SecInv Unit 2

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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?


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