Bmti-unit 4-economics 2

40 Questions | Total Attempts: 26

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Bmti-unit 4-economics 2

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Questions and Answers
  • 1. 
    As an economic term, land includes
    • A. 

      Work people do

    • B. 

      Machinery

    • C. 

      Natural Resources

    • D. 

      Knowledge

  • 2. 
    As prices increase, the quantity supplied will generally
    • A. 

      Vary

    • B. 

      Decrease

    • C. 

      Stay the Same

    • D. 

      Increase

  • 3. 
    An economic system in which business are allowed to produce any goods and services they wish to is referred to as ....
    • A. 

      A centrally planned economy

    • B. 

      Free enterprise

    • C. 

      A traditional economy

    • D. 

      A command economy

  • 4. 
    What does an economist use to measure the rise and fall of prices paid for goods and services throughout the year? For example, watching the price of gas to make predictions on how the economy is doing.
    • A. 

      Gross Domestic Product (GDP) 

    • B. 

      Macroeconomics

    • C. 

      Consumer Price Index (CPI)

    • D. 

      Unemployment Rat

  • 5. 
    Resources are _________; meanwhile, human wants and desires are __________. 
    • A. 

      Plentiful; scarce

    • B. 

      Scarce; unlimited

    • C. 

      Restricted; limited

    • D. 

      Limited; scarce 

  • 6. 
    The period of the business cycle in which there are more jobs and greater production in the economy is referred to as ___________.
    • A. 

      Recession

    • B. 

      Contraction

    • C. 

      Expansion

    • D. 

      Depression 

  • 7. 
    Who makes economic decisions in a command economy?
    • A. 

      The marketplace

    • B. 

      The government

    • C. 

      Individuals

    • D. 

      Corporations 

  • 8. 
    If the stock market crashed, and there was also extremely high unemployment for an extended period of time we would be under ______________________
    • A. 

      Prosperity   

    • B. 

      Recession

    • C. 

      Recovery

    • D. 

      Depression 

  • 9. 
    A country who completely controls all business transactions and social services has a political philosophy called __________.
    • A. 

      Facism

    • B. 

      Communism

    • C. 

      Socialism

    • D. 

      Capitalism 

  • 10. 
    When there is little government involvement in an economic system and the people make all the decisions.
    • A. 

      Socialism

    • B. 

      Capitalism

    • C. 

      Communism

    • D. 

      Monopoly

  • 11. 
    Another name for a command economy is:  
    • A. 

      Centrally planned economy

    • B. 

      Individually planned economy

    • C. 

      Transitionally planned economy

    • D. 

      Privately planned economy 

  • 12. 
    What is the purpose of the Federal Reserve Board?  
    • A. 

      Provide loans to prevent businesses from failing

    • B. 

      Control the monetary supply

    • C. 

      Regulate trade with other countries

    • D. 

      Monitor business practices 

  • 13. 
    Which of the following is an example of a monopoly?Example- Electric Company, Water Department, Gas Company
    • A. 

      A company is the only manufacturer of a product

    • B. 

      The government owns a company

    • C. 

      An individual owns all the stock of a company

    • D. 

      A company owns a factory and the store that sells the factory's products 

  • 14. 
    What is the name of the most important economic indicator that measures the dollar value of all goods and services produced within a country in a year?
    • A. 

      (GDP) gross domestic product

    • B. 

      Unemployment Rate      

    • C. 

      Consumer Price Index(CPI) 

    • D. 

      Dow Jones Industrial Average

  • 15. 
    You are shocked as you witenss the price of beef rise by triple over the last two year? This would be ______________. 
    • A. 

      Inflation

    • B. 

      Deflation  

    • C. 

      Prosperity

    • D. 

      Recovery

  • 16. 
    Which economic indicator shows the well-being of an individual, group or nation measured by how well their necessities and luxuries are satisfied?
    • A. 

      Full Employment   

    • B. 

      Standard of Living

    • C. 

      Poverty   

    • D. 

      Adult Literacy Rate

  • 17. 
    Economic system that has public and privately owned enterprises with some government intervention.
    • A. 

      Market  

    • B. 

      Traditional  

    • C. 

      Command

    • D. 

      Mixed

  • 18. 
    The local auto workers demand safer working conditions after 2 workers died in an accident. Their local union and the auto manufacturer will use_________________ to reach an agreement.
    • A. 

      Featherbedding    

    • B. 

      Strike

    • C. 

      Collective Bargaining  

    • D. 

      Bribery

  • 19. 
     If it is announced that orange juice causes  cancer, and people stop buying it which causes the price to drop to 25 cents a gallon. What has happened to the price of orange juice?
    • A. 

      Inflation  

    • B. 

      Recovery

    • C. 

      Deflation

    • D. 

      Depression

  • 20. 
    A construction worker union demands that 5 workers be hired to finish a project instead of the 3 that are needed. What term describes hiring too many unnecessary workers?
    • A. 

      Featherbedding    

    • B. 

      Mediator

    • C. 

      Collective Bargaining 

    • D. 

      Labor Union

  • 21. 
    A______________ market has rising share prices, and encourages _______________.
    • A. 

      Bear, Buying     

    • B. 

      Bear, Selling

    • C. 

      Bull, Buying   

    • D. 

      Bull, Selling

  • 22. 
     A______________ market has falling share prices, and encourages _______________.
    • A. 

      Bear, Buying

    • B. 

      Bear, Selling

    • C. 

      Bull, Buying   

    • D. 

      Bull, Selling

  • 23. 
    _____________  has voting rights, and some potential for profits.
    • A. 

      Preferred Stock  

    • B. 

      Uncommon Stock

    • C. 

      Premium Stock

    • D. 

      Common Stock

  • 24. 
    If you decide to sell yours stocks in company, you will have to pay a____________ to a stockbroker.
    • A. 

      Sales tax     

    • B. 

      Tip    

    • C. 

      Commission

    • D. 

      Dividend

  • 25. 
    In Venezuela all major industries/factories are owned by the government.  Most citizens work for the government and pay very high taxes. They still have some small freedom to own smaller shops. What type of economy is this describing?
    • A. 

      Capitalist    

    • B. 

      Socialist

    • C. 

      Dictatorship

    • D. 

      Monopoly

  • 26. 
    In World War II Germany, Adolf Hitler was in complete control of the country. What type of economy?
    • A. 

      Capitalist   

    • B. 

       Socialist 

    • C. 

      Mixed

    • D. 

      Dictatorship

  • 27. 
    When a country’s currency is worth more compared to others and its citizens can buy more goods when traveling abroad.   *Good for importing lots of goods
    • A. 

      Strong Dollar  

    • B. 

      Weak Dollar

  • 28. 
    Which of the following would analyze the feelings of consumers to see if they felt confident in purchasing new things?
    • A. 

      Consumer Confidence Index

    • B. 

      Standard of Living

    • C. 

      Adult Literacy Rate

    • D. 

      Unemployment Rate

  • 29. 
    If Toyota decided to cut workers wage and reduce health benefits. How would workers protest?
    • A. 

      Boycott Toyota

    • B. 

      Featherbedding

    • C. 

      Go on Strike

    • D. 

      Lockout

  • 30. 
    If the public  found out that Nike shoes were being made with slave labor. How would customers most likely protest?
    • A. 

      Go on Strike   

    • B. 

      Boycott their products

    • C. 

      Featherbedding

    • D. 

      Lockout

  • 31. 
    A smart investor will spread their money around multiple stocks and investments to avoid high risk. This is called_____________________.
    • A. 

      Diversification

    • B. 

      Commission

    • C. 

      Picketing      

    • D. 

      Recovery

  • 32. 
    When a company is doing really well and they want to reward stockholders, it will pay them a _____________based on the number of shares owned.
    • A. 

      Commission  

    • B. 

      Salary

    • C. 

      Diversification 

    • D. 

      Dividend

  • 33. 
    In 2009, the U.S. went through a _________, which was a significant decline in the economy that lasted for about a year.
    • A. 

      Depression

    • B. 

      Recession  

    • C. 

      Expansion   

    • D. 

      Recovery

  • 34. 
    Which of the following is a federal agency that would fight against workplace discrimination? For example, a business not hiring women or a specific racial group.
    • A. 

      Fair Labor Standards Act   

    • B. 

      Equal Opportunity Commission

    • C. 

      Central Intelligence Agency 

    • D. 

      Department of Corrections

  • 35. 
    If a labor union and a business’s leadership are having issues, they can hire a ________ to sit down and work out a solution that both sides can agree.
    • A. 

      Mediator  

    • B. 

      Stockholder

    • C. 

      Stock Broker   

    • D. 

      Reporter

  • 36. 
    Gross domestic product, producer price index, and consumer price index are all statistics used to gauge future trends in our nation’s economy. These statistics are examples of…..
    • A. 

      Productivity rates  

    • B. 

      Trade balance

    • C. 

      Economic Indicators   

    • D. 

      Reserve Policies

  • 37. 
    The car industry is an example of a _________because only a few companies make cars and they dominate the market making it hard for others to compete.
    • A. 

      Oligopoly  

    • B. 

      Gross domestic product

    • C. 

      Dictatorship   

    • D. 

      Monopoly

  • 38. 
    What government law helps workers by setting a minimum wage, overtime pay, and limits the number of hours a teenager can work while in school?
    • A. 

      Worker’s Rights Act

    • B. 

      Equal Opportunity Employment Commission

    • C. 

      Labor Unions 

    • D. 

      Fair Labor Standards Act  

  • 39. 
    A country that has a high number of citizens that are in ____________________ means that it has poor leadership, few jobs/education/healthcare?
    • A. 

      Labor Unions    

    • B. 

      Poverty     

    • C. 

      Employment

    • D. 

      Expansion

  • 40. 
    The largest sector of the labor force is____________workers which includes office workers, salespeople, and highly trained workers like physicians and engineers.
    • A. 

      Unskilled   

    • B. 

      Blue-Collar

    • C. 

      White-Collar  

    • D. 

      Service