Which of the following is not true of communism as a philosophy?

It regards class conflict as unsolvable.

It can easily be exploited by ambitious men.

It seeks to perfect society by human effort.

It was initially widely rejected in Europe.

What is the command solution to the input question?

Policymakers choose the labor/capital ratio.

Governmental leaders decide the consumer goods/capital goods tradeoff.

The interest rate decides the consumer goods/capital goods tradeoff.

Individual firms choose the labor/capital ratio.

What is the central function performed by the market interest rate?

It regulates the flow of money from households to businesses via financial markets.

It reflects consumer confidence in the economy.

It forces producers to give in to demand and consumers to profit from supply.

It allows financial markets to profit from economic downturns.

What is the market solution to the output question?

Each individual decides the consumer goods/capital goods tradeoff.

Individual firms determine the labor intensive/capital intensive ratio.

Governmental leaders make only emergency decisions in the consumer goods/capital goods tradeoff.

Governmental committees make all major decisions concerning the labor intensive/capital intensive ratio.

What is meant by the consumer goods/capital goods tradeoff?

Businesses that produce consumer goods cause the production of capital goods to decrease, and vice versa.

The same business cannot produce both capital goods and consumer goods.

Every business must sell its capital goods for consumer goods, and vice versa.

Nations should trade both consumer goods and capital goods internationally.

Which of the following is not one of the four primary economic objectives of a society?

to sustain a uniform rate of economic growth

to maintain a low level of unemployment

to preserve a stable price level

to ensure a fair distribution of income

Which of the following does not immediately result from fluctuations between inflation and deflation?

People cannot make economic forecasts.

A "wait and see" attitude prevails.

Society's economic output slows.

Which of the following is the primary economic concern of a society?

how to best achieve its economic goals

how to balance the public budget

how to acquire more economic resources

What is an appreciating asset?

a good that increases in value over time

What governmental act prohibits creditors from concealing information about loan conditions?

the Consumer Credit Protection Act (also known as the Truth in Lending Act)

Which of the following is not one of the desired characteristics of a good purchased with investment borrowing?

It will produce income in the future.

List the two books most foundational to the modern economic systems discussed in the text.

The Wealth of Nations and The Communist Manifesto

Chapter 5 & 6 Economics Study Guide

Authored by Jesse Sellars

Social Studies

12th Grade

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OPEN ENDED QUESTION

3 mins • 1 pt

What is open-end credit?

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Answer explanation

a credit source from which a debtor may continually draw money

OPEN ENDED QUESTION

3 mins • 1 pt

Why do unsecured loans often entail higher interest rates?

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Answer explanation

They carry more risk for creditors.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What widely used kind of credit does the textbook cite as an example of open-end credit?

OPEN ENDED QUESTION

3 mins • 1 pt

What is a loan's collateral?

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A loan's collateral consists of valuable goods that a creditor may take and resell in the event that the borrower does not repay his loan.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What are the two parts of a loan?

Answer explanation

the principal and the interest

OPEN ENDED QUESTION

3 mins • 1 pt

What is a loan's term?

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the time given to the debtor to pay back the loan

OPEN ENDED QUESTION

3 mins • 1 pt

What is installment credit?

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the ability to pay for a purchase with periodic payments according to a loan contract

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Chapter 5 & 6 Economics Study Guide

What is open-end credit?

a credit source from which a debtor may continually draw money

Why do unsecured loans often entail higher interest rates?

They carry more risk for creditors.

What widely used kind of credit does the textbook cite as an example of open-end credit?

What is a loan's collateral?

A loan's collateral consists of valuable goods that a creditor may take and resell in the event that the borrower does not repay his loan.

What are the two parts of a loan?

the principal and the interest

What is a loan's term?

the time given to the debtor to pay back the loan

What is installment credit?

the ability to pay for a purchase with periodic payments according to a loan contract

Which of the following would lenders likely not examine to determine a borrower's credit limit?

The two parts of a loan are the:

The time given to a debtor to pay back his loan is known as the loan.

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