Personal Finance ©2012

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Practice Quiz

1
Money in the United States is _____ meaning the government has deemed it to be legal tender.
A)patent
B)fiat money
C)copyright
D)trademark
2
The main function(s) of money are as a _____.
A)medium of exchange
B)unit of value
C)store of value
D)all of the above
3
When the government gets more revenue than it spends there is a _____.
A)budget surplus
B)budget deficit
C)money supply
D)patent
4
A (n) _____ is obtained by an author to protect his or her intellectual property.
A)patent
B)trademark
C)copyright
D)money supply
5
The value of all goods or services produced inside a country in a given period of time is _____.
A)CPI
B)GDP
C)inflation
D)deflation
6
When Country A can produce more of a product than Country B, then Country A has a (n) _____.
A)balance of trade
B)comparative advantage
C)absolute advantage
D)international trade
7
The difference between the value of a country's imports and exports during a period of time is _____.
A)deflation
B)balance of trade
C)international trade
D)inflation
8
When a country uses barriers to trade such as tariffs or quotas the country is practicing _____.
A)specialization
B)free trade
C)balance of trade
D)protectionism
9
When each worker contributes to the development of a product by performing one specific task, this is called _____.
A)specialization
B)balance of trade
C)protectionism
D)embargo
10
A period of economic downturn that lasts six months is referred to as _____.
A)a trough
B)a recession
C)expansion
D)recovery
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