Economics and Such

Question 1

Which would be borrowing money and not real money you already have?

Accepted Answer

credit card

Question 2

Which agency regulates the radio?

Accepted Answer

FCC

Question 3

Which of the following people is an entrepreneur?

Accepted Answer

a restaurant owner

Question 4

Banks ecourage saving and investing by paying customers ___________________ on their deposits.

Accepted Answer

interest

Question 5

The fundamental economic problem that all societies must deal with is -

Accepted Answer

scarcity

Question 6

Which type of economy is centrally owned by the government?

Accepted Answer

command

Question 7

Which economy is no longer active by a government?

Accepted Answer

traditional

Question 8

Only one owner takes a risk and benefits from the profits

Accepted Answer

proprietorship

Question 9

The executive in charge of the Commonwealth of Virginia is called the -

Accepted Answer

governor

Question 10

Not having enough in the economy

Accepted Answer

scarcity

Question 11

Which unit of local government has a Board of Supervisors?

Accepted Answer

counties

Question 12

A model that shows how consumers (households), producers (businesses) and markets interact in

Accepted Answer

circular flow

Question 13

Who decides what goods and services will be produced?

Accepted Answer

consumer

Question 14

The government taxes individuals and businesses and in return -

Accepted Answer

returns the money in the way of goods and services

Question 15

When a court settles a disagreement between two parties -

Accepted Answer

civil case

Question 16

When making a choice it's the item you don't get.

Accepted Answer

Opportunity Cost

Question 17

Many individuals purchases shares in a corporation would be an example of

Accepted Answer

investing

Question 18

Which type of economy has the lowest amount of government involvement?

Accepted Answer

Free Market Economy

Question 19

Which level of government has the primary responsibility to help health, safety, and welfare?

Accepted Answer

state

Question 20

Which agency takes care of environmentally protection?

Accepted Answer

EPA

Question 21

Owners make decisions for the private sector and gov't owns the public sector

Accepted Answer

mixed economy

Question 22

Which amendment to the U.S. Constitution says the government can tax incomes?

Accepted Answer

16

Question 23

Which term is for when one owner owns a place of business -

Accepted Answer

Proprietorship

Question 24

The term for consumers determining through purchases what goods and services might be offered

Accepted Answer

consumer sovereignty

Question 25

The most common economic system today -

Accepted Answer

mixed

Question 26

What famous court case established the principle of judicial review at the national level?

Accepted Answer

Marbury V Madison

Question 27

Minimal government involvement in the economy

Accepted Answer

free market

Question 28

An example of an innovation in technology is -

Accepted Answer

the internet

Question 29

Which term means start up money to begin a business?

Accepted Answer

capital

Question 30

Which of the following has not had an impact on global trade?

Accepted Answer

the Roanoke City Market Building

Economics and Such

Questions 30

Economics and Such

Questions 30