unit 1-4.
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Questions and Answers

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

  • Mixed system
  • Command system (correct)
  • Market system
  • Traditional system

    • In which economic system does the government not get involved?

  • Command system
  • Mixed system
  • Market system (correct)
  • Traditional system

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

  • Mixed system
  • Market system
  • Command system
  • Traditional system (correct)

    • What is a budget?

    <p>A financial plan for a defined period</p> Signup and view all the answers

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

    <p>Run up a large credit card balance</p> Signup and view all the answers

    Which of the following can negatively impact your credit score?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of a W-4 Form?

    <p>To determine federal income tax withholding</p> Signup and view all the answers

    What is a W-2 Form used for?

    <p>To report wages paid to employees</p> Signup and view all the answers

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

    <p>Capital</p> Signup and view all the answers

    What is the main difference between stocks and bonds?

    <p>Stocks represent shared ownership</p> Signup and view all the answers

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

    <p>Consumer expectations</p> Signup and view all the answers

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

    <p>Substitute goods</p> Signup and view all the answers

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

    <p>Price changes</p> Signup and view all the answers

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

    <p>Complementary goods</p> Signup and view all the answers

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

    <p>They are influenced by consumer expectations</p> Signup and view all the answers

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

    <p>They can affect consumer decisions</p> Signup and view all the answers

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

    <p>Substitute goods</p> Signup and view all the answers

    What are the three credit agencies mentioned in the text?

    <p>Experian, Transunion, Equifax</p> Signup and view all the answers

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

    <p>Quantity demanded decreases</p> Signup and view all the answers

    What are normal goods?

    <p>Goods that consumers demand when their incomes rise</p> Signup and view all the answers

    What are inferior goods?

    <p>Goods that consumers demand when their incomes decrease</p> Signup and view all the answers

    What does a demand curve represent?

    <p>How much of an item an individual consumer will purchase at each price</p> Signup and view all the answers

    What does a supply curve represent?

    <p>How much of an item a producer is willing to sell at each price</p> Signup and view all the answers

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

    <p>Open market operations, reserve requirements, discount rate</p> Signup and view all the answers

    What is a subsidy?

    <p>A type of government expenditure targeted towards individuals, households, and businesses</p> Signup and view all the answers

    Which of the following is a determinant of supply?

    <p>Change in quantity supplied</p> Signup and view all the answers

    What is labor productivity?

    <p>The amount of goods and services that a person can produce in a given time</p> Signup and view all the answers

    What is the purpose of GDP?

    <p>To give information about the size of the economy and how it is performing</p> Signup and view all the answers

    How can government actions affect costs of production?

    <p>Positively and negatively</p> Signup and view all the answers

    What does the unemployment rate represent?

    <p>The number of unemployed people as a percentage of the labor force</p> Signup and view all the answers

    What is the Federal Reserve?

    <p>The central bank of the United States</p> Signup and view all the answers

    What is the purpose of the WTO?

    <p>To negotiate free trade deals and eliminate trade barriers like tariffs and quotas</p> Signup and view all the answers

    What is the purpose of GATT?

    <p>To reduce tariffs and other trade barriers</p> Signup and view all the answers

    What is the European Union (EU)?

    <p>A group of European countries that started in 1950</p> Signup and view all the answers

    Which of the following best describes an inelastic demand?

    <p>The change in quantity demanded due to a change in price is small</p> Signup and view all the answers

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

    <p>Brazil</p> Signup and view all the answers

    What does NAFTA stand for?

    <p>North American Free Trade Agreement</p> Signup and view all the answers

    What year was NAFTA established?

    <p>1993</p> Signup and view all the answers

    Which of the following is NOT a member of NAFTA?

    <p>Brazil</p> Signup and view all the answers

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

    <p>False</p> Signup and view all the answers

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

    <p>False</p> Signup and view all the answers

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

    <p>True</p> Signup and view all the answers

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

    <p>True</p> Signup and view all the answers

    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.

    <p>True</p> Signup and view all the answers

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

    <p>False</p> Signup and view all the answers

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

    <p>False</p> Signup and view all the answers

    Corporate bonds are issued by corporations.

    <p>True</p> Signup and view all the answers

    Insurance is generally a safer investment option than savings.

    <p>False</p> Signup and view all the answers

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

    <p>True</p> Signup and view all the answers

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