AnswersDRHS GA-GSE Personal Finance and EconomicsUnit Test

Unit Test — Cumulative exam Answers

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In which of the following ways do governments spend money to meet public needs? Check all that apply.by protecting the publicby arming the publicby providing health careby supporting educationby building roads and bridges

b
by protecting the public
b
by arming the public
b
by providing health care
b
by supporting education
b
by building roads and bridges
2
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private closefactor

A
private
B
close
C
factor
3

The highest amount a landlord can charge for rent is an example of

a
an incentive.
a
a price floor.
a
a price ceiling.
a
an elastic service.
4

Does a depression always follow a recession?

Y
Yes, the trough is always considered a depression.
N
No, a depression is indicated when the recession is exceptionally long.
Y
Yes, for recovery to occur, the trough must be reached.
N
No, the economy could decline quickly and bypass recession.
5

What is the definition of gross income?

A
amount of income saved per year
B
amount earned before deductions
C
amount of tax deducted from income
D
amount received after deductions
6

A reason that countries trade with each other is

t
to help their neighbors.
t
to get products they cannot produce.
t
to sell goods they do not need.
t
to share excess resources.
7

What term is used in macroeconomics to describe the total supply and the total demand?

c
capital
i
inflation
a
aggregate
e
equilibrium
8

Which is considered a good credit practice?

A
Use the credit card with the highest interest rate.
B
Make late payments.
C
Pay more than the minimum amount that is due.
D
Borrow more than one can afford to repay.
9

US federal income tax is progressive by law, but which best explains why wealthy individuals can often pay far less in taxes than the top tax rate?

H
High-income earners can fight in court for the right to a reduced rate.
H
High-income earners reduce their tax rates through numerous deductions.
H
High-income earners use tax laws to their advantage to reduce their tax rates.
H
High-income earners always place their assets overseas to lower their tax rates.
10

As a result of decreased production, David lost his job designing cars. Which terms can be used to describe David? Select two options.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

c
cyclically unemployed
d
domestically unemployed
f
frictionally unemployed
s
structurally unemployed
s
still employed
u
unemployed
11

In the circular flow model, factors of production flow to firms. Which of the following are the primary factors of production? Check all that apply.laborcapitalgoodslandservices

A
labor
B
capital
C
goods
D
land
E
services
12

In a republic, elected officials create laws to regulate the economy.

T
T
F
F
13

A high-risk investment is characterized by

A
a greater percentage chance of loss.
B
superior prospects for short-term gains.
C
a smaller percentage chance of loss.
D
lower interest and compound interest rates.
14

Which is the best question for Joe to ask himself when deciding whether to open a checking or savings account?

A
Is there an ATM near my home or work?
B
Does the bank offer free checking?
C
If I need a loan, will they give it to me?
D
Why am I opening a bank account?
15

Which of the following best describes the circular flow model?

A
The model represents the movement of money throughout the economy.
B
The model represents the interactions within sectors.
C
The model represents the flow of goods and services between sectors.
D
The model represents the changing relationships between actors.
16

What are standards designed to do? Check all that apply.protect consumerssupport domestic industrieslimit importsensure safetyoffer domestic industries an advantage

p
protect consumers
s
support domestic industries
l
limit imports
e
ensure safety
o
offer domestic industries an advantage
17

Which statement best describes the body paragraphs of an argumentative essay?

A
The body paragraphs acquaint readers with the topic and set up the ideas that will be presented.
B
The body paragraphs establish the focus of the essay and tell readers what the writer’s position will be.
C
The body paragraphs tie the essay together and tell readers what they have learned and should take away.
D
The body paragraphs flesh out the argument and include counterclaims and evidence from research.
18

How does a counterclaim help support a writer’s position in an argumentative essay?

A
The counterclaim shows how the position is misleading.
B
The counterclaim shows how the opposing opinion is incorrect.
C
The counterclaim allows readers to state their own positions.
D
The counterclaim allows readers to provide their own interpretations.
19

Look at the table below showing an example of a checkbook ledger.

Question illustration
A
Adrienne forgot to include the $2.00 ATM transaction fee.
B
Adrienne did not use $320.00 as her starting balance.
C
Adrienne deducted $23.50 from her balance instead of $32.50.
D
Adrienne did not enter her ATM withdrawal correctly.
20

Articles of partnership establish

h
how businesses can raise capital.
w
what business taxes are paid.
h
how profits and losses are divided.
w
what is included in a charter.

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