The economic term for products that you can see and touch and use is a Goods b Resources c Services d None of the above 2 The basic kinds of resources include a Natural resources, such as air, water, plants, animals, land, and raw materials b People made resources (capital resources, capital goods), such as tools c Human resources, such as the work that people can do d All of the above 3 Which of the following statements about scarcity is false a In order for something to be scarce, people must want it b In order for something to be scarce, some people who want it must be unable to buy it c What is scarce is different at different times and in different places d Scarcity never involves choosing among a variety of uses for a particular resource 4 The belief that central planning is needed to protect the interest of all the people is called a Capitalism b Communism c Socialism d None of the above 5 In a market economy, the profit motive means that a Producers are free to sell products and services at the highest price they can get b Consumers are free to shop for the lowest prices c Workers are free to bargain for higher wages and better working conditions d All of the above 6 The federal government's role in the U S economy includes a Protecting of free competition b Providing public goods and services c Helping deal with economic problems by regulating the money supply d All of the above 7 Factors that can influence the level of supply include a Production cost b New producers in the market c Changes in technology d All of the above 8 The market is in equilibrium when a There is too little of a product or service to meet the demand b Supply and demand are balanced c There is too much of a product than is demanded d When a small price change makes a big difference in the supply of a product 9 Which of the following factors does NOT influence wages a Competition among employers b Employers' profits and prices for finished products c The face value of the money used to pay them d Workers' education and training 10 Which of the following statements about business entities in the United States is false a Less than $6 of every $100 in sales is made by corporations b Only about one in ten of all businesses in the U S are partnerships c Seven of every ten businesses in the U S are sole proprietorships d The biggest businesses in the U S are corporations 11 A corporation can a Own property b Make contracts c Sue and be sued in a court of law d All of the above 12 Part of a corporation's profits are paid to stockholders in the form of a Bonds b Capital gains c Dividends d Speculation 13 Most industries in the U S fall into two major categories a Monopolistic competition and absolute advantage b Monopolistic competition and oligopoly c Oligopoly and absolute advantage d Oligopoly and comparative advantage 14 Balance of trade is a How nations depend on each other through international trade for many of the products they need and want b The difference between the value of what a country imports and what it exports c When a producer concentrates on producing one kind of goods rather than a variety d When a product has a lower alternative cost compared with another product 15 Rank the following U S job categories in order of earnings from highest to lowest a Executives and managers, professionals, skilled blue collar workers, service workers b Professionals, executives and managers, skilled blue collar workers, white collar workers c Professionals, white collar workers, semi skilled blue collar workers, agricultural workers d Service workers, skilled blue collar workers, semi skilled blue collar workers, agricultural workers 16 The Federal Reserve System (the Fed) is the U S central bank Its main job s is are to a Supervise and regulate banks b Clear checks c Regulate the nation's money supply d All of the above 17 Underemployed people include a Part time workers who cannot find full time work b Workers making very low wages c Workers who can only find jobs below their skill and ability level d All of the above 18 Congress sets the lowest hourly wage that can legally be paid to an employee, called the a Overtime wage b Double time wage c Regular wage d Minimun wage 19 Employee paychecks are reduced by deductions, which are a Monies taken out of an employee's paycheck b Federal and state taxes c Social Security and Medicare taxes d All of the above 20 Another way to define gross pay is the a Salary or wages received before deductions are taken out b Amount of money an employee takes home after deductions are taken out of the earnings c Payment of a percentage of total sales d None of the above 21 Another way to describe simple interest is a The amount of money deposited b The amount of money you earn on the money you deposit c Interest that is paid on interest d None of the above 22 The length of time for a bankruptcy to stay on your credit report is a Seven years b Ten years c Fifteen years d None of the above 23 Some loans require a down payment at the time of purchase, regular payments over a specified length of time, and a finance charge These arrangements are known as a Single payment loans b Installment loans c Unsecured loans d Secured loans

Question

The economic term for products that you can see and touch and use is a  Goods b  Resources c  Services d  None of the above 2 The basic kinds of resources include a  Natural resources, such as air, water, plants, animals, land, and raw materials b  People made resources (capital resources, capital goods), such as tools c  Human resources, such as the work that people can do d  All of the above 3 Which of the following statements about scarcity is false  a  In order for something to be scarce, people must want it  b  In order for something to be scarce, some people who want it must be unable to buy it  c  What is scarce is different at different times and in different places  d  Scarcity never involves choosing among a variety of uses for a particular resource 4 The belief that central planning is needed to protect the interest of all the people is called a  Capitalism b  Communism c  Socialism d  None of the above 5 In a market economy, the profit motive means that a  Producers are free to sell products and services at the highest price they can get  b  Consumers are free to shop for the lowest prices  c  Workers are free to bargain for higher wages and better working conditions  d  All of the above 6 The federal government's role in the U  S  economy includes a  Protecting of free competition b  Providing public goods and services  c  Helping deal with economic problems by regulating the money supply d  All of the above 7 Factors that can influence the level of supply include a  Production cost b  New producers in the market c  Changes in technology d  All of the above 8 The market is in equilibrium when a  There is too little of a product or service to meet the demand  b  Supply and demand are balanced c  There is too much of a product than is demanded  d  When a small price change makes a big difference in the supply of a product  9 Which of the following factors does NOT influence wages  a  Competition among employers b  Employers' profits and prices for finished products c  The face value of the money used to pay them d  Workers' education and training 10 Which of the following statements about business entities in the United States is false  a  Less than $6 of every $100 in sales is made by corporations  b  Only about one in ten of all businesses in the U S  are partnerships  c  Seven of every ten businesses in the U S  are sole proprietorships  d  The biggest businesses in the U S  are corporations  11 A corporation can a  Own property b  Make contracts c  Sue and be sued in a court of law d  All of the above 12 Part of a corporation's profits are paid to stockholders in the form of a  Bonds b  Capital gains c  Dividends d  Speculation 13 Most industries in the U S  fall into two major categories  a  Monopolistic competition and absolute advantage b  Monopolistic competition and oligopoly c  Oligopoly and absolute advantage d  Oligopoly and comparative advantage 14 Balance of trade is a  How nations depend on each other through international trade for many of the products they need and want  b  The difference between the value of what a country imports and what it exports  c  When a producer concentrates on producing one kind of goods rather than a variety  d  When a product has a lower alternative cost compared with another product  15 Rank the following U S  job categories in order of earnings from highest to lowest a  Executives and managers, professionals, skilled blue collar workers, service workers b  Professionals, executives and managers, skilled blue collar workers, white collar workers c  Professionals, white collar workers, semi skilled blue collar workers, agricultural workers d  Service workers, skilled blue collar workers, semi skilled blue collar workers, agricultural workers 16 The Federal Reserve System (the Fed) is the U S  central bank  Its main job s is are to a  Supervise and regulate banks b  Clear checks c  Regulate the nation's money supply d  All of the above 17 Underemployed people include a  Part time workers who cannot find full time work  b  Workers making very low wages  c  Workers who can only find jobs below their skill and ability level  d  All of the above 18 Congress sets the lowest hourly wage that can legally be paid to an employee, called the a  Overtime wage b  Double time wage c  Regular wage d  Minimun wage 19 Employee paychecks are reduced by deductions, which are a  Monies taken out of an employee's paycheck  b  Federal and state taxes c  Social Security and Medicare taxes  d  All of the above 20 Another way to define gross pay is the a  Salary or wages received before deductions are taken out b  Amount of money an employee takes home after deductions are taken out of the earnings c  Payment of a percentage of total sales d  None of the above  21 Another way to describe simple interest is a  The amount of money deposited  b  The amount of money you earn on the money you deposit  c  Interest that is paid on interest  d  None of the above 22 The length of time for a bankruptcy to stay on your credit report is a  Seven years b  Ten years c  Fifteen years d  None of the above 23 Some loans require a down payment at the time of purchase, regular payments over a specified length of time, and a finance charge  These arrangements are known as a  Single payment loans  b  Installment loans  c  Unsecured loans  d  Secured loans

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The economic term for products that you can see and touch and use is a. Goods b. Resources c. Services d. None of the above

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