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