Milestone Review 1: Question Preview (ID: 31041)

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Which factor is used to determine a person’s credit worthiness?
a) gender
b) ethnicity
c) yearly income
d) religious affiliation

Opportunity cost means individuals
a) pay sales taxes to make a purchase.
b) replace land and labor with capital resources.
c) consider the environmental impact of purchases.
d) make decisions that require them to give up the next best alternative.

A woman recently took time off from work while recovering from a car accident. Which insurance provided her with financial support while she recovered?
a) life
b) health
c) disability
d) property

To maximize profits, a bank would charge
a) a rate of interest that is the same for deposits and loans
b) a higher rate of interest on loans and pay lower interest rates on deposits
c) a lower rate of interest on loans and pay higher interest rates on deposits
d) a higher rate of interest for large corporations than for small businesses

Which statement BEST supports the argument that countries should engage in free trade?
a) Free trade encourages less wealthy countries to develop mixed market economies.
b) Free trade eliminates the need for exporters to pursue greater comparative advantages.
c) Free trade eliminates the need for importers to rely on absolute advantages.
d) Free trade encourages countries to allocate their resources more efficiently.

The calculation of a country’s balance of trade involves the value of its
a) exports and imports
b) net exports and gross domestic product
c) foreign exchange rate and discount rate
d) foreign investments and investments by foreigners

Which monetary policy decision is meant to increase the U.S. money supply?
a) Congress passes a bill to reduce personal income taxes.
b) The Federal Reserve buys treasury bonds in the open market.
c) Congress passes a bill to reduce regulations on business monopolies.
d) The Federal Reserve borrows money from a foreign bank to cover a budget deficit.

A recent high school graduate has never searched for a job before. He does not know what he is qualified to do. He turns down a job at a factory, hoping for better-paying work. What kind of unemployment is he experiencing?
a) cyclical
b) frictional
c) structural
d) seasonal

Which role does money have in economic systems?
a) a good to consume
b) a medium of exchange
c) a measure of satisfaction
d) a resource for production

What MOST often happens when demand for a product is highly elastic?
a) Substitution occurs when its price rises.
b) Demand for the product increases even when its price rises.
c) Higher productivity does not always reduce the product’s price.
d) Supply of the product increases to establish its equilibrium

The economic term “scarcity” relates MOST directly to a situation in which
a) individuals lack money needed to purchase goods
b) businesses lack customers needed to make a profit
c) employees lack experience needed to earn a promotion
d) manufacturers lack raw materials needed to satisfy demand

Mary decides to produce and sell apple juice. She leases an apple orchard and plans to bottle the apple juice. Mary hires three employees. What factor of production does Mary represent?
a) natural resource
b) human resource
c) capital resource
d) entrepreneurship

Which factor MOST directly affects the amount of money borrowers must repay to lenders?
a) the inflation rate
b) the employment rate
c) the annual percentage rate
d) the currency exchange rate

In a market economy, if the price of a good increases, the quantity demanded by consumers and the quantity supplied by producers will change in which of the following ways?
a) demand increase, supply increase
b) demand increase, supply decrease
c) demand decrease, supply increase
d) demand decrease, supply decrease

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