SecInv Unit 2
If an item's price is $300, quantity demanded is 80 and quantity supplied is 50, what is the shortage?
30
A good for which demand will not change in relation to price is known as which of the following?
A necessity
Food is an example of which of the following?
A tangible need
Which of the following is not a branch of democratic governments?
Affirmative branch
Which of the following is an accurate description of take-home pay?
After-tax income available for living expenses
Which of the following is one of the four economic stages of families?
Aging
Which of the following began at the dawn of civilization?
Agricultural economy
The economy affects how a country _____ economic resource?
All of the above
The economy of a nation depends on which of the following?
All of the above
Which of the following is an advantage of communism?
Allows for large changes to be made quickly
Landscaping services are an example of which of the following?
An intangible want
Which of the following is a factor determining the level of economic development in a country?
Availability of resources
The Federal Trade Commission Act considers which of the following an unfair and deceptive practice?
Bait and switch
Which of the following is not a country with a traditional economy?
Canada
When you got to the movies you have $5.00 to spend on snacks. You want candy and popcorn, but each costs $5.00. You decide to buy popcorn. What is the opportunity cost of the popcorn?
Candy
What is another name for the private enterprise system?
Capitalism
Which of the following economic systems allows citizens full freedom in choosing a career and workplace?
Capitalism
Totalitarian governments are highly
Centralized
Which of the following is not a financial obligation or opportunity of launching families?
Child care
Little to no freedom in selecting a career and workplace is a characteristic in which economic system?
Communism
Market economies are based on which of the following?
Competition
Complete governmental control is a characteristic of which of the three main economic systems?
Complete control is not a characteristic of any of the three main economic system
How are producers and consumers connected in the economic process
Consumers sell their labor to producers who pay wages and benefits
What role does the legislative branch play in a democratic government?
Creates, amends and ratifies laws
Which of the two stages of the business cycle decrease confidence in the economy?
Depression and recession
The practice by which nations conduct relationships with one another is known as which of the following?
Diplomacy
An entrepreneur does not do which of the following with the risks of a business or enterprise
Displaces
Communism is based on which of the following?
Economic equality
Which of the following is the way a society produces goods and services?
Economic systems
Which of the following is a country which operates under a traditional economy?
Ecuador
Which of the following terms is used to describe the fluctuation in demand of a certain product in relation to pricing?
Elasticity
The point at which supply equals demand is known as which of the following?
Equilibrium
Microeconomics is the study of the economy as a whole
False
Technology is one of the factors affecting demand
False
The law of supply is "as the price of any falls, the quantity demanded will increase"
False
Travel and recreational opportunities is a financial opportunity for launching economic stage of families
False
Which of the following governments includes the rule of a dictator with absolute power?
Fascism
Which of the following is not one of the three main economic systems?
Fascism
Which of the following is not a type of economic resource?
Financial Resources
Which of the following is the main component of globalization?
Foreign traade
Which of the following is a country which operates under control/socialism?
France
Which of the following accurately describes the function of capital in the economic process?
Furthers production with the use of manufactured instruments
The integration of the world economy through increasing international business is known as which of the following?
Globalization
Which of the following terms describes the amount of goods and services produced by a country each year?
Gross domestic product
Fascism is based on which of the following?
Idealistic goals
Which of the following is not one of the three freedoms individuals have in a private enterprise system?
Import and export of goods and services
Which of the following is a factor affecting demand?
Income
Which of the following a correct equation for the Law of Demand?
Increased prices = decreased demand
Which of the following is considered a developing country?
India
The economy of the United States depends on which of the following?
Individual participation
A private enterprise systems permits which of the following to make economic decisions
Individuals
Which of the following took over America in the late 1900s?
Information economy
Developed countries have a high level of _____
Infrastructure
Wants can also be considered which of the following?
Luxury items
Which of the following factors of production is synonymous with the enterpriser factor?
Management
Which economic stage of families is characterized by parents refocusing their relationship, the height of careers and earnings, and the possibility of becoming grandparents?
Mid-years
The United States operates under which type of economy?
Mixed economy
Which of the following is an example of a new banking technology?
Mobile banking applications
How does immigration impact the economy>
More people means more money put into the economy, causing the system to stretch to accommodate everyone
Land is synonymous with which type of economic resources?
Natural resources
Which of the following is a country which operates under command/communism?
North Korea
Which of the following is not a way one can participate in the consumer economic system?
Not paying taxes
Which of the following is an example of a nonrenewable land source?
Oil
The good or service you give up when you choose another good or service is known as which of the following?
Opportunity cost
Which of the following is a factor affecting supply?
Production costs
Which of the following is the first stage of the business cycle?
Prosperity
Which of the following two stages of the business cycle increase employment?
Prosperity and recovery
A private enterprise system does not do which of the following to motivate businesses to succeed?
Providing citizens with a career and workplace
Which of the following stages of the business cycle occurs when profits are reducing?
Recession
Which of the following stages of the business cycle occurs when a business begins to bounce back from a depression?
Recovery
Which of the following is not one the four factors of production?
Research
Which of the following is a characteristic of an entrepreneur?
Risk taking
Which of the following is not one of the three main types of economic systems?
Strong arm
If there is a change in the number of producers in the market, which of the following will also change?
Supply
Which of the following terms describes the quantity of goods and services sellers are willing to offer at various prices at any given time?
Supply
Which of the following is not considered a living expense when determining earnings?
Taxes
Which of the following is not one of the four economies the United States has experienced?
Technology economy
The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 is responsible for which of the following?
Temporary Assistance for Needy Families (TANF) program
Which of the following is an entity which provides services for the consumer and is not part of the national government?
The Better Business Bureau
Which of the following provides a basis for the regulation of the testing, manufacture, distribution and sale of food, drugs, cosmetics and medicinal products in the U.S.?
The Federal Food, Drug, and Cosmetic Act
Which of the following accurately describes microeconomics?
The study of individual economic units
How do citizens influence laws in a democratic government?
Through elected representatives
Capital refers to the manufactured instruments used to further production
True
Demand can change due to a change in the number of people in the market, change in taste or preferences, expectations of the future, change in income, or change in the price of a substitute of complementary product
True
Take-home pay minus total living expenses equals money available for savings and investment
True
The Consumer Product Safety Commission is empowered to conduct research on safety and collect data regarding injuries
True
The basic economic problem is demand is greater than supply
True
Which of the following is an economic issue which seems to have a direct impact on crime
Unemployment
Which of the following defines opportunity cost?
What you are giving up or sacrificing by turning down one opportunity in order to take advantage of another opportunity
Which of the following is not a question related to production?
When
Discrepancies in your checkbook occur in which of the following situations?
When your bank statement differs from your check register
Which of the following is not one of the three questions related to production?
When?
Which of the following questions is in the focus of a government's constitution?
Which laws and principles are fundamental?
The issue of suffrage is focused on which of the following questions?
Who has the right the vote?
