Which economic term refers to the situation where one country can manufacture and export automobiles at a lower cost than its competitors?

What economic concept is applied in this statement?

In other words, you are not only protecting your own child by getting her vaccinated, you are protecting other children—and adults too.

The rising price of gold causes people to buy silver jewelry instead is an example of what Supply and Demand concept?

When the price of chicken increases, families

reduce their chicken intake substantially is an example of what Supply and Demand concept?

A new factory in a village that provides livelihoods for the villagers is an example of what Supply and Demand concept?

A new factory in a village that causes noise pollution is an example of what Supply and Demand concept?

Market Structure: These graphs depict the price and output levels of apples under perfect competition and monopoly market structures. What is the extra amount that Mary would pay for apples under a monopoly instead of a perfect competition?

Business Structures: Which sentences describe characteristics of a limited liability corporation (LLC)? Select all the correct answers.

Labor: While Melissa was working at the factory, a heavy machine fell on her and broke her legs. Her doctors say that she needs three months of complete bed rest to recover. Which benefit can Melissa claim from the state?

Global Trade: How do you define the term: foreign exchange rate?

India stops purchasing goods from China because goods are too expensive is an example of which factor affecting global trade?

China increases sales in India because demand has increased is an example of which factor affecting global trade?

India cannot sell goods to China because they are more expensive this year is an example of which factor affecting global trade?

Norah’s Chinese shoe factory had to close because cheaper shoes are now being imported from India is an example of which factor affecting global trade?

The price of India’s imported goods have remained consistent last year is an example of which factor affecting global trade?

Benefits of Trade: In a given year, a country’s exports are worth $12 billion and its imports are worth $4 billion. How much is the trade deficit or surplus for this country?

Benefits of Trade: a decrease in exports causes this effect on an economy.

Benefits of Trade: more foreign investment in a country causes this effect on an economy.

Benefits of Trade: cultural imperialism causes this effect in a country.

Benefits of Trade: increase in exports causes this effect on an economy.

Government and the Economy: Which government agency's primary mission is ensuring that enough money and credit are available to sustain economic growth without causing inflation?

Government and the Economy: What was the goal of Congress when it passed the Sherman Antitrust Act to break up corporate trusts?

Market Economies

Select all the correct answers.

The government of a country has introduced a few economic policies for the current financial year. Which of these policies is John Maynard Keynes most likely to disagree with?

Market Economies: What is money supply?

The Role of Government: Researchers at a pharmaceutical company are convinced that they have found a cure for a horrible disease. They want to start selling the new drug right away. However, their company first has to spend millions of dollars to test the drug. Which agency requires this action?

The Role of Government: to reduce injuries and deaths caused by vehicle accidents is what consumer protection agency's objective?

The Role of Government: to promote the development of broadband services and facilities is what consumer protection agency's objective?

The Role of Government: to protect consumers from

unfair business practices is what consumer protection agency's objective?

The Role of Government: to protect public health by ensuring the safety of food products and drugs is what consumer protection agency's objective?

Regulation of Trade:

Select all the correct answers.

Which countries are members of NAFTA?

Regulation of Trade: The following example describes which aspect of trade regulation? Country A and country B want to develop their respective export markets. Both countries have highly developed agricultural, industrial, and service sectors. The countries decide to initially lower trade barriers and eventually remove them completely.

Regulation of Trade: The following example describes which aspect of trade regulation? Country A has an agrarian economy with an emerging industrial sector. To allow domestic industries to grow, country A applies quotas on all industrial products except those that are used as resources.

Regulation of Trade: The following example describes which aspect of trade regulation? Country A passes an economic policy that will indirectly give its own companies an advantage over country B’s companies. Country B alleges that the policy violates the countries’ trade agreement andimposes retaliatory tariffs.

Money and the Federal Reserve

Select all the correct answers.

Which statements are false?

Money and the Federal Reserve: After the 2008 recession, the amount of reserves in the US banking system increased. Because of Federal Reserve actions, required reserves increased from $44 billion to $60 billion. However, banks started holding more reserves than required. By January 2009, banks were holding $900 billion in excess reserves. The Federal Reserve started paying interest on the excess reserves that the banks held. What possible impact will these unused reserves have on the economy?

Costs and Benefits of Government: Based on the graph, what is the excess demand for apartments in this economy after the application of rent control?

Consumer Rights and Responsibilities:

Ryan attends a seminar on environmental conservation and afterward decides to contribute to the conservation of the environment. What can Ryan do to achieve his objective?

Setting Goals in Personal Finance: Which is least likely to be eligible for tax deductions?

Financial Planning: Being debt-free within the next 15 years is an example of which goal?

Financial Planning: Yohann lost his job due to the recession. He is still financially secure due to investments he made several years ago. What kind of example is Yohann setting?

Banking: What is the major disadvantage associated with both online and mobile banking?

Personal Finance Statements: What is the risk that Debbie could face if she uses the Smartphone application to check her bank account details but forgets to log out?

Consumer Credit and Loans: What is the purpose of NCUA Lending Regulations?

Consumer Credit and Loans: Which federal legislation requires standardized disclosures regarding terms and how fees are calculated?

Consumer Credit and Loans: Which federal legislation prohibits unfair mortgage lending practices?

Consumer Credit and Loans: Which federal legislation allows consumers to exercise their rights regarding disputes and billing errors?

Consumer Credit and Loans: Which federal legislation prohibits unfair and abusive credit practices and ensures fees are transparent?

Saving and Investing: Why might a mutual fund be a better investment than individual stocks and bonds?

Buying Insurance: Why would term life insurance costs be different for two people who are the same age?

Consumer Rights and Responsibilities: Scarlett is unable to repay her loan on time due to some personal problems. She informs the financial institution and asks for some more time to repay the loan. However, the financial institution sends its agents to Scarlett’s office. These agents insult her in public. Which law has the financial institution violated?

Economic Principles and Policies: Which economic system has become associated with authoritarian governments and total control of the economy?

Economic Principles and Policies: If you want to analyze the total annual production of goods, services, and structures within a nation, which economic figure should you reference?

Economic Principles and Policies: Economic Principles and Policies: Why do economists describe the US economy as a mixed-market economy?

Economic Principles and Policies: Which economic indicator describes the process of generally declining prices?

Supply and Demand: Newton Bay is a sparsely populated area. The government plans to build an international airport there and announces this plan publicly. When hotel chains learn about the airport, they become interested in building new hotels near the airport to accommodate travelers. What is the likely economic impact of this situation on commercial real estate in Newton Bay? Select all the correct answers.

Supply and Demand: Jack sells homemade chocolates and cookies. He expects the price of chocolates to increase around Valentine’s Day, so he prepares to make more chocolates in February. Which economic concept lies behind Jack’s decision to make more chocolates in February?

Market Structures: GoGo Gas and Fab Fuel are among the few large producers of gasoline in the country. Along with other large producers, they have formed a formal organization to control the output and price of gasoline in that country. What is such an organization called?

Market Structures: Which statement is false?

Business Structures: What are the advantages a market economy offers producers? Select all the correct answers.

Business Structures: How do property rights benefit entrepreneurs?

Which economic concept does the following scenario illustrate?

Hillary needs to buy an oven for her bakery. She compares the prices, maintenance costs, and power consumption of three ovens. She compares the loan terms offered on them. Finally, she settles for the one that will offer the best value for the money in the long run.

Which economic concept does the following scenario illustrate?

Ramona International wants to raise about $20 million. It sells shares of company stock in the stock market and brings many new shareholders onboard.

Which economic concept does the following scenario illustrate?

Maxima and Hercules are rival companies that make protein shakes. People love Maxima protein shakes because they are delicious and packaged attractively. Hercules protein shakes fail to impress most people. Soon, Hercules has to cut production of its protein shakes and focus on other products.

Labor: George works in a factory and is a member of the labor union. He thinks his wages are low for the work that he does, so he tells the union representative that his employer should increase his wages. The representative asks the other workers if they feel the same, and they all agree. The following week, the union representative met with the factory owner regarding an increase in wages, and the employer agreed to it. What strategy did the union use to get the owner to agree to increase wages?

Labor: George works in a factory and is a member of the labor union. He thinks his wages are low for the work that he does, so he tells the union representative that his employer should increase his wages. The representative asks the other workers if they feel the same, and they all agree. The following week, the union representative met with the factory owner regarding an increase in wages, and the employer agreed to it. What strategy did the union use to get the owner to agree to increase wages?

Labor: Which statement is false?

Global Trade: Bernard did not glance at the visiting card given by his Chinese client and simply stuffed it in his pocket. Which socio-cultural factor of global trade did he violate?

Global Trade: What are the standards that an employer of any country must fulfill to comply with the labor guidelines set by ILO?

Global Trade: What are the benefits of global trade?

The Benefits of Trade: Ria is an Indian student who was admitted to a US university. Her annual tuition is $42,000. She has to pay her tuition fees in US dollars. She needs to calculate how many Indian rupees she will need to buy one dollar. The dollar to rupee exchange rate is 63.76 and rupee to dollar exchange rate is 0.015. How many Indian rupees will Ria need to buy one dollar?

Government and the Economy: Which action can the Federal Reserve take to pursue a tight-money policy?

Government and the Economy: Which industry did the Interstate Commerce Act primarily affect?

Government and the Economy: Which type of policy is controlled by the Board of Governors of the Federal Reserve?

Government and the Economy: According to the pie chart, which function consumed the largest portion of government expenditures in 2003?

Market Economies: Mr. Jones is a successful entrepreneur. He is currently planning a new business venture, but he doesn’t have sufficient funds for the new business. Which strategies indicate that Mr. Jones is using his property rights to obtain credit?

Market Economies: Brian has just finished college. He wants to set up a small business to make and sell fireworks. He registers his company and acquires a license from the government. He finds that most of his competitors are selling fireworks at an extremely low price. He would like to make more money, so he decides to innovate and develop better fireworks. He sells his fireworks at a higher price, and they are a huge hit with the customers. After a few years, he earns enough profit to set up a bigger fireworks factory that complies with the government’s health and safety regulations. He even starts exporting fireworks overseas. Which type of economy does this scenario describe?

Market Economies: Which of the following is considered part of a country’s infrastructure?

The Role of Government: Every night at 9 p.m., the phone rings with calls from companies you have never heard of asking you to buy their products. You have asked them to stop calling you, but they refuse. Which agency can help you with this problem?

The Role of Government: Every night at 9 p.m., the phone rings with calls from companies you have never heard of asking you to buy their products. You have asked them to stop calling you, but they refuse. Which agency can help you with this problem?

The Role of Government: A landscaping company has just bought $1,000 worth of pesticide for its employees to use on the properties it services. However, the company just received a letter saying that it now needs to spend hundreds of dollars for protective equipment for its employees to wear when applying the pesticide. What agency is most likely responsible for this requirement?

Regulation of Trade: Which sentences about the European Union (EU) are true?

Regulation of Trade: Why do nations practice protectionism?

Money and the Federal Reserve: Which statement is true?

Money and the Federal Reserve: In a remote village, a person used five beaver pelts to buy a bag of rice and two beaver pelts to buy a pair of shoes. For what purpose did this person use the money?

Costs and Benefits of Government: Based on the graph, how many people are willing to work when the government of a country raises the minimum wage from $17 to $25?

Costs and Benefits of Government: Which of the following statements are true?

Costs and Benefits of Government: A severe water shortage recently hit country X. The government wants to ensure that drinking water remains affordable to the public. What policy or steps should the government undertake?

Costs and Benefits of Government: Based on this graph, how many apartments are property owners willing to rent out at $520?

Consumer Rights and Responsibilities: Scarlett is unable to repay her loan on time due to some personal problems. She informs the financial institution and asks for some more time to repay the loan. However, the financial institution sends its agents to Scarlett’s office. These agents insult her in public. Which law has the financial institution violated?

Consumer Rights and Responsibilities: Martha realizes that the microwave she bought is faulty after a month of purchase. The manufacturer of the microwave asks Martha to pay the repair expenses as the fault was with a part that was out of warranty. Martha was unaware of this warranty condition. What should Martha do to resolve her grievance?

Goals in Personal Finance: Which activity is a part of personal financial planning?

Setting Goals in Personal Finance: If $50,000 is invested at a simple interest rate of 8 percent, what is the net amount payable at the end of five years?

Financial Planning: Crystal wants the latest limited edition of Vogue magazine, but she needs to buy food for her family. Crystal prioritizes her needs over her wants. What will she most likely do?

Financial Planning: What is the first step in financial planning?

Financial Planning: Joshua wants to set certain mid-term goals for himself. What kind of time frame would his goals need to qualify as mid-term goals?

Banking: Which PCI security requirement relates to the physical protection of banks’ customer data?

Banking: Why is mobile banking considered riskier than online banking?

Personal Finance Statements: Which financial component is a mandatory deduction from your gross pay?

Personal Finance Statements: Which identification number is the most important component of your personal identity?

Personal Finance Statements: Bianca is creating a password for her email address that includes some information about her financial transactions. Which password should she use to protect her account?

Consumer Credit and Loans: What is the basis for a decision on an unsecured loan?

Consumer Credit and Loans: What aspect is factored into a credit score?

Saving and Investing: Which characteristic describes the privatization of Social Security?

Saving and Investing: When will the Social Security fund dry up at its current level?

Buying Insurance: What benefit does the PPO provide? Select all that apply.

Buying Insurance: Conrad is an architect who has just been sued because a building he helped design has collapsed and injured several people. What type of insurance would help him with court costs and settlements.