Economics Quiz

One factor used to determine your credit worthiness is (a)   .

• yearly income
• age
• marital status
• eye color

When you make a decision that requires you to give up the next best alternative you have used ________.

• opportunity cost

• risk assessment

• strategic planning

• resource allocation

The best way to begin establishing good credit is to ________.

• apply for a secured credit card

• make regular purchases

• pay bills on time

• borrow frequently

The document a worker completes to claim tax withholdings is a (a)   .

• W4
• W2
• 1040
• 1099

The amount a worker must pay to the Federal government in taxes is called (a)   .

• Tax liability
• Tax refund
• Tax deduction
• Tax credit

College grads entering the labor market is an example of what kind of unemployment? (a)   .

• frictional
• structural
• cyclical
• seasonal

Limited resources and unlimited wants is (a)   .

• scarcity
• abundance
• efficiency
• wealth

The difference between what a bank charges and the amount they give in interest is their (a)   .

• profit
• loss
• revenue
• interest

If a price goes down, the quantity demanded will (a)   .

• increase
• decrease
• remain the same
• fluctuate

What kind of insurance do you need for a car? (a)   .

• automobile

• home

• health

• life