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ITB Chapter 2
Test Description: BUS230 Economics and the global economy
Instructions: Answer all questions to get your test result.
1) Each of the following is a function of money EXCEPT ____.
A
providing store of value
B
offering unit of value
C
maintaining stable value
D
serving as medium of exchange
2) The total amount of money in circulation in a country is called ____.
A
the Federal Budget
B
the money supply
C
fiat money
D
usable money
3) When the government spends more money than it gets in revenue, it causes ____.
A
a budget deficit
B
inflation
C
a budget surplus
D
deflation
4) OSHA is designed to protect...
A
Food and Drug Administration
B
Employees
C
Employers
D
Consumers
5) The exclusive right granted to an author for his work is known as ____.
A
a trademark
B
a patent
C
a copyright
D
intellectual property
6) The difference between medicare and medicaid is
A
medicare is for homeless people
B
none of these
C
congress decides who is eligible for medicare
D
medicare is for older, retired people
7) What is a manufacturer’s goal when using specialization?
A
multitasking employees
B
cheaper labor
C
increased productivity
D
production of a single product
8) FEMA is a government program that is designed....
A
to fix the highways and freeways in the US
B
to help people that had a house fire
C
to help large numbers of people effected by natural disasters like hurricanes and tornadoes.
D
to help feed the homeless
9) When a disabled person applies for a job they are protected by
A
FICA
B
AAA
C
EEOC
D
none of these
10) Each of the following is a form of protectionism EXCEPT ____.
A
tariffs
B
quotas
C
trade agreements
D
embargos
*select an answer for all questions
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