eoc eco review 4

Question 1

A _ nation have a high standard of living; eco based on industry more than agricultural

Accepted Answer

developed

Question 2

The _ Act protects the privacy of information in a credit check.

Accepted Answer

Fair Credit Reporting

Question 3

A bank account that allows a customer to write a check for more money than is in their account

Accepted Answer

overdraft protection

Question 4

What is a COLA in economic language?

Accepted Answer

Cost of Living Allowance

Question 5

The _ Act ensures that consumers are informed about the cost and conditions of borrowing.

Accepted Answer

Truth in lending

Question 6

A market basket is used by the _, to measure change in consumers prices over a specific G&S

Accepted Answer

CPI

Question 7

Eco concept dealing with a customer responsiveness to an increase or decrease in price

Accepted Answer

elasticity

Question 8

When private businesses are seized and placed under government ownership they have been

Accepted Answer

nationalized

Question 9

What is monetary policy?

Accepted Answer

amount of money in supply

Question 10

List or table showing the amounts of G&S that a consumer are willing to buy is called a

Accepted Answer

demand schedule

Question 11

A business that 2 or more individuals owned and operated is known as a

Accepted Answer

partnership

Question 12

Under the _ money system whatever the gov says is money is money.

Accepted Answer

Fiat

Question 13

Crops are grown to feed families, and no extra for export is called

Accepted Answer

subsistence agriculture

Question 14

A _ law restricts the amount of interest that can be charged for credit.

Accepted Answer

Usury

Question 15

The price of one nation's currency in terms of another nation's currency is known as the

Accepted Answer

exchange rate

Question 16

Loans and grants of money and equipment often given to developing countries is known as

Accepted Answer

economic assistance

Question 17

Who protects individual account holders upto $250,000 in case of a bank failure?

Accepted Answer

FDIC

Question 18

What is liquidity of assets?

Accepted Answer

the ease of converting assets into cash

Question 19

_ _ _ is the total value of all G&S produced in a nation in a single year.

Accepted Answer

GNP

Question 20

Eco rule stating consumers can't keep buying the same if prices rise & incomes don't rise.

Accepted Answer

real income effect

Question 21

Eco rule stating that if 2 items satisfy the same need & the $ of 1 rises, people will buy a

Accepted Answer

substitute

Question 22

_ economists that call for the gov to help stimulate economic growth by increasing gov spending

Accepted Answer

Keynesian

Question 23

The father of modern economics is

Accepted Answer

Adam Smith

Question 24

Florida is a right to work state which means _ _ are illegal in Florida

Accepted Answer

closed or union shops

Question 25

To be _ ; you don't have the ability to pay your debts based on income received.

Accepted Answer

bankrupt

Question 26

1 economic goal of the US is eco fairness &

Accepted Answer

equity

Question 27

_ are periods when economic activity drastically slows down and many businesses fail

Accepted Answer

trough

Question 28

_ economists asserts that the best way to help the economy is by cutting taxes

Accepted Answer

Monetarists

Question 29

__ provides weapons or strategies of war & defense for a nation.

Accepted Answer

military assistance

Question 30

The desire to own something and the ability to pay for it is in economic terms marginal _

Accepted Answer

utility

eoc eco review 4

Questions 30

eoc eco review 4

Questions 30