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