Econ Unit 1 Quiz 1

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

Which decision is NOT one made with an economic perspective?

A young man buys an old car without thinking about the costs associated with fixing the vehicle, and the fact that it will probably only last for months.

The ___ is an organization that works to protect consumers.

Better Business Bureau

Which government agency deals most directly with consumers and their rights and protection?

Federal Trade Commission

What is the purpose of interest?

It allows the lender to make money in exchange for giving money to those who need it.

Which country's collapse greatly altered U.S. military spending?

Russia

A rise in the price of groceries results in consumers spending less on entertainment.

Scarcity

Many parents are unable to find and purchase a popular toy at Christmastime.

Scarcity

weighs the costs and benefits of each measure before making an economic decision

economic perspective

Which of these represents things you miss out on when you decide to spend your money on something else?

opportunity cost

When a shopper makes a rational choice, he or she ___.

picks the item that represents the greatest value

a problem created by unlimited wants and limited resources

scarcity

Which scenario best explains scarcity?

A man has $20 but wants to take his girlfriend to a fancy steak restaurant, where he needs $70.

What country owns a large portion of U.S. debt?

China

Which portion of U.S. government spending took up the largest percentage of the 2016 budget?

healthcare

Which purchase requires good credit?

house

What is the biggest responsibility that consumers have?

to educate themselves on the products they are interested in, including their benefits and potential costs or problems

A woman reviews her budget, debt, and spending habits when considering whether to purchase a home.

Economic perspective

What segment of U.S. society represents a challenge to the Social Security system?

baby boomer generation

What aspect of government spending recently increased greatly in the spring of 2010?

healthcare spending

Credit refers to ________________.

a consumer's record of going into and getting out of debt in a faithful and punctual way

money owed that imposes a higher interest rate because repayment is not guaranteed

unsecured debt

Choosing between spending money on a new suit or a vacation is an example of ___.

opportunity cost

In 1962, President John F. Kennedy made a speech in which he spelled out the rights that a consumer has when purchasing something. Which one of these rights was NOT included in Mr. Kennedy's speech?

right to redress

money owed that is guaranteed by the thing it is used to purchase

secured debt

The U.S. government debt in 2015 was about ___.

$14 trillion


Ensembles d'études connexes

Chapter 1 Nutrition: food is more than something to eat.

View Set

Ch 14: Somatosensory Function, Pain, Headache, & Temperature Regulation

View Set

Psych - Unit 1 - Chapter 6: Therapeutic Communication

View Set

Priority Cardiovascular NCLEX Questions

View Set

Chapter 6: Inventory and Cost of Goods SoldAssignment

View Set

6 klasė. Kas yra klasėje? (Что?)

View Set