Milestones Review 2: Question Preview (ID: 31042)

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When Jason bought a car and went to register it with the state Department of Motor Vehicles, he needed to show proof of insurance. What kind of insurance did Jason need to have?
a) disability insurance
b) automobile insurance
c) health insurance
d) life insurance

Which of these BEST defines the term balance of trade?
a) the difference between a country’s exchange rate and the value of a country’s imports
b) the value of a country’s goods and services that are exported divided by its per capita income
c) the difference between the yearly value of a country’s exports and the yearly value of goods it produces
d) the value of a country’s exported goods and services minus the value of goods and services a country imports

In the twenty-first century, which skills are MOST LIKELY to lead to success in the workplace in the United States?
a) blacksmithing skills
b) assembly line skills
c) technology skills
d) telephone switchboard skills

If the U.S. government disagrees with a foreign country’s politics and wants to prevent trading with that country, the MOST effective action the U.S. government can take is to
a) place high tariffs on all goods from that country
b) place an embargo on all goods from that country
c) enforce safety standards on all goods from that country
d) enforce a quota on all goods shipped from that country

What is the MOST LIKELY result of an increase in the value of the U.S. dollar against the Chinese renminbi?
a) U.S. workers in the United States would probably benefit.
b) Chinese importers of U.S. goods would probably benefit.
c) U.S. consumers of Chinese goods would probably benefit.
d) Chinese consumers of Chinese goods would probably benefit.

If the Federal Reserve System wanted to stimulate the U.S. economy and reduce unemployment, it would
a) cause interest rates to decrease because low interest rates encourage business growth and expansion
b) cause interest rates to rise because high interest rates encourage business growth and expansion
c) increase the discount rate it charges banks, which would increase the money supply
d) increase consumer spending by reducing the money supply

Which statement BEST describes the role of the government in a mixed-market economic system?
a) It dictates what is to be produced.
b) It determines for whom goods are to be produced.
c) It restricts the industrial purchases of raw materials.
d) It monitors the safety of goods and services through regulatory agencies.

In the U.S. economy, a few firms dominate the wireless telephone provider industry. Which type of market structure does that represent?
a) oligopoly
b) monopoly
c) pure competition
d) monopolistic competition

15 year old Calvin inherited $3,000 from an aunt. He wants to create an investment plan that has a very low risk but still increases the money he will have for college. Based on Calvin’s requirements, in which option should he MOST LIKELY invest?
a) precious metals
b) corporate stocks
c) a savings account
d) a bond

Which of these is measured by price elasticity of demand?
a) how the supply cycle of a product affects the price of a product
b) how the price changes the quantity demanded of that product
c) the difference between price demanded and the sales tax on a product
d) the effect of raising the prices of products on reducing the quantity supplied

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