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Econ Review
Test Description: Used to prepare for Econ II Test
Instructions: Answer all questions to get your test result.
1) What is a contract?`
A
An agreement only legal if there is a judge present.
B
An agreement that can't be enforced.
C
A legal agreement that is enforceable by law.
D
A paper that states the price of land.
2) One role of the government in economics is to promote and regulate _________.
A
Each state's economy
B
Communications
C
Large businesses
D
Competition
3) Congress is allowed to tax individuals and businesses because of the ________ amendment.
A
16th
B
8th
C
10th
D
15th
4) All of the following are ways that the Federal Reserve Bank slows the economy EXCEPT:
A
Acting as a banker's bank
B
Increases the reserve requirement
C
Raises the discount rate
D
Sells government securities
5) Individuals have the right of __________________.
A
violations
B
discount rates
C
tax revenues
D
private ownership
6) What is the role of self-assessment in career planning?
A
It begins the process.
B
It is the last step taken.
C
You only do this for minimum wage jobs.
D
It happens in your mid-twenties.
7) What is the role of the United States government in protecting consumer rights and property rights?
A
Government created amendments to protect these.
B
Government has no role.
C
Government's role is too limited to do anything.
D
Government agencies create guidelines to protect these.
8) All of the following are examples of national public goods and services EXCEPT:
A
U.S. highways systems
B
police and fire assistance
C
Army, Navy, Air Force, Marines
D
U.S. postal services
9) All of the following are examples of government agencies that help regulate competition EXCEPT:
A
FCC
B
FTC
C
EPA
D
IRS
10) This government body is in charge of issuing currency and regulating the amount of money in circulation.
A
The President
B
The Fed
C
Judicial Branch
D
The IRS
*select an answer for all questions
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