Stephan asked in Social ScienceEconomics · 9 years ago

Can Anyone Help Me with these Economic Questions ?

5. In a market economy, the profit motive means that

a. Producers are free to sell products and services at the highest price they can get.

b. Consumers are free to shop for the lowest prices.

c. Workers are free to bargain for higher wages and better working conditions.

d. All of the above

16. The Federal Reserve System (the Fed) is the U.S. central bank. Its main job/s is/are to

a. Supervise and regulate banks

b. Clear clerks

c. Regulate the nation's money supply

d. All of the above

17. Underemployed people include

a. Part-time workers who cannot find full-time work.

b. Workers making very low wages.

c. Workers who can only find jobs below their skill and ability level.

d. All of the above

18. Congress sets the lowest hourly wage that can legally be paid to an employee, called the

a. Overtime wage

b. Double time wage

c. Minimun wage

d. Regular wage

19. Employee paychecks are reduced by deductions, which are

a. Monies taken out of an employee’s paycheck.

b. Federal and state taxes

c. Social Security and Medicare taxes.

d. All of the above

20. Another way to define gross pay is the

a. Salary or wages received before deductions are taken out

b. Amount of money an employee takes home after deductions are taken out of the earnings

c. Payment of a percentage of total sales

d. None of the above.

21. Another way to describe simple interest is

a. The amount of money deposited.

b. The amount of money you earn on the money you deposit.

c. Interest that is paid on interest.

d. None of the above

22. The length of time for a bankruptcy to stay on your credit report is

a. Seven years

b. Ten years

c. Fifteen years

d. None of the above

23. Some loans require a down payment at the time of purchase, regular payments over a specified length of time, and a finance charge. These arrangements are known as

a. Single payment loans.

b. Installment loans.

c. Unsecured loans.

d. Secured loans.

1 Answer

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  • 9 years ago
    Favorite Answer

    A. number of sellers

    B. freedom of entry and exit

    C. perfect information

    D. homogeneity of the product

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