Economics Quiz_2

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1.
1 point
Sally buys a house for $300,000. Her mortgage payment for 30 years is $1,500. Six months after she takes out the loan, Sally loses her job. For the next three months, Sally gets further and further behind with her bills and her credit. Finally, she can no longer pay any of her bills. What will happen to Sally?
2.
1 point
How does competition between producers benefit the consumer?
3.
1 point
Which form of business is the most common in the United States today?
4.
1 point
Which factor of production is being utilized when an individual takes a risk and starts their own business in hopes to make a profit?
5.
1 point
Which of the following reasons best explains why Ford Motor Company can produce more cars per year now than it could in 1940 for what reason?
6.
1 point
Which of the following is the best example of a want?
7.
1 point
A company that is owned and operated by two or more people is best referred to as?
8.
1 point
What incentive in a free enterprise system encourages individuals to invest in a business?
9.
1 point
The ____ measures alternating periods of growth and decline in the economy.
10.
1 point
When you can sale your stock for more then you bought the stock for, this is referred to as a ____?
11.
1 point
Labor unions were developed primarily because of which of the following?
12.
1 point
Which of the following best explains a loan?
13.
1 point
a sole provider of a good or service is known as a?
14.
1 point
Which of the following may result from the overuse of credit by an individual?
15.
1 point
In a bank you have a bank teller, loan office, and a bank/branch manager. The above job descriptions are an example of which economic concept?
16.
1 point
-Better quality products
-Better prices
-Greater selection of goods

The above information is best explaining which economic concept?
17.
1 point
A business owned and operated by one individual is best known as?
18.
1 point
What do banks guarantee customers in return for the individuals investing their money in savings in a bank?
19.
1 point
A business, such as wall-mart, owned by investors who have bought stock and shares of a company is best referred to as a ____?
20.
1 point
Which of the following financial institutions offer full banking services to their customers?
21.
1 point
Which of the following best explains how banks use customer deposits?
22.
1 point
What is a benefit of division of labor?
23.
1 point
What is scarcity?
24.
1 point
The total dollar value of all the final goods and services produced in a country is best referred to as?
25.
1 point
The amount of money initially deposited into the bank is known as your what?