Mod. 6 Part B
6 months ago
spcwotton
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  • Question 1
    30 seconds
    Q.

    The main benefit of a technical school certification is

    answer choices

    more limited choices for careers

    more time spent perfecting skills compared to college

    reduced costs compared to other degree options

    reduced earning potential compared to college

  • Question 2
    30 seconds
    Q.

    Jared's friends invite him to dinner at an expensive restaurant. Jared examines his budget and determines he cannot afford an expensive dinner, so he declines the invitation. Which of the following best represents the reason for Jared's decision?

    answer choices

    His dislike of the selected cuisine

    His limited income and budget

    Lower price of an alternative option

    Preference for another style of food

  • Question 3
    30 seconds
    Q.

    One bank offers a 4% variable rate loan, while a competitor offers a 3% fixed rate loan over the same period. Assuming no other differences between the loans, a customer should choose the fixed rate loan because

    answer choices

    the interest rate is higher and guaranteed to increase

    the interest rate is higher but will not increase

    the interest rate is lower and will not increase

    the interest rate is lower but is likely to increase

  • Question 4
    30 seconds
    Q.

    One bank offers a 2% variable rate loan, while a competitor offers a 3% fixed rate loan over the same period. It is likely better to choose the fixed rate loan, even though the interest rate is higher, because the rate on the

    answer choices

    fixed loan is open to fluctuation

    variable loan appears less attractive

    variable loan can increase dramatically

    variable loan will never increase

  • Question 5
    30 seconds
    Q.

    Roger always purchased insurance for the 10 years he owned an expensive speedboat. Since he never had an accident, the premiums he paid were

    answer choices

    beneficial because Roger was protected from financial loss

    fruitless because Roger received nothing in return

    unnecessary because Roger values long term security

    wasted because Roger preferred protection to present cash

  • Question 6
    30 seconds
    Q.

    In the event no property damage or loss occurs during an insurance contract period, the premium payments were wasted only if the policyholder

    answer choices

    derived more benefit than the premium cost

    paid a minimal cost compared to received benefit

    would have preferred added risk over security

    would have preferred added security over risk

  • Question 7
    30 seconds
    Q.

    If private investors put a lot of money into the U.S. economy, the gross domestic product will increase. What else will likely occur?

    answer choices

    A decrease in inflation and in the unemployment rate

    An increase in inflation and in the unemployment rate

    An increase in the unemployment rate and a decrease in inflation

    An increase in inflation and a decrease in the unemployment rate

  • Question 8
    30 seconds
    Q.

    A period of economic stability began in the 1980s. In 2001, prices began to increase. In 2007, an economic crisis caused prices to fall. Which of these dates would be considered the peak of this cycle?

    answer choices

    1980

    1990

    2001

    2007

  • Question 9
    30 seconds
    Q.

    In 2008, Federal Reserve Chairman Ben Bernanke made credit more available within the U.S. financial system by loaning money to banks. This action was to encourage a(n)

    answer choices

    contraction

    expansion

    peak

    trough

  • Question 10
    30 seconds
    Q.

    If a series of events results in a decrease in investments in U.S. businesses, what is the result on the U.S. economy?

    answer choices

    Contraction

    Expansion

    Peak

    Trough

  • Question 11
    30 seconds
    Q.

    Which of the following industries benefits from government subsidies?

    answer choices

    Agriculture

    Electronics

    Fast food

    Medicine

  • Question 12
    30 seconds
    Q.

    Which of the following is a government price control?

    answer choices

    Farm subsidies

    Minimum wage

    Research funding

    Union actions

  • Question 13
    30 seconds
    Q.

    What can result from the line marked "Artificial Price"?

    answer choices

    Artificial monopoly

    Natural monopoly

    Shortage

    Surplus

  • Question 14
    30 seconds
    Q.

    Which of these is an example of the line marked "Artificial Price"?

    answer choices

    Farm subsidies

    Market price

    Minimum wage

    Rent controls

  • Question 15
    30 seconds
    Q.

    Which of these is a natural monopoly?

    answer choices

    Cell phone service

    Computer repair

    Package delivery service

    Sewage treatment

  • Question 16
    30 seconds
    Q.

    Why is it in the best interest of the government to regulate natural monopolies?

    answer choices

    To allow multiple suppliers access to the market

    To gain a share of the profits of the monopoly

    To keep costs to a minimum for consumers

    To prevent surplus goods and services

  • Question 17
    30 seconds
    Q.

    Which best describes the function of the Federal Reserve System?

    answer choices

    Administration of taxes

    Control of the money supply

    Oversight of international trade

    Regulation of commerce

  • Question 18
    30 seconds
    Q.

    If inflation begins to rise rapidly, which step is the Federal Reserve likely to take?

    answer choices

    Decrease the federal funds rate.

    Increase the reserve requirement.

    Buy government securities.

    Decrease the discount rate.

  • Question 19
    30 seconds
    Q.

    The country has entered a period of economic growth, but prices are rising too rapidly. To stabilize prices, the Federal Reserve decides to

    answer choices

    decrease the federal funds rate

    decrease the reserve requirement

    raise the discount rate

    buy more government securities

  • Question 20
    30 seconds
    Q.

    Economists warn that the nation is slipping into a recession. Which fiscal policies will the federal government most likely take to help the economy grow?

    answer choices

    Lower taxes and decrease spending

    Lower taxes and increase spending

    Raise taxes and decrease spending

    Raise taxes and increase spending

  • Question 21
    30 seconds
    Q.

    Imagine the federal government has a national debt of $10.2 trillion. Congress's budget for the coming year includes a spending projection of $4.2 billion. Tax revenue projects $3.8 billion. Which fiscal policy should Congress adopt to avoid increasing the national debt?

    answer choices

    Cut interest rates

    Decrease spending

    Lower taxes

    Raise reserve requirements

  • Question 22
    30 seconds
    Q.

    Which of the following statements best accounts for the data shown in the graph above?

    answer choices

    Spending relative to tax revenue drastically increased in 2009.

    Spending relative to tax revenue steadily decreased before 2009.

    Spending relative to tax revenue steadily increased after 2009.

    Spending relative to tax revenue has been stable for the last decade.

  • Question 23
    30 seconds
    Q.

    Which of the following statements best describes the data shown for 2012 to 2015?

    answer choices

    Spending and tax rates will both decrease.

    Spending and tax rates will remain about the same.

    Spending will decrease relative to tax revenue.

    Tax revenues will increase relative to spending.

  • Question 24
    30 seconds
    Q.

    Cardinal Comics produces graphic historical novels and retails them through local shops throughout the United States. The publisher maintains an in-house staff of editors and illustrators but contracts out writing, printing, and distribution. Its printer uses domestically recycled paper but imports ink and much of its printing equipment from overseas. Segment D of the circular flow diagram above reflects which part of this scenario?

    answer choices

    Cardinal Comics retails novels through local shops.

    Publisher maintains an in-house staff of editors.

    Printer imports ink and printing equipment.

    Consumers pay sales tax on purchase of novels.

  • Question 25
    30 seconds
    Q.

    Cardinal Comics produces graphic historical novels and retails them through local shops throughout the United States. The publisher maintains an in-house staff of editors and illustrators but contracts out writing, printing, and distribution. Its printer uses domestically recycled paper but imports ink and much of its printing equipment from overseas. Segment B of the circular flow diagram above reflects which part of this scenario?

    answer choices

    Consumers purchase graphic historical novels from local shops.

    Publisher maintains an in-house staff of editors.

    Cardinal Comics contracts out writing, printing, and distribution.

    Printer uses domestically recycled paper.

  • Question 26
    30 seconds
    Q.

    The city council allocates funds for road repair. Which of the following circumstances would be a positive externality?

    answer choices

    Citizens spend less money repairing punctured and torn tires.

    Gas stations throughout the city reduce fuel prices.

    Municipal taxes increase to fund added services.

    Traffic flow in the city improves

  • Question 27
    30 seconds
    Q.

    A new bakery opens downtown. Which circumstance would most likely be a negative externality?

    answer choices

    Customers of the old bakery see a drop in prices.

    Neighboring stores get more foot traffic.

    The city government collects added tax revenue.

    The old bakery down the street loses some customers

  • Question 28
    30 seconds
    Q.

    Tennessee Valley Authority (TVA) Sites

    Red = water dams, Purple = nuclear power plants, Orange = fossil fuel power plants

    Study the map above. The TVA believes that the positive externalities outweigh the negative externalities of which renewable resource?

    answer choices

    Coal

    Uranium

    Water

    Lumber

  • Question 29
    30 seconds
    Q.

    Tennessee Valley Authority (TVA) Sites

    Red = water dams, Purple = nuclear power plants, Orange = fossil fuel power plantsStudy the map above.

    Who would object to negative externalities related to the use of renewable and nonrenewable resources in the map?

    answer choices

    Business owners forced to relocate when property is seized

    Families who lose power during a storm

    Local officials who collect taxes for energy usage

    Workers who undergo training for new high-wage positions

  • Question 30
    30 seconds
    Q.

    A free-trade agreement lowers restrictions on trucking across international borders. Which of the following would be a negative externality for the local environment?

    answer choices

    Higher costs for domestic goods

    Fewer imports of renewable resources

    More water consumption

    An increase in air pollution

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