Economics Review

Question 1

If more seats are available on a plane than passengers who want to fly there, what exists.?

Accepted Answer

surplus

Question 2

How do banks encourage individuals to save and invest?

Accepted Answer

by paying interest on deposits

Question 3

Which of the following is a consequence of unemployment?

Accepted Answer

decreased consumer spending

Question 4

Who heads the Federal Reserve system?

Accepted Answer

a chairman

Question 5

What type of economy: allows supply and demand to determine price

Accepted Answer

mixed

Question 6

A result of competition is..

Accepted Answer

lower prices and better quality

Question 7

According to the lawof supply,

Accepted Answer

as the price decreases, demand increases

Question 8

What type of economy: has consumer sovereignty determine what is produced

Accepted Answer

mixed

Question 9

What type of economy: has private citizens own resources

Accepted Answer

Mixed

Question 10

This "bank for banks" issues currency and regulates the amount of money in circulation.

Accepted Answer

the Federal Reserve

Question 11

What type of economy: allows individuals to make choices

Accepted Answer

mixed

Question 12

The Federal Reserve divides the US into ____ Federal Reserve Districts

Accepted Answer

12

Question 13

One reason VA and the US trade with other nations is to...

Accepted Answer

buy goods/services at lower opportunity cost

Question 14

The diagram best illustrates..

Accepted Answer

the circular flow of the economy

Question 15

Which of the following would not be an example of a public good?

Accepted Answer

McDonald's

Question 16

The making of goods and services is known as..

Accepted Answer

production

Question 17

One can buy stock in this business type; one's liability is limited to one's investment.

Accepted Answer

corporation

Question 18

Which amendment authorizes Congress to tax personal and business incomes?

Accepted Answer

16th

Question 19

What type of economy: has the government determine prices

Accepted Answer

command

Question 20

Self-assessment is an important step in career planning because...

Accepted Answer

aspirations should be guided by talents/interests

Question 21

Which government agency regulates communications over internet, radio, and TV?

Accepted Answer

FCC

Question 22

A business with a single owner who assumes all risks and earns all profits is a...

Accepted Answer

sole proprietorship

Question 23

What type of economy: has the government decide what is produced

Accepted Answer

command

Question 24

Technological innovations contribute to all of the following except the...

Accepted Answer

decline of global interaction

Question 25

The best source of money for the government comes from..

Accepted Answer

taxes and borrowing

Question 26

To protect consumers, federal agencies...

Accepted Answer

establish public health and safety guidelines

Question 27

Which best describes the functions of banks?

Accepted Answer

receive deposits and make loans

Question 28

Free financing, tax credits, and 50% off are all what principle of economics?

Accepted Answer

incentives

Question 29

Which of the following is NOT a way the FED would stimulate the economy?

Accepted Answer

raise taxes

Question 30

The economies of Cuba and North Korea can be described as...

Accepted Answer

command

Economics Review

Questions 30

Economics Review

Questions 30