economic decisions.
56
A presidential election in the U.S. is won by the candidate who?
wins the primary election in the most states
receives a majority of the electoral vote
receives a majority of the popular vote
wins the popular vote in more than 35 states
57
Where do people sell their labor in the circular flow?
business sector
factor market
consumer sector
product market
58
What does the process of specialization do for an economy?
it fosters competition
it makes it more efficient
it makes it easier to control
it eliminates unemployment
59
What is one example of a command economy?
North Korea
None of the above
Mexico
Germany
60
You need a new computer and you will need a loan in order to buy one, which will cost you most
Finance Company
Savings and loan association
Credit Union
Savings Bank
61
The loss of four years of income resulting from the decision to go to college is the
opportunity cost
marginal cost
total cost
variable cost
62
All of the following are commonly used by interest groups to influence the political process EXCEPT
appealing to the public opinion
nominating candidates
filing lawsuits
contributing money to candidates
63
Which transaction is counted in the GDP?
Buying a used vehicle from a person.
The purchase an XBOX from a store.
Cooking a large dinner for your fam.
The purchase of a drum set from a garage sale.
64
What does it mean when a person is underemployed?
they are looking for work in a special field
they were working but are now laid off
they have a job but they are overqualified for it
they aren't making as much money as they need
65
Which amendment says the government may not censor material before it has been published?
8th
1st
5th
10th
66
On average income tends to increase as...
Educational level decreases
Family wealth decreases
Educational level increases
Imprisonment level increases
67
What is monopolistic competition?
one company selling many products at high prices
a few large firms control the market
many firms selling identical products
many firms selling similar products
68
which of the following is a characteristic of a traditional economy?
children have the same jobs as their parents did
They have a high standard of living
communities tend to be fast-growing
They are based on light industry
69
Gross Domestic Product measures the value of
all goods and products sold during a specific year
all final goods and services produced in a country during a specific year
all intermediate goods sold in a specific year
all products produced produced in a country during a specific year
70
Resources needed to produce goods and services that the Industrial Revolution required?
Entrepeneur
Factories
Factors of Production
Industrialization
71
When you invest in a mutual fund
you're guaranteed a fixed return on your investment
your money is invested in a variety of stocks and bonds
your money is invested in a variety of insurance policies
you have easier access to your money than in a savings account
72
What is the difference between a principal and interest?
$ amount borrowed Vs Amount saved
Insurance VS amount of money borrowed
Princpal = Fee paid to borrow the money, Interest = $ amount borrowed
Princpal = $ amount borrowed, Interest = Fee paid to borrow the money
73
What does the National Voter Registration Act require states to do?
Give the vote to citizens 18 and older
Deny felons the right to vote
Allow people to register when renewing their licenses
Record voters' party affiliation when they register
74
What does Washington think American citizens should do about political parties in the United States?
Look to other nations for advice
Write laws allowing only two at a time
Support them
Oppose them
75
The amount of money a person has left of his or her income after taxes
aggregate income
disposable personal income
national income
personal income
76
Which amendments are known as the "Civil War Amendments"?
13th-15th
8th-12th
4th-6th
19th-21st
77
Which of the following is a result of unemployment that is very low?
wages drop below the level of minimum wage
companies have difficulty recruiting workers
companies stop looking for people to fill unfilled jobs
the few people who are unemployed stop looking for jobs
78
How did George Washington feel about political parties?
He wanted them to exist to avoid another king
He thought they were going to form later
He joined the Whigs
He warned against them.
79
What are the two main participants in the circular flow model?
businesses and the government
government and foreign sector
people and businesses
consumers and the government
80
What is one of the important Media roles as a watchdog over the government?
keep a close eye on the govt. to expose any wrongdoing by public officials
keep a close eye on local entertainment and inform the public
keep a close eye on the migration patterns of animals
keep a close eye on products being sold in the markets and updated prices
81
What payment method would be considered an electronic form of paying with a check?
Money Order
Credit Card
Cashier's Check
Check
82
What is the goal of lobbying?
to be a watchdog over government officials
to get favored candidates elected
to influence government policy
to make a groups views known
83
Ellen started a catering business it was stressful. She closed and returned to school because..
closely held corporation
producer cooperative
general partnership
sole proprietorship
84
The 14th amendment includes all the following clauses except?
Due Process
Double Jeopardy
Citizenship
Equal Protection
85
How much control over prices do companies in a perfectly competitive market have?
It depends on the product
A moderate amount
Total control
None

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