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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1. Banks are important to producers because bank loans allow more people to buy products and homes. The correct answer is A.
To get this answer, we need to understand the role of banks in providing loans. Banks provide loans to consumers, which allows them to have the funds necessary to purchase products and homes. When consumers have access to loans, they can increase their purchasing power and buy more goods and services. This increased demand benefits producers by creating more customers for their products.
2. A major risk of using a financial institution is that investors can be unable to withdraw money when they need it. The correct answer is C.
To determine this, we need to understand the potential risks associated with financial institutions. One of the risks is that investors may not be able to easily access their funds when they need them. This could be due to various reasons such as liquidity issues or restrictions imposed by the financial institution. Therefore, it is important for individuals to carefully consider the risks involved before choosing a financial institution.
3. Labor unions affect the economy by decreasing supply through increasing worker wages. The correct answer is C.
To understand this, we need to know the role of labor unions. Labor unions negotiate on behalf of workers to secure better wages and working conditions. When they are successful in increasing worker wages, it can lead to increased production costs for businesses. This can result in a decrease in supply as businesses may be less inclined to produce as much due to higher labor expenses.
4. Personal savings contribute to the economy by increasing the amount of money banks can loan to individuals and businesses. The correct answer is B.
To determine this, we need to understand the relationship between personal savings and bank loans. When individuals have personal savings, they can deposit those savings into banks. Banks then have more funds available to loan out to individuals and businesses. This increased lending capacity stimulates economic activity as more individuals and businesses have access to capital for investment and consumption.
5. The type of economic institution that works to provide services to a community and does not pay taxes is a non-profit. The correct answer is C.
To determine this, we need to have knowledge of different types of economic institutions. Banks, markets, and labor unions are not exempt from paying taxes. Non-profit organizations, on the other hand, are usually registered as tax-exempt entities and provide services to the community without the requirement of paying taxes.
6. The most likely price of the new phone would be $199.00. The correct answer is D.
To determine this, we need to consider the information given in the question. The new phone is described as having many unique features, which suggests that it is an upgraded version of the old phone. Based on common pricing strategies for upgraded products, it is likely that the price of the new phone would be higher than the old phone's price of $149.00.
7. The most likely effect on the price of orange juice would be that prices will rise because the orange market and the orange juice market are closely connected. The correct answer is C.
To determine this, we need to understand the relationship between the supply of oranges and the price of orange juice. If the supply of oranges drops greatly due to bad weather, the availability of oranges for juicing will decrease. This reduced supply can lead to an increase in the price of orange juice because there is less supply to meet the demand. Additionally, the orange market and the orange juice market are closely connected, so any changes in the availability of oranges can impact the price of orange juice.
8. Specialization most helps producers by increasing labor productivity. The correct answer is B.
To determine this, we need to understand the benefits of specialization for producers. Specialization allows producers to focus on producing specific goods or services in which they have a comparative advantage. By focusing on what they do best, producers can increase their efficiency and productivity, resulting in higher output levels and potentially lower costs.
9. When supply meets demand, it achieves an equilibrium price. The correct answer is C.
To determine this, we need to understand the concept of supply and demand. When the quantity supplied of a good or service matches the quantity demanded in the market, it is called an equilibrium. At this equilibrium point, the price is known as the equilibrium price. It represents the market-clearing price at which there is no excess supply or demand.
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