Econ U1 Quizzes with complete solution.

Econ U1 Quizzes with complete solution.

1. healthcare spending i Which aspect of government spending i i i i




was greatly increased in the spring
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of2010?
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2. baby boomer generationi i Which segment of US society repre- i i i i i




sentsachallengetotheSocialSecuritysy
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stem?
3. Russia Which country's collapse greatly al- i i i i




tered US military spending?
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4. China Which country owns a large portion i i i i i




ofUS debt?
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5. healthcare Which portion of US government i i i i




spending took up the largest percent-
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age of the 2016 budget?
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6. opportunity cost i Which of these represent thing you miss i i i i i i




out on when you decide to spendyour
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money of something else?
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7. picks the item that represents
i i i i Whena shoppe makes a i i i i




thegreatest value
i i i rationalchoice, he or she .
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8. toeducatethemselvesontheprod-
i i i i i What is the biggest responsibility
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ucts they are interested in, includ-
i i i i i i thatconsumers have?
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ing their benefits and potential
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costs or problems
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9. FederalTrade Commission i i Which government agency deals most i i i i




directlywithconsumersandtheirrightsan i i i i i i




d protection?
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10. house Which purchase requires good credit? i i i i




11. Itallowsthelendertomakemoneyin What is the purpose of interest?
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exchange for giving money to those
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who need it.
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1/6
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, Econ U1 Quizzes with complete solution.

12. a consumer's record of going Credit refers to
i i i i i i .
into and getting out of debt in a
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faithfuland punctual way
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13. Better Business Bureau
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to protect consumers.
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14. 14 trillion
i The US government debt in 2015 i i i i i




wasabout .
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15. opportunity cost i Choosing between spending money on a i i i i i




new suit or a vacation is an exampleof .
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16. scarcity a problem created by unlimited
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wantsand limited resources
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17. unsecured debt i money owed that impose a higher in- i i i i i i




terest rate because repayment is
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notguaranteed
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18. economic perspective i weighs the costs and benefits of each i i i i i i




measurebeforemakingan i i i




economicdecision
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19. secured debt i money owed that is guaranteed by i i i i i




thething it is used to purchase
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20. scarcity
Ariseinthepriceofgroceriesresultsinc
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onsumers spending less on entertain- i i i i




ment.
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21. economic perspective i A woman reviews her budget, debt,
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and spending habits when
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consideringwhether to purchase a home
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22. scarcity Many parents are unable to find and i i i i i i




purchase a popular toy at Christmas-
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time.
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