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Pre Test Economics
Pre Test Economics
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Pre test for high school economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
amount of the loss you pay before insurance company begins to reimburse you
deductible
dividend
premium
collision
2
allows employer to withhold taxes from and employee's wages
W-2 form
W-4 form
3
which is true of government in centrally planned economy
encourages workers to innovate
makes all important economic decisions
encourages competition
builds every house in every village
4
profit shared amongst stock shareholders
dividend
bond
interest
royalty
5
payment you make to an insurance company in exchange for its promise of protection and help
collision
premium
deductible
royalty
6
people wanting to attend a baseball game told that ticket were sold out is example of
surplus
scarcity
shortage
7
In economics, law of demand means:
willingness and ability to buy a good
willingness and desire to buy a good
ability to buy a good
8
according to law of demand, as the price of a good increases
quantity demanded decreases
quantity demanded increases
quantity demanded stays the same
9
produced goods that can be used as resources for further production is known as
capital
services
resources
goods
10
If the number of buyers in the market increases, which of the following do we know will happen?
demand will decrease
supply will decrease
demand will increase
supply will increase
11
resources used to make goods and services are called
gross national product
opportunity cost
factors of production
12
an example of a secured loan is
personal loan
car loan
student loan
13
the longer the length of the loan
less expensive it will be in terms of interest
interest amount not affected by length of loan
more expensive it will be in terms of interest
14
itemizes money earned by an employee and how much was withheld and sent to IRS
W-4 form
W--2 form
15
according to the law of supply as the price of a good increases
quantity supplied will decrease
quantity supplied stays the same
quantity supplied will increase
