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