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outdated machinery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