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Cumulative Exam — Cumulative exam Answers

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What is predatory lending?

A
when banks treat borrowers unfairly to make larger profits
B
when banks refuse to give loans to people who qualify for them
C
when banks agree to give people loans but then refuse to provide the money
D
when banks don’t make a large profit on the loans they provide to borrowers
22
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What is the definition of opportunity cost?

A
how much your decision will cost you financially
B
the feeling you have when you have trouble deciding
C
your next step when you decide to do something
D
what you give up when you decide to do something else
23

In what way was the 1969 Alcatraz occupation successful?

A
The justice system stopped using the island to house Indigenous prisoners.
B
The US government agreed to halt work on building a telescope on the island.
C
The US public became more aware of the need for Indigenous self-determination.
D
The land was returned to the groups of Indigenous people who had lived on it originally.
24

How does disinformation typically appear on social media platforms?

A
It is posted by trolls and automated accounts.
B
It is posted by advertisers trying to attract customers.
C
It is posted by news agencies to encourage comments.
D
It is posted by friends who are sharing ideas and interests.
25

Read the scenario:Neil notices that one public school in his town has brand-new computers and tablets for all the students. His public school, on the other hand, has outdated technology.

A
post a political cartoon about the school board to his social media accounts
B
write to the government officials in charge of school funding to raise the issue
C
contact athletes and startup millionaires to see if someone wants to sponsor the school
D
ask the principals and teachers at the other school if they are willing to share the technology
26

Which of the following people is most likely to be motivated to choose a short-term investment over a long-term one?

A
a person with a small amount of money and little financial knowledge
B
a person willing to take on higher risk and with less need for liquidity
C
a person comfortable with a high rate of risk and no immediate financial goals
D
a person hoping to receive large returns on the initial investment
27

How have improved communication and transportation networks had an impact on international trade?

A
They have led to fewer products being shipped.
B
They have made international trade more expensive.
C
They have made international trade cheaper and easier.
D
They have led to too many products being shipped.
28

Sabina’s financial advisor tells her that investing in stocks for a new start-up company has a high rate of risk.What does that mean?

A
Even if stock prices go up, Sabina will not make money from her investment.
B
There are few investors, so Sabina has more responsibility for the company’s success.
C
There is a large chance that her investment will not reach the expected rate of return.
D
Sabina’s money will double in value due to the investment.
29

Meghan has a $1,000 personal loan with 10% interest. She has 3 years to pay it off. How much interest will she pay over the life of the loan?

A
$3
B
$10
C
$300
D
$1,000
30

Emma and Julietta recently lost their jobs and have fallen on hard times. Their twin daughters just turned four and are very bright. But the couple can no longer afford the preschool they had planned to send the twins to in the fall.

A
disaster relief
B
Head Start
C
Medicare
D
Social Security
31

What is the greatest challenge that many entrepreneurs face?

A
not achieving the outcome they hope for on their first try
B
not finding the right people to do the labor that is required
C
having many good ideas and not knowing which one to choose
D
having more demand for their product than they can supply
32

What is an entrepreneur?

A
a person who takes a job position at a government-funded business
B
a person who plays it safe in business and doesn’t take any risks
C
a person who risks starting a business based on a new idea
D
a person who works in a business that has been around for many years
33

What types of money do banks typically hold?

A
The money held by banks today is in electronic form only.
B
The money held by banks is in the form of paper currency only.
C
The money in banks in the United States is always in US currency.
D
The money in banks includes currency, debit and credit cards, and gold ingots.
34

Review the graph, which shows data for US GDP per capita from 2010 through 2019, adjusted for inflation.

Question illustration
A
that the US economy was healthy and growing
B
that the wealth of every US citizen was growing
C
that the productivity of US factories was increasing
D
that the well-being and happiness of people was increasing
35

What happens when demand is greater than supply?

A
Demand falls to meet supply.
B
Supply and demand fall together.
C
Prices fall until equilibrium is reached.
D
Prices rise until equilibrium is reached.
36

Scales and Fins produces equipment for recreational fishing. The company would like to design and produce a high-tech fish finder that is easy to use and inexpensive. The company is most concerned about designing the product because the process requires workers with specialized skills. No one in the company currently possesses those skills.

A
labor
B
capital
C
equipment
D
natural resources
37

If a resident wanted to create a plan to address homelessness, the first step would be to

A
construct shelters for all the people in the community who need help.
B
provide people experiencing homelessness with food, clothing, and other items they might need.
C
identify an issue related to homelessness in the resident’s community or city.
D
make a presentation to city officials to ask for money to help solve homelessness.
38

How can carrying debt affect monthly expenses?

A
Debt adds income to an account.
B
Debt reduces total monthly expenses.
C
Debt adds to funds used for emergencies.
D
Debt reduces money available to buy things.
39

What is a counterfeit product scam?

A
when a website sells a popular product at a reduced price to attract customers
B
when a website sells used popular products as new items at new-item prices
C
when a website buys last year’s popular products and sells them to customers
D
when a website sells a copy of a popular brand and claims that it is the actual brand
40

According to economists, what is the primary reason that Black Americans, Hispanic Americans, and Indigenous Americans experience higher rates of unemployment than other workers in the United States?

A
systemic racism
B
automation
C
regional differences
D
employers hiring foreign workers

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