167 test review

When businesses buy goods from other businesses there are functioning in

A Consumer role

(Passage) what will it take to meet the future demands for fuel?

Finding and new technology

In response to high unemployment the government may spend more on goods and services. This is an example of

Fiscal policy

Who regulates information on a lipstick label

Food and drug administration

_____ is the freedom of individuals and businesses to operate with a minimum of government interference or regulation

Free enterprise

(Index for food passage) The largest percentage increase was for

Fresh vegetables

The civil rights act of 1964 band discrimination in the basis of

Gender, race, color, religion, and national origin

(BMG Passage) What will Buffets gift allow Bill and Melinda Gates to do?

Give away an additional $1.5 billion this year

(Substitutes and Complements) Which of these groups includes both substitutes and complements

Group three

American telephone and telegraph was broken up by the government because it

Had an unfair monopoly

Demand is likely to be in elastic for goods that

Have very few or no substitutes

(chart salary workers) the information in this table suggests that unions

Help workers gain higher pay

The economy grows

In alternating periods of growth and decline

(Telecommunications Mergers) How has the telecommunications industry changed?

People in 2005 had fewer options than they did in 1984

(Antitrust Offenses Passage) What does the passage claim are the worst antitrust offenses?

Price fixing and rigging

Which factor has the MOST significant influence on the quantity supplied of any product?

Price of the product

The vertical axis of a demand curve for a product displays

Prices

("Tickle me Elmo") What does the phrase "the market cleared" mean?

Prices reached equilibrium

A life insurance policy is an example of a

Private good

One way that business demonstrate their responsibility to consumers is to provide

Products that work as promised

(Social Responsibility Pays) Most of the socially responsible initiatives described by Cramer and Hirschland are designed to

Protect the environment

The hirizontal axis of a demand curve displays

Quantities

What does a demand schedule show

Quantities and Prices

An example of discrimination in the workplace would be a business that treats employees differ fly in the basis of

Race

(Over the past 10 inflation) According to this passage, Sweeney supports

Raising the minimum wage

One advantage of a sole proprietorship is that the owner

Receive all the profits

The government is likely to prosecute when a corporation

Releases false financial information

How do corporations finance their start up and operation?

Sales of stock

Articles of partnership describe how business partners will

Share profits and losses

Which of the following would make the best title of Cramer and Hirschland's excerpt?

Social Responsibility Pays

(BMG Passage) This passage shows that Buffet and Bill and Melinda Gates practice

Social responsibility

A business that donates money and products to local charities is showing

Social responsibility

What is the most common type of business in the United States?

Sole proprietorship

(History of Civ Labor Chart) Since 1955 the number of people in the labor force has

Steadily increased

How are stock prices determined

Supply and demand

(BMG Passage) This passage suggests that Buffet wants to

Support the work of the BMG Foundation

SSI and ______ are income assistance programs

TANF

Which act bans monopolies?

The Equal Pay Act

(Index for food passage) according to the passage, the fact that the price of beef declined did not have much effect because

The prices for other meats increased

If sales in a local coffee shop increase by 50 percent because people are visiting a new neighborhood park nearby, the coffee shop is

Benefiting from a positive externality

("Tickle me Elmo") According to the passage, supple of the product was influenced by

Business expectations

Which sales strategy demonstrates an understanding of the principle of diminishing marginal utility?

Consumers who purchase an item at full price net purchase another one at held price

Increasing spending and ______ are examples of fiscal policies

Cutting taxes

Programs that help teenagers learn about career and business opportunities would fall under

Economic independence

On average, income tends to increase as

Education level increases

(Employee Discount Passage) Which of the following does medina describe in the excerpt above?

Employee perks and rewards

Which of the following is a characteristic of a market economy?

People have the freedom to choose from a variety of products

The purpose of the national labor relations board us to

Make sure that union elections are fair and honest

(Chart salary workers) In 2004, which group had the highest median weekly earnings?

Male union members

What is financial capital?

Money needed to start and operate a business

An electric company that serves an entire state is an example of a

Natural economy

(Over the past 10 inflation) Sweeney criticizes the current minimum wage because it has

Not kept up with inflation

Which of the following causes a change in demand

Number of consumers

(Telecommunications Mergers) Which companies merged to form Verizon?

Nyex and Bell Atlantic

Workers organize labor unions in order to

Obtain better pay and working conditions

When people buy stock in a business they become

Part owners of the company

(Passage) Which statement correctly summarizes the passage?

People are using oil faster than they are finding new sources

A demand curve shifts to the left when

People are willing to buy fewer items at all possible prices

A demand curve shifts to the right when

People are willing to buy more of the same item at any given price

(Graph minimum wage) What is the most minimum wage has risen in five years?

$1.00

(Chart salary workers) According to the table, the median weekly earnings of nonunion in 2005 were about

$180 less than union workers in the same year

(Graph minimum wage) In 1980, what was the difference between the actual minimum wage and the amount that the minimum wage was work

$2.80

A person is considered in poverty if his or her income is

$9,800 per year

(Graph minimum wage) The minimum wage was worth the most in

1970

(History of Civ Labor Chart) during which year were the most people employed?

2005

Today, nearly ____ people fall below the US poverty income guidelines

37 million

What is a charter

A document needed to start a corporation

The demand for goods and services in a particular area would probably increase if

A new apartment building in the area filled with families

Which factor is most likely to cause the supple of a product to decrease?

A repeal of subsidies for producers

Which of the following requires workers to belong to a union before they can be hired

Closed shops

(Pie chart) under which category would a donation to a homeless shelter fall?

Community service

Which agency would recall a defect high chair?

Consumer Product Safety Commission

To keep track of inflation, the government uses the

Consumer price index

Demand for a product tends to increase when

Consumers expect a shortage

(Picture) The mans question demonstrates that he

Does not understand the relationship between supply and demand

According to the circle graph, which statement is true

Donations for economic independence were twice as much as those for community service

The primary motive in business is to

Increase profits

(Index for food passage) The index for food at home

Increases in August and September

("Tickle me Elmo") The situation described in this passage best illustrates which of the following economic principles ?

Inelastic demand

Which of the following do service cooperatives offer to their members?

Insurance and credit

The FDA makes sure that food

Is laced correctly

Right to work laws allow workers to choose whether to

Join a union

(Over the past 10 inflation) As president of the AFL-CIO, Sweeney represents

Labor unions

Which of the following pairs of products are complements?

Lightbulb and lamps

When labor unions and business managers disagree, they may ask an arbitrator to

Listen to both sides and to make a decision

Which of the following methods might a business use to encourage union workers to accept its contract terms?

Lockout

Economic expansions are usually

Longer than recessions

Which example illustrates how changes in substitutes can influence demand?

The demand for Ford cars increase when the price of General Motors cars increases

(Picture) What is the main idea of the cartoon (Truck supply demand gas)

The demand for gasoline is greater than supply

Which example illustrates how changes in complements can influence demand?

The demand for light bulbs increases when the price of lamps decreases

In the United States, prices are established primarily through

The forces of supply and demand

(Antitrust Offenses Passage) What does this passage argue is a problem with price fixing agreements?

The mislead costumers

(History of Civ Labor Chart) When the percentage of unemployed people in the labor force was at its highest,

The percentage of employed people was at its lowest

A surplus typically indicates that

The price is too high

What is the main purpose of government price controls?

To correct unfairness in supply and demand

(Antitrust Offenses Passage) Price fixing occurs when two or more sellers agree

To increase prices by a certain amount

What was the prices of the Clayton Act

To limit actions that reduce competition

(Passage) which of the following will drive the projected increase demand for oil in the future?

Transportation needs

(Social Responsibility Pays) According to the Cramer and Hirschland excerpt above, which corporation is investing $500 million in sustainability products, organic products, and fair trade?

Walmart

(Picture) which of the following statements best answers the question posed by the man in the cartoon?

When demand increases, price increases