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