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Econ Review
Test Description: Econ review
Instructions: Answer all questions to get your test result.
1) The T.V. station was fined for broadcasting inappropriate language. Which governmental agency levied the fine?
A
Federal Communications Commission
B
Federal Naughty Words Commission
C
Federal Trade Commission
D
Federal Insurance Commission
2) If Amazon does not send you the goods you purchased, you have the right to ___.
A
threaten customer service
B
send more money
C
do nothing
D
take legal action (sue them)
3) Which of the following is NOT a way the government encourages competition?
A
support business start ups
B
create anti-trust laws
C
encourage global trade
D
regulate circular flow
4) The U.S. Government enforces anti-trust laws to ____.
A
pay for goods and services
B
limit competition
C
increase tax rates
D
discourage monopolies
5) The U.S. government regulates businesses. Because of this, it can be called a ___.
A
command economy
B
free market economy
C
anarchy economy
D
mixed economy
6) Increased competition results in ______.
A
inflation
B
lower prices
C
higher prices
D
recession
7) Which type of business has one owner who takes all risks?
A
sole proprietorship
B
corporation
C
federal agency
D
partnership
8) Which of the following is NOT a characteristic of corporations?
A
it operates as a legal person
B
liability is limited to investment
C
investors can buy stocks
D
there is no risk in investment
9) Which of the following is NOT a reason states and nations trade?
A
to regulate trade tariffs
B
to buy goods at a lower cost
C
to create jobs
D
to increase competition
10) Banks act as intermediaries between ___.
A
schools and libraries
B
borrowers and savers
C
savers and the government
D
the government and schools
11) Which of the following is NOT a private financial institution?
A
credit unions
B
banks
C
Federal Reserve
D
savings loans
12) Which of the following can lower the cost of production?
A
outdated machinery
B
new technology
C
Mrs. Hodges
D
less competition
*select an answer for all questions
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