weewooo

Fiona wrote a check to the veterinarian for $89.56. She'll use the check register to record her transaction. What will be her new balance?

$2,458.94

Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.

1,2,3

Which is most likely to happen to consumers with good credit? Check all that apply.

1,3,5

Aliyah made a payment in the amount of $47.93. She'll use the check register to record her transaction. What will be her new balance?

1295.02

There are four stages in an economic recovery.1. increased production2. rising demand (occurs twice)3. increased hiringIn which order do these stages occur?2, 1, 2, 33, 2, 1, 22, 3, 1, 22, 1, 3, 2

2,1,3,2

Iliana's gross pay is $2,130 per month. Her deductions total $270. She budgets for $1,000 in fixed expenses and $400 in variable expenses. How much money will Iliana be able to save?

460

If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax, how much money can be saved by buying a $1,000 television in New Hampshire?

60

Which of the following would be a producer?

a

Why do developing countries usually have less variety in their economic activities?

a

Inflation causes money to _____ its value over time.

lose

Which is a kind of federal payroll tax?

medicare tax

What area of economics focuses on the interactions between individual consumers and producers?aggregatesmacroeconomicsmicroeconomicsmarkets

microeconomics

In macroeconomics, the economy can best be understood through the use ofmoney.models.pricing.debates.

models

Which best describes the purpose served by economic models within an economic system?Models identify patterns.Models determine the business cycle.Models control change.Models define global demand.

models identify patterns

Which best describes what injector factors bring to an economic system?factors of production imports consumers money

money

When making a major purchase, first determine your______ income by subtracting the deductions from your gross pay.

net

If having a warranty on a car is important, a person should buy a car that is

new

If having a warranty on a car is important, a person should buy a car that is.

new

Read the sample advertisement.Lose body fat and feel healthier with our proven supplement, Edgozene!Losing weight is easy with Edgozene! Just take two pills before each meal. You'll start to feel full and won't eat as much. No other diet pill offers what our product does, and for a limited time, if you buy now you can get two bottles of Edgozene for just $29.95!Which statement is most likely to give consumers a false sense of security about using Edgozene?

our proven supplement

Credit unions differ from retail banks because they are

owned by their members

Income reaches the highest level at the _____ point of the business cycle.

peak

Which is always a cost when buying insurance?

premium

Cost-push inflation occurs whenconsumers show an interest in purchasing more goods.producers need more money to make and distribute goods.the government prints more money and pushes prices up.consumers have more money to spend on goods and services.

producers need more money to make and distribute goods.

Demand-pull inflation happens when the demand for goodsremains very low.shifts up and down.matches the supply.rises above the supply.

rise above the supply

Look at the table below showing an example of a checkbook ledger.Adrienne has several receipts from recent transactions that she entered in her records. The receipts include an ATM receipt for a $60.00 withdrawal (plus a $2.00 transaction fee), a grocery store receipt for $32.50, and a $1,200 paycheck deposit slip.When she finishes entering her transactions, Adrienne realizes that her balance is incorrect. Assuming that Adrienne's beginning account balance was $320.00, why is her balance incorrect?

Adrienne did not enter her ATM withdrawal correctly

The graph demonstrates that changes and investment

Can show of the economy is growing or shrinking

Why is compound interest preferable to simple interest?

Compound interest pays interest on the principal and the interest earned in each period.

Read the scenario.Yuri has $100 to spend at the store. He spots a pair of designer jeans with a $98 price tag on them but knows that he can buy three pairs of $30 jeans for about the same price. He decides to buy the $98 pair.What is Yuri's motivation behind buying the pricier pair?

Conspicuous Consumption

As a result of decreased production and David lost his job designing cars which terms can be used to describe David

Cyclically unemployed and unemployment

What are the signs of low inflation? Check all that apply.Demand steadily rises.Demand steadily falls.Prices continue to increase.Prices continue to decrease.The economy grows in a healthy way.The economy stagnates and struggles.

Demand steadily rises. Prices continue to increase. The economy grows in a healthy way.

How does demand-pull inflation differ from cost-push inflation?Demand-pull inflation is driven by consumers, while cost-push inflation is driven by producers.Demand-pull inflation is driven by producers, while cost-push inflation is driven by consumers.Demand-pull inflation is driven by the private sector, while cost-push inflation is driven by the government.Demand-pull inflation is driven by the government, while cost-push inflation is driven by the private sector.

Demand-pull inflation is driven by consumers, while cost-push inflation is driven by producers.

To reduce pollution, the ... legislates and enforces regulations that protect the air, water, and land.

Environmental Protection Agency

Why might buying a home during a recession be a good decision for some consumers? Check all that apply.Housing prices are down.It is easier to get a mortgage.Less demand means more options for buyers.Less demand means less competition with other buyers.More houses are on the market.

Housing prices are down. Less demand means more options for buyers. Less demand means less competition with other buyers

What is the difference between inflation and deflation?Inflation can result from falling demand and boosts the value of money. Deflation can result from rising demand and reduces the value of money.Inflation can result from rising demand and boosts the value of money. Deflation can result from falling demand and reduces the value of money.Inflation can result from falling demand and reduces the value of money. Deflation can result from rising demand and boosts the value of money.Inflation can result from rising demand and reduces the value of money. Deflation can result from falling demand and boosts the value of money.

Inflation can result from rising demand and reduces the value of money. Deflation can result from falling demand and boosts the value of money.

Economic interactions involving which of the following would most likely be studied in macroeconomics?a family's financestrade at a duty-free shop on the U.S.-Canadian borderInternational Monetary Fund policya small company's supply contract for a local town

International Monetary Fund Policy

Which best summarizes the purpose of a W-4 form?

It helps determine the amount of taxes withheld from an individuals paycheck

Which detail is most likely to give consumers a false sense of security about using Edgozene?

Our proven supplement

How do consumers' feelings about the economy help contribute to growth?Positive consumer attitudes influence spending habits.Positive consumer attitudes increase job prospects.Positive consumer attitudes inspire increased production.Positive consumer attitudes can end a depression.

Positive consumer attitudes influence spending habits.

The inflationary spiral explains the causes and effects of high inflation. The spiral usually begins with a rise in production costs. What is the direct effect?Producers raise prices to continue to make a profit.The government prints more money and lowers its value.Workers negotiate with employers to receive more money.Consumers need higher wages to keep up with rising prices.

Producers raise prices to continue to make a profit.

What are the signs of high inflation? Check all that apply.Production begins to fall.Production begins to rise.Interest rates decrease.Interest rates increase.Purchasing power falls.Banks grant fewer loans.

Production begins to fall. Interest rates increase. Purchasing power falls. Banks grant fewer loans.

Which is an example of a financial change that would require budgetary consideration?

Purchasing Furniture

Daniel wants to buy a laptop computer, and he has $300 in savings. He can purchase a new computer for $279 or a refurbished [repaired or renovated] computer for $100. What should Daniel do next?

Review the pros ad cons of the different available computers.

In microeconomics, price helps determine both supply and demand. Which other factors also help determine each?Supply is determined by production costs, and demand is determined by need for the product.Supply is determined by production costs, and demand is determined by producer behavior.Supply is determined by consumer behavior, and demand is determined by aggregate demand.Supply is determined by producer behavior, and demand is determined by need for the product.

Supply is determined by production costs, and demand is determined by need for the product.

What is one consequence of stagflation?The economy drastically slows down as money loses its buying power.Producers cannot keep up with consumer interest and raise their prices.There are not enough workers to meet the rising level of production.Demand is too high and people spend more money than they should.

The economy drastically slows down as money loses its buying power.

Which of the following best describes the circular flow model?The model represents the movement of money throughout the economy.The model represents the interactions within sectors.The model represents the flow of goods and services between sectors.The model represents the changing relationships between actors.

The model represents the movement of money throughout the economy.

Emily is deciding whether to buy a trendy jacket just like the one her friend Yasmin has. Which question should she consider before she buys the jacket?

What are her motivations?

Which is the best question for Joe to ask himself when deciding whether to open a checking or savings account?

Why am I opening a bank account?

Companies report people to credit agencies if they

a

Credit unions differ from retail banks because they are

a

How do consumers' feelings about the economy help contribute to growth?

a

What is a cost of avoiding insurance?

a

Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws?

a

Which is the best definition of inflation?a gradual reduction in the price of goods and servicesa gradual expansion in the price of goods and servicesan exponential reduction in the price of goods and servicesan exponential expansion in the price of goods and services

a gradual expansion in the price of goods and services

A high-risk investment is characterized by

a greater percentage chance of loss

What is the definition of liability?

a responsibility to pay for or fix a problem

Typically, high inflation is a sign of a healthy economy because it results from a fall in production costs.a healthy economy because it results from a rise in consumer interest.a struggling economy because it results from a rise in production costs.a struggling economy because it results from a fall in consumer interest.

a struggling economy because it results from a rise in production costs

According to the business cycle, what characteristic indicates that a depression has been reached?The economy reaches recovery.A trough has occurred.The peak has passed.A period of property has ended.

a trough has occurred

In the circular flow model, factors of production flow to firms. Which of the following are the primary factors of production? Check all that apply.laborcapitalgoodslandservices

labor capital land

What term is used in macroeconomics to describe the total supply and the total demand?capitalinflationaggregateequilibrium

aggregate

Among the changes that labor reformers wanted after the Industrial Revolution was

b

Equilibrium occurs when supply and demand coordinate to

b

Land is considered a resource because it

b

The best reason to record income at the top of a budget is

b

What might happen if an economy is unable to produce wanted goods and services?

b

Which best describes the relationship between consumers and producers?

b

Which living expense needs to be included in the budget of someone renting an apartment?

b

A clothing store has ordered a new supply of jeans for the fall season and wants to sell off the remaining items from the previous spring. What action would the store owner most likely take?

d

How did NAFTA affect the economies of participating countries?

d

During a recession, what is one way governments try to encourage growth?by increasing unemployment benefitsby stopping government spendingby requiring firms to maintain productionby eliminating all tax breaks

by increasing unemployment benefits

In which way do producers try to differentiate themselves in monopolistic competition?

c

What term is used in macroeconomics to describe the total supply and the total demand?

c

The graph shows the percentage changes in the investment rate and the gross domestic product (GDP) between 2008 and 2012.The graph demonstrates that changes in investment

can show if the economy is growing or shrinking.

Which scenario best reflects the relationship between production and demand in a recession?Car dealerships have minimal overstock.Car dealerships are not restocking.Car dealerships cannot sell their stock.Car dealerships cannot obtain stock.

car dealerships cannot sell their stock

Glenn and Maggie own a regional chain of juice bars and are looking to expand in the coming year. They already have fifty shops, but they know they will need a loan to reach their goal of one hundred twenty five shops. Which type of banking institution is most suitable for Glenn and Maggie's business?

commercial bank

The most common measure of inflation is a statistic called the _______nominal measurementconsumer price indexannual rateUS of Bureau of labor statistic

consumer price index

As a result of decreased production, David lost his job designing cars. Which terms can be used to describe David? Check all that apply.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

cyclically unemployed, unemployed

Look at the table below showing an example of a checkbook ledger.Adrienne has several receipts from recent transactions that she entered in her records. The receipts include an ATM receipt for a $60.00 withdrawal (plus a $2.00 transaction fee), a grocery store receipt for $32.50, and a $1,200 paycheck deposit slip.When she finishes entering her transactions, Adrienne realizes that her balance is incorrect. Assuming that Adrienne's beginning account balance was $320.00, why is her balance incorrect?

d

Spending that can change from year to year is known as ... spending.

discretionary

Which best describes the nature of cause and effect in the context of the business cycle?Each effect has other effects.Causes and effects cannot be easily defined.A cause has multiple independent effects.Each effect has a cause.

each effect has other effects

When economists determine that a nation's GDP has declined, they can point to this as a sign ofeconomic shrinkage.economic growth.low unemployment.poor leadership.

economic shrinkage

What does purchasing insurance for a business reveal about the business owner's attitude toward financial risk?

it shows that the owner acknowledges the financial risks and is willing to pay every month to transfer the risk to an insurance company.

In a republic, elected officials create ... to regulate the economy.

laws

Read the paragraph.Government officials in Country M have determined that they need to take action to encourage the growth of their economy. To do this, they have introduced an incentive policy that offers citizens free education. This is extended to all individuals who sign a contract agreeing to work within their specific industry for the next ten years.Country M hopes to encourage economic growth by investing ineducation to reduce unemployment and increase production.new technologies to produce goods that are in great demand.resources that can be traded with other nations.research to develop goods that can be sold on a global scale.

education to reduce unemployment and increase production.

in which category do commodities belong

either short or long term investment

The exchange of factors of production for income occurs in the _______ market.

factor

What is one cost of avoiding insurance?

falling into debt if faced with a serious problem

The circular flow model examines interactions between which sectors of the economy? Check all that apply.privategovernmentbusinesstechhouseholds

government, business, households

Which best describes how governments respond to changes in the business cycle?Governments issue more currency.Governments refuse to pass a budget.Governments change their policies.Governments reduce spending.

governments change their policies

A good rule is to spend no more than 25-30% of your income on housing.

gross

An increase in gross domestic product (GDP) is a sign that a country's economy isdeclining.stagnant.growing.depressed.

growing

Which of the following is a characteristic of the prosperity phase of the business cycle?stagnant priceshigh levels of productionambivalence about the economyreduced incomes

high levels of production

Stagflation occurs when high inflation combines with high unemployment and a low level of production.low unemployment and a high level of production.a drop in buying power and a rise in workers' wages.a rise in buying power and a drop in workers' wages.

high unemployment and a low level of production.

What is the first step in the decision-making process?

identify the choices

Which describes a type of tax that people pay on money they earn?

income tax

Which challenges faced by an economy are examined in macroeconomics? Check all that apply.declining innovationinflationunemploymentbankruptcydecreased output

inflation, unemployment, decreased output

Which living expense needs to be included in the budget of someone renting an apartment?

insurance

Which living expense needs to be included in the budget of someone renting an apartment?property taxes

insurance

In some cases, it is safe to avoid insurance because

it may not be needed

One way to revise a budget to meet long-term goals is to_____discretionary spending.

limit

Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed. Which terms can be used to describe Jim? Check all that apply.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

structurally unemployed, unemployed

Economists use gross national product (GNP) to measureeconomic output within a nation, regardless of ownership.the output of foreign-owned businesses within a nation.the output of a nation's citizens, regardless of where they are.any business activity taking place outside a country.

the output of a nation's citizens, regardless of where they are.

Which best describes how a recession develops as demand and production decrease?The recession accelerates.The recession spirals out of controlThe recession feeds on itself.The recession starts and stops

the recession feeds on itself

The level of investment and market often indicates

the state of the economy

The aggregate isa type of economic system.the total number of goods demanded or supplied.a form of revenue.the total profit made on sales.

the total number of goods demanded or supplied.

Which best describes why investing can be such a challenge?

there are no guaranteed investments

Why were savings and loans (S&Ls) originally established?

to help people buy homes

When individuals are looking for jobs but are unable to find work, they are said to be _______

unemployed

A ... form must be filled out when someone is hired for a job to determine how much income tax will be withheld.

w-4

What decisions does the business cycle help businesses make? Check all that apply.whether to stay at old facilities or move to new facilitieswhether to grow or shrink the businesswhether to keep or change productswhether to increase or decrease productionwhether to hire or lay off workerswhether to invest or save money

whether to grow or shrink the business whether to increase or decrease production whether to hire or lay off workers whether to invest or save money