Economics Final 11th Grade

40 Questions | Total Attempts: 200

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11th Grade Quizzes & Trivia

Questions and Answers
  • 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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