EconFBLA Test 1 - FBLA ECONOMICS TEST True/False Indicate...

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FBLA ECONOMICS TEST True/False Indicate whether the sentence or statement is true or false. ____ 1. Careful evaluation of alternatives is the best way to get the most from your money. ____ 2. The price of a product when it is new on the market is usually the highest it will ever be. ____ 3. The Department of Defense was the first to use the Internet. ____ 4. Businesses do not need to supply consumers with accurate information. ____ 5. The Right to Redress makes certain that consumers have a variety of goods and services from which to choose. ____ 6. A cover letter should encourage the employer to read your resume and increase your chances for obtaining an interview. ____ 7. If you cannot resolve problems with your job performance, it is best to resign before your employer fires you. ____ 8. Most young people do not qualify to use the simplest of the tax forms - 1040EZ. ____ 9. Employers pay twice as much social security and Medicare as their employee's share. ____ 10. It is financially more beneficial to save your money in a bank rather than let the government withhold more taxes than you think you will owe for the year. ____ 11. If you want to cut your spending, you'll have to start with your fixed expenses. ____ 12. The goals you set affect your family, future family, and community. ____ 13. Banks usually send reports of your checking account activity each month describing the activity on your account. ____ 14. The difference in the interest charged by banks on loans and the interest paid on money deposited is the bank's income. ____ 15. If you invest carefully, you don't have to take risks. ____ 16. Only what you like to do determines the vacation destination you should consider. ____ 17. Dieting taken to a dangerous extreme is an eating disorder that could threaten your life. ____ 18. The outpatient portion of a policy covers treatment after you have been admitted to the hospital.
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____ 19. NAFTA requires that tariffs on most goods produced and sold in North America will be gradually increased. ____ 20. In practice, trade is completely free. Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 21. A purchase made on a whim without using a decision-making process is a(n) ____. a. trade-off purchase c. option purchase b. impulse purchase d. none of the above ____ 22. The equilibrium price for a product is the price at which the quantity supplied is ____. a. more than demand c. exactly equals the demand b. less than demand d. none of the above ____ 23. Under this type of economic system, people, rather than the government, own the resources and run the businesses. It is known as what kind of economy? a.
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This note was uploaded on 10/14/2011 for the course ECON 2106 taught by Professor Banzhaf during the Fall '06 term at Georgia State University, Atlanta.

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EconFBLA Test 1 - FBLA ECONOMICS TEST True/False Indicate...

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