Personal Finance ©2012

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Practice Quiz

1
All goods or services an economy produces require _____.
A)the four factors of production
B)scarcity
C)the government
D)opportunity costs
2
A _____ economy is based on customs and traditions.
A)command
B)traditional
C)market
D)none of the above
3
An economy in which supply and demand determine what is produced is a (n) _____.
A)command economy
B)traditional economy
C)market economy
D)none of the above
4
A ____ occurs when supply exceeds demand.
A)surplus
B)shortage
C)price floor
D)price ceiling
5
The degree to which demand is affected by price is called _____.
A)a price ceiling
B)a price floor
C)a surplus
D)demand elasticity
6
Insurance companies, brokerage firms, and investment bankers are examples of _____.
A)depository institutions
B)non-depository institutions
C)financial markets
D)banks
7
A (n) _____ provides the means for purchasing and selling securities.
A)financial market
B)bank
C)economy
D)incentive
8
Loyalty programs and increases in wages are examples of _____.
A)derivatives
B)shortages
C)incentives
D)capital
9
The price at which there are no overages or shortages of goods is the _____.
A)elastic demand
B)equilibrium point
C)inelastic demand
D)price floor
10
A _____ is the maximum price that can be charged for goods or service and is set by the government.
A)price ceiling
B)shortage
C)price floor
D)surplus
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