help with economics!!!!!!!!!?

help with economics!!!!!!!!!?

Posted in the Callands Forum


Houston, TX

#1 Nov 14, 2013
HELP WITH ECONOMICS!!!!!!!!!?3. last year, David Nash, a computer programmer received two bonuses from IBM. He was surprised at the end of the year that his yearly salary was much less than he had expected it would be. Because of the bonuses, IBM had deducted more money from his checks to pay additional __________
a. bonus taxes
b. income taxes
c. sales taxes
d. excise taxes

4. The Phoenicians received silver in exchange for the products they bartered with Spain. Soon Phoenicia was very wealthy. When a nation receives goods from another country, the goods are:
a. exported
b. a windfall
c. imported
d. transported

5. Which of the following is NOT a consumer responsibility?
a. report defective goods
b. report wrongs
c. maintain adequate credit
d. Do Not Steal
e. give correct information

6. The government lowered the income tax to stimulate the economy. This is an example of __________
a. monetary policy
b. military policy
c. corporate policy
d. fiscal policy
e. welfare policy

7. the graph comparing the income a consumer makes over a lifetime with the expenses over a lifetime is called the time – probability _____

8. Which of the following are types of product trade-offs?
a. energy consumption
b. price
c. required maintenance
d. availability
e. all of the above

9. Items which satisfy needs for peer group acceptance are called _______ needs products

10. What happens when a company is monopolized?
a. that industry’s product prices are reduced
b. free enterprise is destroyed
c. business generally prospers
d. all of these things happen

1. All of the following are examples of growing consumer awareness of responsibilities, EXCEPT _________
a. turning thermostats down to conserve energy
b. recycling papers, cans, and glass
c. decreasing gasoline consumption to reduce oil imports
d. increase consumption of throw away bottles
e. refusing to buy aerosol spray cans that contain fluorocarbons that damage ozone layer

2. Which of the following is a relatively scarce resource to the individual in question?
a. sand to children at the beach
b. timber to a lumberjack in organ
c. water to a camper in death valley
d. salt of homemaker shopping for the week’s groceries
e. water to people fishing in atlantic ocean

3. If the money supply declines while the amount of goods remain stable, will each until of money be more or less valuable?
a. less
b. more

4. Division of Labor is important to the production process because __________
a. it determines human wants
b. it reduces dependency on specialization
c. it allows labor to be most productive
d. it allows smaller nations to compete effectively with larger nations
e. it allows workers to be unskilled

5. Economics refer to the process of making something as “production.”
a. false
b. true

6. Gasoline is an example of ________
a. basic raw material
b. essential service
c. major factor of production
d. scarce goods
e. all of the above

7. The identification of responsibilities and obligations of partners to one another and to the children is called __________ commitment
a. contract
b. economic
c. social
d. moral
e. legal

8. people consume particular goods or use particular services, because the goods or services have _________
a. capital
b. abundance
c. utility
d. comparative advantage
e. stated value

9. the use of goods and services to satisfy human wants and needs is known as ______
a. general welfare
b. value
c. rebate
d. consumption
e. standard of living

10. In a trading economy, the society soon has goods left over after it has paid all its expenses. This surplus is called “_________
a. sound economy
b. oversupply of goods
c. profit
d. good management

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