AnswersGeneral Financial Literacy - Brinkerhoff - 2000 - 202627Insurance

Insurance — Cumulative exam Answers

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1
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most

M
Most countries use the dollar as their currency.
C
Countries in Asia use the euro as their currency.
D
Different countries use different currencies.
A
All countries are required to use the same currency.
2
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Which is the most liquid form of money?

A
cash and currency in circulation
B
investment accounts
C
savings accounts
D
demand accounts
3

Companies report people to credit agencies if they

A
fail to pay their bills on time.
B
borrow too much money.
C
fail to use different types of credit.
D
use large amounts of credit at once.
4

This table compares the requirements for a career as an athletic trainer or an air traffic controller. A student who is interested in becoming an air traffic controller will make

Question illustration
A
more money than an athletic trainer but will have a harder time finding a job.
B
more money than an athletic trainer and will have an easier time finding a job.
C
less money than an athletic trainer but will have an easier time finding a job.
D
less money than an athletic trainer and will have a harder time finding a job.
5

Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.It exists because resources are scarce.It influences consumers.It influences producers.It assists in anticipating profits.It encourages people to spread their resources around.

I
It exists because resources are scarce.
I
It influences consumers.
I
It influences producers.
I
It assists in anticipating profits.
I
It encourages people to spread their resources around.
6

The North American Free Trade Agreement created a free trade zone between Canada, the United States, and .

Answer not available
7

A possible result of disequilibrium is

e
excess demand.
l
lower demand.
f
fixed prices.
s
stable availability.
8

Which is most likely to happen to consumers with good credit? Check all that apply.They can be approved for loans.They are denied a mortgage.They can receive lower interest rates.They are denied an unsecured loan.They can use credit in emergencies.They are forced into high interest rates.

A
They can be approved for loans.
B
They are denied a mortgage.
C
They can receive lower interest rates.
D
They are denied an unsecured loan.
E
They can use credit in emergencies.
F
They are forced into high interest rates.
9

best

T
They make the action impossible.
T
They make the action more profitable.
T
They make the action difficult.
T
They make the action less likely.
10

Why are utilities, such as electricity and water, examples of natural monopolies?

A
The cost of production restricts competition in the market.
B
There are limited natural resources to meet demand.
C
Consumers only trust known companies to provide these essentials.
D
There is no need for alternative options.
11

After reading a website article, someone created an organization to protect people’s environmental rights. The organization works closely with corporations to maintain clean air and water for future generations. Fifty-one percent of the organization is funded by contributions and membership.

A
holding hiring fairs for corporate partners
B
conducting lectures on sustainable agriculture
C
having grand openings of aquariums
D
employing healthcare providers for infants
12

Many classical economists such as Adam Smith believed that government should

i
intervene often in the economy.
i
intervene little in the economy.
a
always intervene in the economy.
t
totally control the economy.
13

most likely

Question illustration
T
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
T
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
T
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
T
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
14

A pure market economy is sometimes called pure

a
a. command economy.
s
socialism.
c
communism.
c
capitalism.
15

"Everyone’s rights should be protected" is an argument

A
for competition.
B
against competition.
C
for regulation.
D
against regulation.
16

What type of labor force might a pottery factory want to focus on when hiring?

h
highly skilled
h
highly wealthy
h
highly educated
h
highly localized
17

Emily is deciding whether to buy the same designer jacket her friends have. The jacket is much more expensive than a similar one from a lesser-known brand.Which questions should she consider before she buys the jacket? Check all that apply.

A
Is advertising influencing her?
B
What are her motivations?
C
Has she compared prices?
D
Is she buying at the right time?
E
Will her sister like the jacket too?
18

Opportunity cost means that something needs to be

r
replenished.
g
given up.
i
ignored.
p
paid for.
19

A monopoly is a market that has

A
few competing businesses.
B
many sellers of the same item.
C
many sellers of a variety of products.
D
a single supplier of a good or service.
20

A tariff is a type of

t
tax.
p
punishment.
s
subsidy.
g
grant.

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