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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 Insurance Commission
C
Federal Trade Commission
D
Federal Naughty Words Commission
2) If Amazon does not send you the goods you purchased, you have the right to ___.
A
send more money
B
threaten customer service
C
do nothing
D
take legal action (sue them)
3) Which of the following is NOT a way the government encourages competition?
A
create anti-trust laws
B
support business start ups
C
regulate circular flow
D
encourage global trade
4) The U.S. Government enforces anti-trust laws to ____.
A
discourage monopolies
B
increase tax rates
C
pay for goods and services
D
limit competition
5) The U.S. government regulates businesses. Because of this, it can be called a ___.
A
command economy
B
mixed economy
C
free market economy
D
anarchy economy
6) Increased competition results in ______.
A
inflation
B
recession
C
lower prices
D
higher prices
7) Which type of business has one owner who takes all risks?
A
corporation
B
partnership
C
sole proprietorship
D
federal agency
8) Which of the following is NOT a characteristic of corporations?
A
it operates as a legal person
B
there is no risk in investment
C
liability is limited to investment
D
investors can buy stocks
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 increase competition
D
to create jobs
10) Banks act as intermediaries between ___.
A
borrowers and savers
B
the government and schools
C
schools and libraries
D
savers and the government
11) Which of the following is NOT a private financial institution?
A
Federal Reserve
B
banks
C
savings loans
D
credit unions
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outdated machinery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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