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