Question

22.

The needs of producers and consumers are BEST met at a point called _______________.

A		market equilibrium
B		supply equilibrium
C		demand equilibrium
D		market ceiling

19.

A policy that makes use of protective tariffs and quotas is called _______________.

	A	trade-wise decisions
	B	protectionism
	C	free trade
	D	productivity boosters

18.

1. Since we cannot have everything we want, we have to _______________.

   	A	face the problem of scarcity
   	B	make trade-offs
   	C	make choices
   	D	all of these

17.

The recent trend in the balance of trade for the US has been _______________.

A		more exports than imports
B		nations with comparative advantage are trading more with the U.S.
C		the U.S. is depending more on itself for production and trading less
D		more imports than exports

16

The expansion of trade has made the nations of the world more _______________.

A		isolated
B		interdependent
C		independent
D		insensitive

15

The economic system closest to the pure command model is _______________.

A		capitalist
B		socialist
C		authoritarian
D		traditional

14

Higher prices that cause employees to ask for raises, causing producers to raise prices, describes the _______________.

	A	wage-price spiral
	B	workfare program
	C	demand-pull theory
	D	business cycle

13

A major effect of lowering the reserve requirement for member banks by the Board of Governors of the Federal Reserve System would be _______________.

1. increase in the supply of money
2. an increase in commercial bank loans
3. an increase in government spending
4. a “tight money” policy

A		I and III
B		I, II, III and IV
C		I only
D		I and II

12.Fiat money is _______________.

A		money that is valuable only because the government says it is
B		money in checking accounts
C		money that has value as a good
D		near money that can easily be comverted into money

11

Which of the following are parts of the Federal Reserve System?

1. Federal Open Market Committee
2. Department of the Treasury
3. Board of Governors
4. Federal Reserve banks

	A	I, II, III and IV
	B	I, III and IV
	C	I, II and III
	D	II, III and IV

10

In a market system, the three basic economic questions are answered by _______________.

A		practiced customs and traditiions
B		individuals in the marketplace
C		government established rules
D		the Department of Commerce

9

Which of the following statements best describes the relationship of the federal deficit to the federal debt?

	A	The federal deficit has no impact on the federal debt.
	B	The federal debt leads to borrowing, which adds to the federal debt.
	C	The federal deficit is another term for the federal debt.
	D	The federal deficit leads to borrowing, which adds to the federal debt.

8

How do tariffs work to protect infant industries?

A		They raise the trade barriers for imports of child-care products.
B		They increase competition for a new business, forcing it to be more productive.
C		They reduce sales taxes for new products.
D		They reduce foreign competition by making foreign products more expensive.

7

A check is considered money because checks are _______________.

A		easier to carry than metal coins
B		easily obtained from a bank
C		generally accepted in payment of goods and services
D		similar in appearance to paper money

1

All of the following are problems associated with high national debt EXCEPTthat it _______________.

	A	forces interest rates to unusually low and unprofitable levels
	B	reduces funds available for businesses to invest
	C	can slow the growth of the GDP
	D	makes it harder for the government to fund projects

64

When a surplus occurs, suppliers tend to _______________.

A		raise prices
B		maintain prices
C		issue ration coupons
D		lower prices

Answer 1

22.

The needs of producers and consumers are BEST met at a point called

A

Market Equilibrium

19.

A policy that makes use of protective tariffs and quotas is called protectionism.

18)All Of these is the correct answer. We cannot have everything that we want,so we have to face scarcity,tradeoffs,choices.

17)The recent trend in the balance of trade for the US has been

Nations with comparitive advantage are trading more with US.

16

The expansion of trade has made the nations of the world more Interdependent.

15

The economic system closest to the pure command model is Authoritarian.

14

Higher prices that cause employees to ask for raises, causing producers to raise prices, describes the Wage price spiral.

Since there are many questions,as per the guidelines ,I can answer only four questions.

I have answered seven.

If you have any doubts please comment...