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Economics Semester Test
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The person who agrees to be responsible for loan payments if the borrower fails to make them is known as the
Economic questions are answered by habits and customs (the way it has always been done) best describes which type of economy?
The American dollar is backed by gold and silver
providing money for your family
the act of redirecting resources from being consumed today so that they may create benefits in the future
an institution that helps channel funds from savers to borrowers
a collection of financial intermediaries
When prices are lower, consumers will buy more; When prices are higher, consumers will buy less. This is the best definition of
Law of Demand
___________ is a person who chooses not to pay for a good or service but who benefits from it when it is provided
Public sector recipient
__________________ is when consumers react to an increase in a good’s price by consuming less of one good and more of other goods. An example of this would be choosing a Coke over Pepsi
__________________ is the full cost of not choosing the next best alternative. An example of this is choosing to watch a television program the night before a test rather than study. The benefit was the entertainment from the television program. The result was a lower grade due to failure to study for the test.
Currency is anything that serves as a medium of exchange, a unit of account, and a store of value.
Dividends, which are portions of a corporation’s profits, are paid out to stockholders of many corporations. The higher the corporate profit, the higher the dividend.
When a producer of a popular product introduces a hot, new product, who ultimately determines the products' success?
Consumers Vote With Their Wallets
Other companies producing comparable products
Individuals are driven by a desire to profit (make money) best describes what economic principal?
A share of stock represents a portion of ownership in a corporation.
In a Free Market situation, who determines wages of employees?
Liquidity is the money an investor receives above and beyond the sum of money initially invested
_______is the condition in which human wants are always greater than the available supply of time, goods, and resources.
_______________ are issued by state or local governments to finance such improvements as highways, state buildings, libraries, and schools.
Par Value Assessments
____________________ is a government payment that supports a business or market. An example of this would be when a farmer is paid to NOT grow a particular crop.
FDIC insures customers’ deposits up to $300,000.
Collateral is something of value risked by a borrower. This guarantees the borrower will repay his debt
A home mortgage is an example of an installment loan
The amount of goods available best describes what?
More than one producer of good/services insures choice is the best definition of
Among the ways to maintain a good credit rating, which one of the following is NOT true
Establish a good credit history
Pay monthly balance on time
Use credit cards sparingly and stay within the limit
Move balances to other cards
No government influence in the economy best describes this
Nole Me Tangere
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