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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?
She will have to go to jail for failing to pay her debt
She will have to file bankruptcy
The bank will loan her more money to help her get out of debt
She will have to find a new job and start over
How does competition between producers benefit the consumer?
competition keeps the cost of production high
competition forces the least efficient producers out of business
competition results in higher quality products at better and lower prices
competition causes a struggle between buyers and sellers
Which form of business is the most common in the United States today?
Which factor of production is being utilized when an individual takes a risk and starts their own business in hopes to make a profit?
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?
rise of capitalism
improved methods of technology
lower tariffs on imported cars
Which of the following is the best example of a want?
A company that is owned and operated by two or more people is best referred to as?
What incentive in a free enterprise system encourages individuals to invest in a business?
better goods and services
The ____ measures alternating periods of growth and decline in the economy.
circular flow model
When you can sale your stock for more then you bought the stock for, this is referred to as a ____?
Labor unions were developed primarily because of which of the following?
poor working conditions
minimum wage laws
Which of the following best explains a loan?
a bank account for paying regular expenses
money that a bank allows consumers and/or businesses to borrow
a bank account that pays interest to consumers
money left untouched in an account for a certain period of time
a sole provider of a good or service is known as a?
Which of the following may result from the overuse of credit by an individual?
low interest payments
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?
division of labor
-Better quality products
-Greater selection of goods
The above information is best explaining which economic concept?
factors of production
A business owned and operated by one individual is best known as?
What do banks guarantee customers in return for the individuals investing their money in savings in a bank?
safe deposit bank
A business, such as wall-mart, owned by investors who have bought stock and shares of a company is best referred to as a ____?
Which of the following financial institutions offer full banking services to their customers?
Savings and Loan Associations
Which of the following best explains how banks use customer deposits?
to avoid interests
to increase monetary spending
to meet the banks reserve requirements
to make loans to other customers
What is a benefit of division of labor?
workers own their own resources
workers make all economic decisions
workers complete a different job each day
What is scarcity?
scarcity is when there are not enough resources to produce all of the things people would like to have
scarcity is when a country is capable of meeting all its citizens wants and needs
scarcity is being able to choose from a variety of options
scarcity enables people to buy what they want at a lower price
The total dollar value of all the final goods and services produced in a country is best referred to as?
Gross Domestic Product
Net Domestic Product
Consumer Price Index
Gross Net Product
The amount of money initially deposited into the bank is known as your what?
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