Econ Unit

Question 1

Unemployment is the percentage of people who are able and looking for work and do not have jobs

Accepted Answer

True

Question 2

When a country spends more on imports than it earns from exports

Accepted Answer

trade deficit

Question 3

Going through the buying process results in

Accepted Answer

Rational buying

Question 4

Opportunity cost is defined as

Accepted Answer

Amount given up when choosing one thing over the next best

Question 5

General increase in prices that reduces the purchasing power of money is known as

Accepted Answer

inflation

Question 6

Agency responsible for monitoring business practices

Accepted Answer

FTC

Question 7

A purchase made on a whim without using the decision making process is a(n)

Accepted Answer

impulse purchase

Question 8

A tax on imported goods

Accepted Answer

Tariff

Question 9

Companies pass the cost of advertising on to the consumers.

Accepted Answer

True

Question 10

The government policy regarding spending and taxation is

Accepted Answer

Fiscal Policy

Question 11

When the commercial only shows you the product you can assume it's _____ advertising.

Accepted Answer

Brand

Question 12

Export of services is an important aspect of U.S. trade

Accepted Answer

True

Question 13

What kind of Economic system does things the way they have always been done.

Accepted Answer

Traditional

Question 14

An economy in which the government tells you what to produce is a description of a:

Accepted Answer

Command

Question 15

Jo is accused of insider trading. Which organization would investigate this situation?

Accepted Answer

SEC

Question 16

Goods brought in from other countries

Accepted Answer

Imports

Question 17

Protects up to $250,000 in the bank, if the bank fails.

Accepted Answer

FDIC

Question 18

Extended decline in a nation's economy is a(n)

Accepted Answer

Depression

Question 19

Bait and switch schemes are illegal

Accepted Answer

True

Question 20

I receive a $5k loan from the back to open my business. Which one of the following am I using

Accepted Answer

Capital

Question 21

Every country deals with __ the situation which consumers wants are greater than the resources

Accepted Answer

Scarcity

Question 22

A business that is based in one country, but has branches in other is a(n)

Accepted Answer

multination corporation

Question 23

The US, Canada, and Mexico agreement that eliminate tariffs for most goods in North America

Accepted Answer

North American Free Trade Agreement (NAFTA)

Question 24

The agency that controls content on the radio and tv.

Accepted Answer

FCC

Question 25

Cuba has this Economic system...

Accepted Answer

Command

Question 26

The government policy of adjusting interest rates and the supply of money

Accepted Answer

Monetary Policy

Question 27

Feeling of regret after making a purchase

Accepted Answer

buyer's remorse

Question 28

Trading the US dollar for the Canadian dollar would need to use what?

Accepted Answer

Exchange rate

Question 29

Quantities of a product the producers are willing and able to sell.

Accepted Answer

Supply

Question 30

Advertising that is designed to appeal to your emotions

Accepted Answer

Persuasive

Question 31

Protects human health and the environment.

Accepted Answer

EPA

Econ Unit

Questions 31

Econ Unit

Questions 31