PFLE Unit 2 Review

Front

Which of the following is considered a liability? house, bank loan, gold, art collection

Back

bank loan

Front

Which of the following is typically considered a long-term financial obligation? mortgage loan, monthly grocery bill, internet service bill, cell phone bill

Back

mortgage loan

Front

What economic concept is demonstrated by the limited availability of resources to meet unlimited wants?

Back

scarcity

Front

What is the economic principle that describes the inverse relationship between the price of a good and the quantity demanded by consumers?

Back

law of demand

Front

In 2030, if there are 100 million workers contributing to the labor force and 50 million retirees receiving Social Security benefits, calculate the number of workers supporting each retiree at that time.

Back

Approximately 2.0

Front

What is the likely impact on production levels when a new technology enhances manufacturing efficiency?

Back

Production levels will increase.

Front

One type of formalized training program that allows you to train while working is called a(n) _______.

Back

apprenticeship