quiz 1

Congress passed the Sherman Antitrust Act, which prohibits companies from forming monopolies, in _____. 1980 1890 1908 1998

1890

The average economic cycle from peak to peak typically lasts _____. 3-5 months 3-5 years 3.5 weeks 35 years

3-5 years

The mission of the Department of Commerce includes all but which of the following? promote job creation encourage economic growth support improved standards of living for all Americans administer the unemployment trust fund

administer the unemployment trust fund

Productivity is _____. an economic measure of the amount of output (revenue, sales, profit) resulting from a measure of input (land, labor, capital) the ability to accomplish certain economic tasks (production) using less resources the central economic measure that determines the gross domestic product (GDP) all of the above

all of the above

Which of the following groups contribute to meeting a community's societal needs? community volunteers public service employees, such as police and firefighters nonprofit service organizations all of the above

all of the above

The most appropriate strategy for budgeting needs and wants is to _____. budget for needs first, then use the remaining funds for wants budget wants first, then use the remaining money for needs budget for needs first, use a fraction of the remaining money for wants, but put the rest into savings budget for wants but don't budget needs because they are necessary whether you have a budget or not

budget for needs first, use a fraction of the remaining money for wants, but put the rest into savings

The cornerstone of our economy is _____. capitalism socialism totalitarianism none of the above

capitalism

Abraham Maslow was an American psychologist who _____. described the individual's hierarchy of needs starting with the most basic of needs and reaching self-actualization discounted the distinction between needs and wants described a strategy for turning all wants into needs sought to find a relationship between economics and psychology

described the individual's hierarchy of needs starting with the most basic of needs and reaching self-actualization

The Federal Reserve is a division of the Treasury Department. True False

false

Which of the following is a need and not a want? recreation food entertainment travel

food

Which of the following is not a factor of production? land litigation labor capital

litigation

Which of the following describes the stage in the economic cycle that follows growth? trough recovery peak recession

peak

Our system of laws is based on all but which of these? private contracts constitutional law statutes and ordinances common law

private contracts

Which of the following is not an economic system? market command revisionist mixed

revisionist

Opportunity cost is _____. the cost of business itself the cost of travel, entertainment and other activities that provide an opportunity for recreation the cost of an alternative product or service that cannot be acquired because the available funds were used for another purpose none of the above

the cost of an alternative product or service that cannot be acquired because the available funds were used for another purpose

The Inuit of the Arctic region have maintained a _____ economy for centuries. market command mixed traditional

traditional

In the United States, corporations are treated as individual citizens under the law. True False

true

People cannot live if they do not meet their basic needs. True False

true