AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

Unit 6 Test Answers

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81
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actualfutureinflatedstated

A
actual
B
future
C
inflated
D
stated
82
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Why were free trade zones created in China?

A
to avoid governmental rules and conditions
B
to attract investments by foreign countries
C
to import technology more easily
D
to control imports and exports
83

How is a merchant credit card different from a title loan?

A
A merchant credit card is a secured loan, while a title loan is unsecured.
B
A merchant credit card does not have a fixed interest, while a title loan does.
C
A merchant credit card is an unsecured loan, while a title loan is a secured loan.
D
A merchant credit card requires no payment, while a title loan requires a payment.
84

Georgia needs to periodically use her credit card for extra money to pay for medical and unexpected expenses. She usually pays it off every six months.Which type of repayment schedule is described in this scenario?

A
fixed
B
revolving
C
installment
D
collateralized
85

actualpotentiallikely

A
actual
B
potential
C
likely
86

Which is the best example of outsourcing?

A
A US shoe company opens a factory in China and hires Chinese workers to make shoes.
B
A US shoe company opens a factory in the US and hires US workers to make shoes.
C
A US shoe company opens a factory in the US and hires Chinese workers to make shoes.
D
A Chinese shoe company opens a factory in China and hires Chinese workers to make shoes.
87

Which would be most helpful when considering a large expenditure that might require repeating payments? Select three options.

A
careful consideration of short-term goals
B
recording the number of assets you currently own
C
creating a budget to consider future income and spending
D
learning more about different kinds of accounts to manage money
E
learning about opportunity cost
88

Why might variable expenses change a great deal at different times of year?

A
Heating and cooling costs might vary considerably.
B
Income taxes and withholdings may increase or decrease.
C
Car loan payments become higher in certain seasons.
D
Discretionary spending may rise when fixed expenses rise.
89

The graph compares the cost of living in three different cities.

Question illustration
A
San Francisco has the highest cost of living of the three cities.
B
Houston has the lowest cost of living of the three cities.
C
Workers in San Francisco can get by on a lower salary.
D
Workers in Cleveland face a greater struggle with a low salary.
90

What can be a result of free trade? Check all that apply.

A
trade imbalances
B
decreased production
C
lower economic growth
D
increased pollution
E
exploitation of workers
F
new opportunities

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