Unit 1 Quiz 1

What best explains scarcity

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

Healthcare spending

Which aspect of government spending was greatly increased in the spring of 2010

Russia

Which country's collapse greatly altered US military spending

scarcity

a problem created by unlimited wants and limited resources

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

credit refers to ___

right to safety

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

unsecured debt

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

secured debt

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

14 trillion

the US government debt in 2015 was about____

economic .perspective

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

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

what is the biggest responsibilty that consumers have

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

what is the purpose of interest

picks the item that represents the greatest value

when a shopper makes a rational choice, he or she ____

China

which country owns a large portion of US debt

Federal Trade Commission

which government agency deals most directly with consumers and their rights and protection

oppurtunity cost

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

healthcare

which portion of the US government spending took up the largest percentage of the 2016 budget?

house

which purchase requires good credit

baby boomer generation

which segment of US society represents a challenge to the social security system

opportunity cost

Choosing between spending money on a new suit or a vacation is an example of__-

Better Business Bureau

The__ is an organization that works to protect consumers

NOT an economic perspective

a young man buys an old car without thinking about the costs associated with fixing it, and it will really only last 4 months