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- 1. Multiple Choice
All of these are functions of money EXCEPT
Medium of exchange
Store of value
Commodity money
unit of measurement
- 2. Multiple ChoiceMoney loses its value when itIt becomes too plentifulbecomes too portabaleis divisibleis durable
- 3. Multiple ChoiceInflation is measured by...Consumer Price Index (CPI).Gross National Product (GNP).Gross Domestic Product (GDP).Securities & Exchange Commission (SEC).
- 4. Multiple Choice
A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?
inflation
recession
- 5. Multiple Choice
The central bank in the USA that regulates the monetary systemThe FedFDIC - 6. Multiple ChoiceHow many Federal Reserve Districts are in the U.S?912
- 7. Multiple Choice
Approximately how often does a financial institution send a bank statement through the mail?
yearly
weekly
quarterly
monthly
- 8. Multiple Choice
Fiat Money
represents near-money
is backed by gold
is widely accepted for the payment of debt
consists of bill only, not coins
- 9. Multiple Choice
The Fed does not
print money
regulate banks
serve as a lender of last resort
control the money supply
- 10. Multiple Choice
Jack saves his money in a piggy bank. He is using money as a
medium of exchange
store of value
unit of measurement
bartering tool
- 11. Multiple Choice
Which President is on the $5 dollar Bill?
Washington
Jackson
Hamilton
Lincoln
- 12. Multiple Choice
If people are made unemployed because of a fall in aggregate demand this is known as:
Cyclical unemployment
Frictional unemployment
- 13. Multiple Choice
right to own private property is found in
socialism
capitalism
mixed economy
Both B and C
- 14. Multiple Choice
When deciding "what to produce", what is said to be limited?
Resources
Population
- 15. Multiple Choice
A centrally planned economy promotes ...
Government ownership, competition, and no profit
Government ownership, profit, and no competition
- 16. Multiple Choice
It is the study of the nations economy as a whole.
Microeconomics
National economy
National output
Macroeconomics
- 17. Multiple Choice
It is the measure of a country's total production of final goods and services in a given period of time.
Gross National Product
Gross Domestic Product
Exports
Imports
- 18. Multiple Choice
It is the decrease in the general level of prices of basic commodities.
Inflation
Deflation
Stagflation
Stagnation
- 19. Multiple Choice
Which of the following situation describes unemployment?
Robert is a full-time student.
Sharon just graduated from college.
George earns 70 pesos an hour.
Gene works after school as a bagger at a local grocery store.
- 20. Multiple Choice
Which of the following scenarios show frictional unemployment?
John got laid-off from work since the company is not making enough money.
Jeff cannot find work since most blue collar jobs are already filled.
Ramon quit his jobs to move to Canada for a better job offer.
Alberto works as a call center agent after graduating nursing
- 21. Multiple Choice
Solve the GDP using the Expenditure method.
420 M
423 M
425 M
427 M
- 22. Multiple Choice
Who among the following are Consumers?
Firms
Households
Exporters
Banks
- 23. Multiple Choice
Which is NOT a characteristic of a monopoly?
Seller sets the market price
Firm sells a unique product
One seller
Entry into the market is easy
- 24. Multiple Choice
Perfect competition involves:
Difficulty entering & exiting the market
A large number of buyers & sellers
Little information is available to buyers
Sellers working together to set prices
- 25. Multiple Choice
What is the equilibrium quantity in this graph?
$1.00
$1.50
600
800
- 26. Multiple Choice
A disease has been affecting banana crops, and at the same time, consumers learn that bananas cure baldness. What will happen to the price and quantity of bananas?
Price and quantity will rise
Price will rise, while the quantity will fall
Price will fall, while quantity change is unknown
Price will rise, while the quantity change is unknown
- 27. Multiple Choice
The price of paper is rising and at the same time fewer people are reading paper books. In the market for books, what will happen to price and quantity?
The change in price is unknown, but quantity will increase
Price will rise and quantity will fall
The change in price is unknown, but quantity will decrease
Price will fall and quantity will rise
- 28. Multiple Choice
Which of the following is consistent with the law of demand?
a decrease in the price of a gallon of milk causes a decrease in the quantity of milk demanded
an increase in the price of soda causes a decrease in the quantity of soda demanded
an increase of the price of tape causes an increase in the quantity of tape demanded
a decrease in the price of juice causes no change in the quantity of juice demanded
- 29. Multiple Choice
The total value of all final goods and services produced in a country in a given year.
Gross Domestic Product
Consumer Price Index
Inflation
Unemployment
- 30. Multiple Choice
The percentage of a nations labor force that is unemployed.
Gross Domestic Product
Inflation
Unemployment
Consumer Price Index
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