Have an account?
Skip to Content
Build your own quiz
92 questions
Show Answers
See Preview
- 1. Multiple ChoiceResources that are used to make all goods and services are called what?Opportunity costsFactors of productionTrade offsCapital
- 2. Multiple ChoiceThe skills and knowledge gained by a worker though education and experience is called?Human capitalPhysical capitalOpportunity CostsTrade Offs
- 3. Multiple ChoiceWhich of the following is an example of human capital?A doctor operating on a patient.A taxi driver maneuvering around the city.A scientist building a new rocket.All of the above
- 4. Multiple ChoiceWhat is the opportunity cost of a decision?an alternative that could have been madethe price of an item you decide to buydifferent methods for making a decisionmost desirable alternative given up for a decision
- 5. Multiple Choice______ relies on habit/custom/ritual to decide which goods & services to produce or consume.Market EconomyCommand EconomyTraditional EconomyMixed Economy
- 6. Multiple ChoiceIn __ decisions on which goods & services are needed are based on voluntary exchange in marketsMarket EconomyCommand EconomyTraditional EconomyMixed Economy
- 7. Multiple ChoiceA central authority makes all the decisions on the production & consumption of goods & services.Market EconomyCommand EconomyTraditional EconomyMixed Economy
- 8. Multiple ChoiceWhich of the following DOES NOT describe a centrally planned economy (Command)?Each person decides where they want to workThe government owns all the land and businessesThe government makes all economic decisionsEach factory is allowed to set its own goals
- 9. Multiple ChoiceWhat does the process of specialization do for an economy?Eliminates unemploymentMakes it easier to controlMakes it more efficientCreates more competition
- 10. Multiple ChoiceWhat is the purpose of competition?causes buyers to be more careful with their spendingacts as a motivating force in the marketacts as a regulating force in the marketcauses producers to put each other out of business
- 11. Multiple ChoiceWhat is the basic principle of the law of demand?Prices always stay the same.When a good's price is lower, people will buy more of it.The higher the price, the more consumers will demand it.People aren't concerned with the price.
- 12. Multiple ChoiceWhen a consumer has the desire to own something and the ability to pay for it, it is called...opportunity costsupplydemandprofit
- 13. Multiple ChoiceHow much control over price do companies in a perfectly competitive market have?5%25%75%no control over price
- 14. Multiple ChoiceWhy do many countries with market economies outlaw monopolies?Monopolies are always run by selfish people.Monopolies become more powerful than governments.Monopolies overcharge their customers to make more profit.Monopolies are too competitive & products are cheaply priced
- 15. Multiple ChoiceIn which market structure do many firms sell products that are similar but not identical?Perfect competitionMonopolyMonopolistic competitionOligopoly
- 16. Multiple ChoiceHow are wages for a particular job determined?by the amount of inflation in economyby the equilibrium between supply and demand for that jobby polling the workersby the national government
- 17. Multiple ChoiceHow do banks make money?Money deposited into checking accountsMoney deposited into savings accountsBy the interest they receive from loans.Fees charged to customers for overdrafts
- 18. Multiple Choice
What is a mortgage used to purchase?
student tuition
boat
car
house
- 19. Multiple ChoiceThe price paid for the use of borrowed money is called...I.O.U.PrincipalInterestProfit
- 20. Multiple ChoiceHow does a debit card work?It's an electronic form of payment by check.Its an electronic form of payment by credit card.It's an electronic form of payment by cash.It's an electronic form of payment by money order.
- 21. Multiple ChoiceWhat is the difference in recession and depression?A recession is more severe than a depression & lasts longerA recession is economic growth; a depression is not.A depression brings in lots of money and jobsA depression is longer, more severe, & has high unemployment
- 22. Multiple ChoiceThis occurs when workers’ skills do not match the jobs available (ex. lack of education).Structural unemploymentSeasonal unemploymentCyclical unemploymentFrictional unemployment
- 23. Multiple ChoiceWhich of the following is an example of structural unemployment?Worker quits job to find a different job with more pay.Holiday only employees are no longer needed at the Mall.Factory worker loses job b/c the company relocated out of US
- 24. Multiple ChoiceThis occurs when people take time to find a job.Structural unemploymentSeasonal unemploymentCyclical unemploymentFrictional unemployment
- 25. Multiple ChoiceWhen Suzan quits her job as a H.S. teacher to look for a job at the university level, this isStructural unemploymentSeasonal unemploymentCyclical unemploymentFrictional unemployment
- 26. Multiple ChoiceCompanies have more difficulty recruiting workers when the unemployment rate is _____.very highvery lowaveragenon existent
- 27. Multiple ChoiceWhen someone has a job, but they are overqualified for it, this is called what?overemployedunderqualifiedunderemployedwishful thinking
- 28. Multiple ChoiceWhat is the difference between seasonal unemployment and structural unemployment?Seasonal is b/c of schedules; structural is lack of skillsSeasonal occurs only in the summer; structural is year roundSeasonal is low paid; structural is higher paidSeasonal is rare in US; Structural is not rare
- 29. Multiple ChoiceYour income buys less when what happens?Prices are equalPrices go downPrices risePrices go away
- 30. Multiple ChoiceWhich financial institution is more likely to charge the highest interest rate on your loan?Commercial BankCredit UnionFinance CompanySavings Bank
- 31. Multiple ChoiceWhat has reduced start up costs for many businesses in the last 20-25 years?The CellphoneThe InternetThe TabletThe Robot
- 32. Multiple ChoiceWhat motivates a manufacturer to make and sell a product?Smiles on people's facesBeing the best manufactuer in the worldEnding competitionMaking a profit
- 33. Multiple ChoiceWhen money comes out of your paycheck for FICA, what is being paid for?Social Security and MedicarePersonal RetirementPersonal InsuranceFederal, state, and local taxes
- 34. Multiple ChoiceWhy are many products sold in America made in other countries?Their products are more expensiveTheir products are less expensiveTheir products are better qualityTheir products are easier to use
- 35. Multiple ChoiceWhich of the following means there is only one firm selling a product?Perfect competitionMonopolyMonopolistic competitionOligopoly
- 36. Multiple ChoiceWhich of the following means the market is dominated by a few large firms?Perfect competitionMonopolyMonopolistic competitionOligopoly
- 37. Multiple ChoiceWhich of the following means many firms sell a product that is similar but not identical?Perfect competitionMonopolyMonopolistic competitionOligopoly
- 38. Multiple ChoiceWhy are all goods and services scarce?all resources are scarcesome goods are more expensivesome people want more goods than other peoplesome people are lazy
- 39. Multiple ChoiceIn a monopoly market, the market price will be ___ than the price in a perfectly competitive marketgreaterlessequal
- 40. Multiple ChoiceWhat does FDIC protection do?Insures that if a bank fails, your deposits are protected up to $250,000.If you injure someone, it pays their medical bills.You are guaranteed to make up to $250,000 in interest.The bank will pay your overdraft fees up to $250,000
- 41. Multiple ChoiceWho pays immediately for the purchase when a credit card is used?The government uses the taxes they collected from you to payThe credit card issuer (the bank) pays the store for the purchase.The store you are purchasing the item from pays for it.The money is immediately deducted from your checking account
- 42. Multiple ChoiceWhich of the following would be included in the calculation of GDP?income of a person that pays their rent by babysitting the landlord's childrenprice of steel used to build a new hotelsale of a 25-year old houseincome of a high school teacher
- 43. Multiple ChoiceSuppose you borrow $18,000 to buy a car and the loan will be paid off in 5 years. When the loan is paid off, you made $20,237 in payments. Why did you have to pay an additional $2,327??principal was the $2,327 for borrowing the mortgage of $18,000interest was the $2,327 for borrowing the creditor of $18,000interest was the $2,327 for borrowing the principal of $18,000default was the $2,327 for borrowing the principal of $18,000
- 44. Multiple Choice
Grocery stores are an example of a(n)
oligopoly
perfect competition
monopolistic competition
monopoly
- 45. Multiple Choice
Which of the following would be an example of a natural monopoly?
fast food restuarants
apple farm
water company
cell phone carrier
- 46. Multiple Choice
A business with only one owner is called
franchise
corporation
partnership
sole proprietorship
- 47. Multiple Choice
What is the money you have left after taxes called?
gross income
disposable income
taxable income
consumable income
- 48. Multiple Choice
When a person spends more money than they've earned, this person has
a budget surplus
a budget deficit
good credit
a bonus
- 49. Multiple Choice
When are you more likely to buy on impulse?
comparison shopping
making a shopping list
using a credit card
using a debit card
- 50. Multiple Choice
If your money is invested in a variety of stocks and bonds, you have
a mutual fund account
a checking account
a savings account
a credit account
- 51. Multiple Choice
China has been moving from a ___________ economy to a __________ economy since the 1970s.
market; command
command; traditional
traditional; market
command; market
- 52. Multiple Choice
Which law was the first to outlaw monopolies in the United States?
Pendleton Act
Civil Rights Act
Sherman Antitrust Act
Clayton Antitrust Act
- 53. Multiple Choice
Which economy does the United States have?
Traditional
Pure Market
Mixed Market
Command
- 54. Multiple Choice
Which country has a command economy?
Germany
North Korea
France
Australia
- 55. Multiple Choice
When individuals can start their own businesses with little government involvement, this is considered a
free enterprise system
communist system
socialist system
traditionalist system
- 56. Multiple Choice
Where in the business cycle are goods and services offered for sale (where exchange takes place)?
factor market
product market
consumer sector
business sector
- 57. Multiple Choice
Where in the business cycle are factors of production bought and sold (such as labor)?
factor market
product market
consumer sector
business sector
- 58. Multiple Choice
In the circular flow model of economic activity, who are the two main participants?
the consumers and government that are active in the economy
the businesses and government that are active in the economy
the people and businesses that are active in the economy
the government and foreign governments
- 59. Multiple Choice
GDP measures
all final goods and services
all goods and services
all intermediate goods
all products
- 60. Multiple Choice
Breaking a job in to separate tasks is
specialization
merger
division of labor
natural monopoly
- 61. Multiple Choice
Signing up with the Selective Service System
is a responsibility for men 18-25
is a duty for men 18-25
is a duty for women and men 18-25
is a responsibility of all U.S. citizens
- 62. Multiple Choice
What are the Civil War Amendments?
5, 6, 7
13, 14, 15
19, 20, 21
23, 24, 25
- 63. Multiple Choice
All male citizens have the right to vote regardless of race. Which amendment is this?
15th
3rd
26th
14th
- 64. Multiple Choice
Gives Washington D.C. three electoral votes. Which amendment is this?
15th
23rd
17th
27th
- 65. Multiple Choice
The President is inaugurated in January. Congress begins to meet in January. Which amendment is this?
24th
20th
27th
23rd
- 66. Multiple Choice
Voting age changed from 21 years old to 18 years old. Which amendment is this?
25th
26th
14th
12th
- 67. Multiple Choice
President and Vice President are elected through the process of the electoral college. Which amendment is this?
12th
14th
10th
16th
- 68. Multiple Choice
Women's suffrage (right to vote). Which amendment is this?
18th
10th
19th
12th
- 69. Multiple Choice
Slavery is abolished. Which amendment is this?
13th
24th
15th
19th
- 70. Multiple Choice
Ban of poll tax as a qualification to vote. Which amendment is this?
23rd
10th
18th
24th
- 71. Multiple Choice
Every person born or naturalized in the US is a citizen. Which amendment is this?
12th
15th
22nd
14th
- 72. Multiple Choice
The president cannot serve more than two terms. Which amendment is this?
16th
22nd
19th
25th
- 73. Multiple Choice
Which clause IS NOT part of the 14th Amendment?
Citizenship Clause
Equal Protection Clause
Due Process Clause
Right to Remain Silent Clause
- 74. Multiple Choice
Which Supreme Court case gave women the right to an abortion based on the right to privacy?
Roe V. Wade
Miranda V. Arizona
Gideon v. Wainwright
Plessy V. Ferguson
- 75. Multiple Choice
Which Supreme Court case allowed for racial segregation, based on "separate but equal" facilities?
Miranda v. Arizona
Plessy v. Ferguson
Brown v. Board of Education
Dred Scott v. Sandford
- 76. Multiple Choice
Which Supreme Court case overturned "Plessy v. Ferguson" and ended racial segregation in schools?
Miranda v. Arizona
Dred Scott v. Sandford
Brown v. Board of Education
Tinker v. Des Moines
- 77. Multiple Choice
Which law banned discrimination by race, gender, religion, and national origin in stores, restaurants, hotels and theaters?
Voting Rights Act of 1965
National Voter Registration Act
Civil Rights Act of 1964
Pendleton Act
- 78. Multiple Choice
Which law protects the rights of people with disabilities in the workplace and elsewhere?
Civil Rights Act of 1964
Pendleton Act
Americans with Disabilities Act
Sherman Antitrust Act
- 79. Multiple Choice
Sources of public opinion include all of the following EXCEPT
a person's background (ex. income level, family, etc.)
interest group
mass media
people who conduct research polls
- 80. Multiple Choice
Which amendment prevents the government from censoring of our media?
1st
2nd
4th
6th
- 81. Multiple Choice
Which of the following is the most important purpose of the media?
provide weather reports
act as a watchdog over the government and expose bad officials
inform the public about the hottest new toys of the season
leak information about celebrities and their personal life
- 82. Multiple Choice
Which propaganda technique tries to convince viewers that someone is like them?
bandwagon
glittering generalities
just plain folks
transfer
- 83. Multiple Choice
Which of the following is not done by interest groups?
filing lawsuits
nominating candidates to office
forming PACs
lobbying
- 84. Multiple Choice
The main goal of lobbying is to
get their candidates elected to office
win an election
influence government policies
act as a watchdog
- 85. Multiple Choice
How does a candidate win the presidential election?
by a majority of popular vote
by a majority of the states
by a majority of electoral votes
by a majority of their political party
- 86. Multiple Choice
If a candidate doesn't get 270 electoral votes, how is the election decided?
by the Senate
by the Supreme Court
by the House of Representatives
by a run off
- 87. Multiple Choice
What should one use to find out a political party's beliefs and positions on certain issues?
party name
party symbols
party bio
party platform
- 88. Multiple Choice
Which political party is against abortion and considered pro-life?
Libertarian Party
Green Party
Republican Party
Democrat Party
- 89. Multiple Choice
Under which primary system are only registered party members allowed to vote?
closed
open
midway
caucus
- 90. Multiple Choice
Political parties _________ and interest groups ______.
try to gain control of the government; try to influence public policy
aren't important; are more important
are small; and huge
aren't expensive; are
- 91. Multiple Choice
Which of these is not a duty of citizenship?
Obey the laws
Pay taxes
vote
attend school
- 92. Multiple Choice
Which of these is not a responsibility of citizenship?
having tolerance
paying taxes
voting
contributing to the common good
- Answer choicesTagsAnswer choicesTags