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Economics Review
Test Description: Economics Review
Instructions: Answer all questions to get your test result.
1) This type of business acts a legal person and owner liability is limited to investment.
A
proprietorship
B
corporation
C
partnership
D
franchise
2) Supply and demand determines ___.
A
investment
B
price
C
interest
D
profit
3) What incentive do banks use to get customers to deposit money in savings accounts?
A
tax payments
B
interest payments
C
salary payments
D
loan payments
4) Which of the following is NOT a type off currency?
A
debit cards
B
credit cards
C
coins
D
checks
5) Earnings - Expenses = ??
A
interest
B
investments
C
cost
D
profit
6) Which type of economy has government control of the public sector and individual/business control of the private sector?
A
free market
B
command
C
mixed
D
traditional
7) Which of the following is NOT a role of the Federal Reserve?
A
to regulate banks
B
to keep the economy stable
C
to maintain the value of our currency
D
to increase tax payments
8) What is the effect of decreased government loans/borrowing?
A
decreased funds for consumers to borrow
B
decreased salaries for workers
C
increased funds for consumers to borrow
D
increased salaries for workers
9) Which of the following is false?
A
the government creates anti trust laws to prevent monoplies
B
monopolies decrease competiton
C
the government may make the monopoly split into smaller companies
D
monopolies lead to decreased prices and quality
10) What is a main role of government agencies such as the FTC and EPA?
A
to decrease competiton
B
to generate funds for consumers
C
to protect consumer rights and safety
D
to enact global policies
*select an answer for all questions
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