Making Spending Decisions — Cumulative exam

Question 1

Which statement is most accurate about the hourly pay a worker receives?

Revolt · Accepted Answer

It often results in lower pay than a salary.

Question 2

Banks that offer low interest rates to people with good credit

Revolt · Accepted Answer

sacrifice profits for less risk.

Question 3

If Country A is an agricultural country and Country B has many cities and factories, it would make sense for

Revolt · Accepted Answer

Country A to specialize in growing corn while Country B specializes in making cars.

Question 4

If expansionary taxation policies are left unchecked, which is the most likely result?

Revolt · Accepted Answer

high inflation

Question 5

A regulatory agency that attempts to limit risk in the banking system is

Revolt · Accepted Answer

the OCC.

Question 6

Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy’s

Revolt · Accepted Answer

total output.

Question 7

When the government injects money into the economy, consumers may have more disposable income, which may lead to

Revolt · Accepted Answer

higher production.

Question 8

Look at the following chart.

Revolt · Accepted Answer

choosing to grow both fruit varieties or only apples.

Question 9

Economists use changes in GDP to measure

Revolt · Accepted Answer

any economic growth or shrinkage.

Question 10

Which organization created a shared economy?

Revolt · Accepted Answer

European Union

Making Spending Decisions — Cumulative exam Answers