Final Exam Review

Question 1

Which of the following are characteristics of Money?

Accepted Answer

D. Both a and c are correct

Question 2

Savings and Loan can be defined as?

Accepted Answer

A financial institution where they do what the name implies

Question 3

You go out to dinner with your last $30. What is the opportunity cost of this dinner?

Accepted Answer

the date night movie with you significant other you can no longer afford

Question 4

45,000 students move into Bloomington. This causes the Demand curve to shift in which direction

Accepted Answer

right

Question 5

Which of the following are factors of production?

Accepted Answer

Both A and B

Question 6

Which of the following is an example of a corporation increasing its physical capital?

Accepted Answer

building a new assembly line

Question 7

In Monopolistic Competition, a producer must use _____________ to make their product stand out?

Accepted Answer

Product differentiation

Question 8

The federal funds rate refers to __________________.

Accepted Answer

The interest rate banks are charged to borrow from ea. other

Question 9

in a corporation, a shareholder gets how many votes with each share they own?

Accepted Answer

One

Question 10

Fed Board of Governors members are appointed by the _________ and confirmed by the _________.

Accepted Answer

President; Congress

Question 11

The FOMC is made up of the 7 B of G & 5 Fed District Bank Pres. 1 is ALWAYS from which city?

Accepted Answer

New York

Question 12

The current chairman of the Federal Reserve Board of Governors is?

Accepted Answer

Jerome Powell

Question 13

As a tactic used w/ strikes, ____ help to inform the public and prevent non-strikers from entering.

Accepted Answer

Protests

Question 14

John loses his job & takes 1 where his income is half causing his Demand curve to shift?

Accepted Answer

left

Question 15

Which of the following is an advantage to owning a Sole Proprietorship?

Accepted Answer

No sharing of profits

Question 16

Why does every Economic decision involve trade-offs (choices)?

Accepted Answer

resources are limited & choices have to be made

Question 17

A Co. w/ fxd resources makes apple & cranberry juices, It wants to increase apple juice, the opportunity cost is

Accepted Answer

It must bottle less cranberry juice

Question 18

For most people, the most important factor when they choose a job is ________?

Accepted Answer

Wages

Question 19

When unions & management meet w/ a 3rd party who offers suggestions to their differences, it is

Accepted Answer

Mediation

Question 20

What is one thing that will happen if sales tax rates go up?

Accepted Answer

People have less money to spend on goods and services

Question 21

When unions influence people to not do business with the company , it is called a

Accepted Answer

Boycott

Question 22

What does “ATM” stand for?

Accepted Answer

Automated Teller Machine

Question 23

Which of the following is a characteristic of an Oligopoly?

Accepted Answer

3-4 sellers controlling 80%

Question 24

A __ is an organization of workers that negotiates with employers for improved work conditions.

Accepted Answer

Union

Question 25

When unions & management meet w/ a judge who makes a legally binding decision, it is called

Accepted Answer

Arbitration

Question 26

To break a strike, management sometimes hires, _____________ workers

Accepted Answer

Replacement

Question 27

Which of the following are the three (3) functions of money

Accepted Answer

medium of exchange, store of value, & unit of account

Question 28

A company that makes baseball caps is underutilizing its resources. What does this mean?

Accepted Answer

The company is wasting its resources

Question 29

During __________ unions & management meet to discuss their goals, solutions and compromises.

Accepted Answer

Collective Bargaining

Question 30

What does it mean when a person says they have DEMAND for a good

Accepted Answer

They are willing and able to buy the good

Question 31

If prices increase and income stays the same, what is the effect on the quantity demanded

Accepted Answer

Less goods are bought

Question 32

Which of the following is a decision that would be made by doing marginal analysis?

Accepted Answer

All of the above

Question 33

When items like gold or silver are used as money, this type of money is known as

Accepted Answer

Commodity money

Question 34

A borrower “defaults” on a loan by?

Accepted Answer

Failing to pay back the loan

Question 35

Objects that have value because a government says they areacceptable to pay debts are known as

Accepted Answer

Fiat money

Final Exam Review

Questions 35

Final Exam Review

Questions 35