Economics Final 11th Grade
- 1.Finance Charge
- A.
Annual Percentage Rate
- B.
What is still owed on Credit Card
- C.
Cost for using Credit Card
- 2.Describe Open Ended Credit
- A.
Borrow and pay back in limited number of months
- B.
No Final Payment Date
- C.
Pay off sometime in future when you get the money
- 3.Difference between credit card, charge card and debit card
- A.
Credit card removes from checking account, debit card payoff each month,
- B.
Debit card removes from checking, charge pay interest monthly, credit payoff in full monthly
- C.
Debit removes from checking,charge card pay in full monthly, credit future money pay interest
- 4.Banks decide wether I get credit by
- A.
Asking your neighbors if good credit risk
- B.
Checking credit history with credit companies
- C.
Asking the bank how much you have in your account
- 5.Good credit rating
- A.
700 +
- B.
300-450
- C.
1000+
- 6.Law passed forcing banks to disclose all credit information
- A.
Truth in Lending Law
- B.
Credit Card disclosure Law
- C.
Credit in Lending Law
- 7.What is closed-ended credit?
- A.
Final payment date
- B.
No final payment date
- C.
Pay whenever you want
- 8.What will your credit history tell banks?
- A.
How much you spend
- B.
Your jobs income
- C.
When you buy something
- 9.How much are you charged if your card is stolen?
- A.
$250
- B.
$50
- C.
$30
- 10.Law of Demand
- A.
Price goes down spending goes up
- B.
Price goes up demand for quantity goes down
- C.
Price goes up demand for goods goes up
- 11.Fdic
- A.
Federal Demand Insurance Corporation
- B.
Federal Deposit Insurance Corp
- C.
Federal Deposit Interest Company
- 12.What is Demand
- A.
Desire to buy a good or service
- B.
Demand for goods that are not yet processed
- C.
Desire for price to go down before purchasing
- 13.What determines Demand
- A.
Income
- B.
Stockbrokers
- C.
Interest of customers/ consumers
- 14.What is a Demand Schedule
- A.
Schedule for Consumer Demand
- B.
Table that lists possible prices and Quantity
- C.
Schedule for releasing a new product
- 15.Why do people buy more when price drops
- A.
Income and substitute effect
- B.
More money to spend
- C.
So they can sell on Ebay when price goes up
- 16.What is Elasticity
- A.
How far demand will stretch before price goes up
- B.
How people respond to change in price for goods or service
- C.
When Demand goes up Supply goes down on goods or services
- 17.Product or services are inelastic if
- A.
Supply and price never changes
- B.
A change in price causes people to buy more or less
- C.
A change in price still results in consumers buying the same amount
- 18.What is Supply?
- A.
Competition between Producers to create the most of one product or service
- B.
How much Consumers force a Producer to create in a month
- C.
The Amount of a Product/Service a Producer is willing to provide
- 19.A service/product is elastic if
- A.
Changes in Demand cause consumers to move stocks in stock market
- B.
A change in price still results in consumers buying the same amount
- C.
A change in price causes people to buy more or less
- 20.Causes in sudden change in demand. Please check all that apply. Change in ....
- A.
Consumer Income
- B.
Number of Consumers
- C.
Neighbors purchase
- D.
Consumer Taste
- E.
Price of Substitutes
- F.
Price Compliment
- G.
All of the Above
- 21.What determines the Elasticity of a product/service. choose all that apply
- A.
Income
- B.
Time Limit
- C.
Portion of Income Used
- D.
Color of Product
- E.
Substitutes
- 22.What is the Law of Supply?
- A.
As Price increases Demand increases
- B.
As Price increases Quantity increases
- C.
As Demand decreases Price Increases
- 23.Why do suppliers offer cheaper products? Check all that apply
- A.
Black Friday
- B.
Make money on Junk
- C.
Not everyone can afford item
- D.
Big Hearts
- E.
Help bring in Customers
- 24.Equilibrium is
- A.
Quantity is simultaneously equal to both the quantity demanded and quantity supplied
- B.
Demand goes up price goes up
- C.
Quantity goes up and is equal to demand and pricing
- 25.What is Scarecity?
- A.
A Scarey City
- B.
Small Inadeqate amount
- C.
Large quantities hoarded in warehouses
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