Economics Study Quiz #2
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- 1.The personal distribution of income refers to the
- A.
Division of income between personal taxes, consumption expenditures, and savings
- B.
Division of income on the basis of industry sources, for example, agriculture, transportation, and mining
- C.
Distribution of income to basic resource classes, that is, wages, rents, interest, and profits
- D.
Way income is distributed among specific households or spending units
- 2.The largest functional share of the national income consists of
- A.
Wages and salaries
- B.
Interst and rental income
- C.
Proprietors' income, that is, the income of unincorporated businesses
- D.
Corporate profits
- 3.The distribution of income among individual households is known as
- A.
Income differentials
- B.
The personal distribution of income
- C.
The functional distribution of income
- D.
The concentration ratio
- 4.Listed in descending order of relative size, households divide their total incomes among
- A.
Consumption expenditures, savings, and taxes
- B.
Savings, consumption expenditures, and taxes
- C.
Consumption expenditures, taxes, and savings
- D.
Taxes, consumption expenditures, and savings
- 5.Households in the aggregate use the largest share of their total income to
- A.
Pay taxes
- B.
Consume
- C.
Save
- D.
Buy capital goods
- 6.The majority of personal consumption expenditures go to purchase
- A.
Nondurable goods
- B.
Durable goods
- C.
Capital goods
- D.
Services
- 7.In economics, a group of firms that produce identical or similar products is called a(n)
- A.
Industry
- B.
Plant
- C.
Conclomerate
- D.
Firm
- 8.An industry is best defined as a group of firms that
- A.
Compete for labor
- B.
Product identical or similar products
- C.
Use identical production techniques
- D.
Are located in the same city or geographic area
- 9.Which form of business enterprise accounts for the largest number of firms in the United States?
- A.
Corporations
- B.
Proprietorships
- C.
Partnerships
- D.
Cooperatives
- 10.Which form of business enterprise accounts for the largest proportion of total output?
- A.
Corporations
- B.
Proprietorships
- C.
Partnerships
- D.
Cooperatives
- 11.The three basic legal forms of business enterprise are
- A.
Monopolists, competitors, and enterprises
- B.
Proprietorships, partnerships, and corporations
- C.
Vertical, horizontal, and conglomerate corporations
- D.
Conglomerates, multinationals, and partnerships
- 12.An owner's liability for the debts of a business is
- A.
Limited in a corporation to the assets of preferred stockholders
- B.
Limited in a corporation to the assets of bondholders
- C.
Limited to the owner's investment in a single proprietorship
- D.
Unlimited in a partnership
- 13.Limited liability means that
- A.
Creditors have no legal claim on the personal assets of a proprietor
- B.
Corporations cannot be sued
- C.
Creditors have no legal claim on the personal assets of a corporate stockholder
- D.
Corporations have a legal life independent of their owners and managers
- 14.Most output in the United States is produced by
- A.
Cooperatives
- B.
Partnerships
- C.
Sole proprietorships
- D.
Corporations
- 15.The largest category for Federal spending is for
- A.
Agriculture and rural development
- B.
Science, space, and technology
- C.
Pensions and income security
- D.
Highway construction
- 16.Which of the following is NOT an important source of revenue for the Federal government?
- A.
Corproate income taxes
- B.
Property taxes
- C.
Payroll taxes
- D.
Personal income taxes
- 17.The United States' most important trading partner in terms of dollar volume is
- A.
Mexico
- B.
Canada
- C.
Germany
- D.
China
- 18.In terms of absolute volumes of imports and exports, the world's leading trading nation is
- A.
France
- B.
Japan
- C.
The United States
- D.
South Korea
- 19.In recent years the United States has
- A.
Exported more goods and services than it has imported
- B.
Imported more goods and services than it has exported
- C.
Realized an approximate balance in its imports and exports
- D.
Experienced a falling absolute dollar amount of imports and a rising absolute dollar amount of exports
- 20.The major goods exports of the United States (in dollar volume) are
- A.
Chemicals, consumer durables, agricultural products, and semiconductors
- B.
Petroleum, automobiles, clothing, and household appliances
- C.
Iron and steel, clothing, beef, and sugar
- D.
Aircraft, glassware, television sets, and furniture
- 21.The major goods imports of the United States (in dollar volume) are
- A.
Chemicals, consumer durables, aircraft, and grain
- B.
Petroleum, automobiles, household appliances, and computers
- C.
Iron and steel, clothing, electronic equipment, and sugar
- D.
Aircraft, paper products, television sets, and furniture
- 22.Depreciation of the dollar will
- A.
Increase the price of U.S. imports, but decrease the prices of U.S. exports
- B.
Decrease the price of U.S. imports, but increase the prices of U.S. exports
- C.
Increase the price of both U.S. imports and exports
- D.
Decrease the price of both U.S. imports and exports
- 23.Import quotas are
- A.
Maximum limits on the quantity or total value of specifc products imported to a nation
- B.
Excise taxes or duties placed on imported products
- C.
Licensing requirements, unreasonable quality standards, and the like designed to impede imports
- D.
Government payments to domestic producers to reduce the world prices of exported goods
- 24.The Smoot-Hawley Act
- A.
Bound the world's nations to a gradual process of tariff reduction
- B.
Established very high tariffs on goods imported to the United States
- C.
Exempted American exporters from the Sherman Antitrust Act
- D.
Established the reciprocal trade agreements program
- 25.The Reciprocal Trade Agreements Act
- A.
Exempted American exporters from the Sherman Antitrust Act
- B.
Provided technological assistance to developing countries
- C.
Brough about considerable reductions in American trade barriers
- D.
Eliminated American subsidies to agricultural exports
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