unit 1-4.

Which of the following economic systems is characterized by little individual influence over economic decisions?

In which economic system does the government not get involved?

Which economic system answers the basic economic questions according to tradition?

What is a budget?

Which of the following is NOT a way to have a good credit score?

Which of the following can negatively impact your credit score?

What is the purpose of a W-4 Form?

What is a W-2 Form used for?

Which of the following is NOT one of the 3 C's of credit?

What is the main difference between stocks and bonds?

Which of the following factors can determine whether a consumer buys a good or service now or waits until later?

What are goods or services that can be used in place of other goods and services to satisfy consumer wants called?

Which of the following is NOT a factor that can determine whether a consumer buys a good or service now or waits until later?

What are goods that are used together, so a rise in demand for one increases the demand for the other called?

Which of the following is NOT a characteristic of substitute goods?

Which of the following is NOT a characteristic of complementary goods?

Which of the following factors can satisfy consumer wants by being used in place of other goods and services?

What are the three credit agencies mentioned in the text?

According to the law of demand, what happens to the quantity demanded when prices increase?

What are normal goods?

What are inferior goods?

What does a demand curve represent?

What does a supply curve represent?

What are the three policies of monetary policy mentioned in the text?

What is a subsidy?

Which of the following is a determinant of supply?

What is labor productivity?

What is the purpose of GDP?

How can government actions affect costs of production?

What does the unemployment rate represent?

What is the Federal Reserve?

What is the purpose of the WTO?

What is the purpose of GATT?

What is the European Union (EU)?

Which of the following best describes an inelastic demand?

Which of the following countries is NOT a member of NAFTA?

What does NAFTA stand for?

What year was NAFTA established?

Which of the following is NOT a member of NAFTA?

In a pure command system, the individual has a significant influence over how the economic questions are answered.

A mixed economic system contains elements of the market and traditional systems, but not the command system.

A budget is a financial plan for a specific period, usually one year or a month.

Establishing credit involves paying bills on time, having a limited number of credit card accounts open, and monitoring credit usage.

Late payment, recent application for new credit, running up a large credit card balance, or closing a credit card can all negatively impact credit score.

The W-4 Form is used to report wages paid to employees and the taxes withheld from them.

Stock ownership in a company is generally considered less risky than investing in bonds.

Corporate bonds are issued by corporations.

Insurance is generally a safer investment option than savings.

The 3 C's of credit include Capacity, Character, and Collateral.