1.Why are banks important to producers?
Correct answer A.
Bank loans allow more people to buy products and homes.>>>
Incorrect answer B.
Savings accounts allow a way to make interest off profits.
Incorrect answer C.
Checking accounts give a way to take payments from customers.
Incorrect answer D.
Credit cards give producers low-interest loans of small amounts.
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2.What is a major risk of using a financial institution?
A.
The financial institution may fail entirely.
B.
Financial institutions may choose not to pay investors back.
C.
Investors can be unable to withdraw money when they need it.>>>>
D.
Insurance will not cover any losses incurred by a financial institution.
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3.How do labor unions affect the economy?
A.
They decrease demand by opposing low prices
B.
They increase supply by keeping workers healthy
C.
They decrease supply by increasing worker wages.>>>>
D.
They increase demand by ensuring ethical production.
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4.How do personal savings contribute to the economy?
A.
They increase the amount of money banks can invest in stocks and bonds.
B.
They increase the amount of money banks can loan to individuals and businesses.>>>
C.
They allow consumers to invest in different areas of the economy.
D.
They allow consumers to get advice from banks on how to keep track of their money.
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5.Which type of economic institution works to provide services to a community and does not pay taxes
A.
bank
B.
market
C.
non-profit>>>
D.
labor union
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6.A popular cell phone manufacturer begins selling a new phone with many unique features. Lots of people want to buy the new phone. The old phone cost $149.00. What is the most likely price of the new phone?
A.
$79.00
B.
$129.00
C.
$149.00
D.
$199.00>>>
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7.A period of bad weather hurt the orange groves in Florida, from where many of the oranges grown for juice come. Supplies of oranges dropped greatly because of the bad weather. What is the most likely effect on the price of orange juice?
A.
Prices will drop because people will buy less orange juice.
B.
Prices will stay the same because oranges and orange juice are not the same good.
C.
Prices will rise because the orange market and the orange juice market are closely connected.>>>
D.
It is impossible to tell whether prices will change.
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8.Specialization most helps producers by growing what?
A.
consumer demand
B.
labor productivity>>>
C.
prices of goods
D.
levels of trade
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9.What is achieved when supply meets demand?
A.
relative price
B.
market price
C.
equilibrium price>>>
D.
quantity price
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4 answers
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5 answers