Download Civics and Economics E

Civics and Economics E.O.C. Review:
Lesson 46
1. Which choice best explains why banks are called financial intermediaries?
a. Banks act as a go-between
b. Banks invest money for households
c. Banks work between households who have savings to invest and firms that need capital to invest
d. Banks are financial institutes
2. Which choice best explains why there would be a higher reserve requirement for demand deposits than
for time deposits?
a. Time deposits have a time limit
b. There is no telling when demand depositors might want money
c. Time deposits pay higher interest
d. Many demand depositors might ask for their money at the same time.
3. Which choice best explains why having a diversity of investments lowers the risk to investors?
a. A person should not put all of his or her eggs in one basket
b. Diversity strengthens investments
c. No one is certain which businesses will perform well and which will not perform well
d. More companies means the investor makes more money
4. Which choice best summarizes the tools of monetary policy?
a. Monetary policy lowers or raises interest rates and the reserve requirement
b. Monetary policy makes the money supply tight or loose
c. Monetary policy is determined by the Federal Reserve Bank
d. Monetary policy affects the money supply
Mixed Review VIII
Kinds of
Markets
Perfectly
Competitive
Oligopoly
?
1. Which choice best completes the graphic organizer above>
A. Conglomerate
B. Exchange between buyers and sellers
C. Merger
D. Monopoly
2. What are two branches of 30-weight motor oil best called?
A. Complimentary goods
B. Substitute goods
C. Supply
D. Part of the supply schedule
3. Which choice best expresses what the Taft-Hartley Act and the Fair Labor Standards Act have in
common?
A.
B.
C.
D.
Each act improved the lives of workers.
Each act was federal legislation.
Each act was passed between World War I and World War II.
Each act was sponsored by democrats.
4. You have invented a form of air conditioning that cuts energy costs by 90%. Which choice best
expresses what you do to make sure that no one steals your idea or copies it for a number of years?
A. You get a franchise.
B. You get a license.
C. You get a patent.
D. You get a copyright.
5. What are medical, comprehensive, life, and liability all kinds of?
A. Deposits
B. Insurance
C. Financial institutions
D. Investments
6. What most likely is the relationship between the government and production in a command economy?
A. The government follows the commands of the free market.
B. The government follows the orders of a central planner.
C. The government is the central planner.
D. The government does not get involved in production.
?
Coins
Paper currency
Checks
7. Which choice best completes the graphic organizer?
A. Legal tender
B. Medium of exchange
C. Time deposits
D. Kinds of money
8. “The earnings of minimum wage workers are crucial to their families’ well-being. Evidence from the
1996-1997 minimum wage increase shows that the average minimum wage worker brings home more
than half(54%) of his or her family’s weekly earnings. An estimated 760,000 single mothers with
children under 18 would benefit from a minimum wage increase to $7.25 by June 2007. Single mothers
would benefit disproportionately from an increase-single mothers are 10.4% of workers affected by an
increase, but they make up only 5.3% of the overall workforce. Approximately 1.8 million parents with
children under 18 would benefit.”
What is most likely true about the author of the passage above?
A. The author believes an increase in the minimum wage is very important.
B. The author criticizes the minimum wage.
C. The author believes an increase in the minimum wage would be nice.
D. The author believes an increase in the minimum wage would hurt businesses.
1. What would using video monitors to advise on a surgery done in another state best be called?
a. Outsourcing
b. A technological advance
c. An increase in the standard of living
d. Expansion
2. What is the most likely result in a community if a business were outsourced?
a. Economic depression
b. A shift in the business cycle
c. Higher prices
d. Unemployment
Standard of Living
Income
Debt Levels
?
3. Which choice best completes the graphic organizer?
a. Expensive cars
b. The consumer price index
c. Education
d. Recovery
Lesson 48
1. What do opponents of affirmative action often call it?
a. Reverse discrimination
b. Government regulation
c. Consumer protection
d. A workplace safety rule
2. How would a government requirement that steelmakers must provide employees with protective
clothing best be described?
a. A labor dispute
b. Environmental protection
c. A workplace safety rule
d. Deregulation
3. Which choice most accurately describes the difference between environmental protection and consumer
protection?
a. Consumer protection protects consumers from harmful products.
b. Environmental protection protects natural resources and consumer protection protects consumers
from harmful products.
c. Environmental protection protects natural resources and consumer protection does not.
d. Environmental protection protects the county’s water supply and consumer protection does not.
Check Your Progress
1. Which of these might cause workers to strike?
a. Affirmative action
b. Consumer protection
c. A labor dispute
d. Environmental protection
2. What do income, education, and housing quality all indicate?
a. Per capita GDP
b. The consumer price index
c. The business cycle
d. Standard of living
3. Awareness- Identify and understand threats, asses vulnerabilities determine potential impacts and
disseminate timely information to our homeland security partners and the American public.
Prevention- Detect, deter, and mitigate threats to our homeland.
Protection- Safeguard our people and their freedoms, critical infrastructure, property and the economy of
our Nation from acts of terrorism, natural disasters, or other emergencies
Response- Lead, manage, and coordinate the national response to acts of terrorism, natural disasters, or
other emergencies.
Recovery- Lead national, state, local, and private sector efforts to restore services and rebuild
communities after acts of terrorism, natural disasters, or other emergencies.
Which choice does the above list of strategic goals most likely apply to?
a. The Department of Homeland Security
b. Operation Iraqi Freedom
c. The Patriot Act
d. The Department of Environmental protection
4. How can the change from production to a service economy best be judged?
a. As a change for the better
b. As requiring workers to learn different sets of skills
c. As a change for the worse
d. As requiring workers to use the same skills
5. What would most likely happen if the Supreme Court outlawed affirmative action?
a. Voters would overrule the Court.
b. Members of groups that are discriminated against would lose opportunities.
c. Members of groups that are discriminated against would gain opportunities.
d. Most citizens would agree with the court.
Lower
Profits
Competition
from China
Outsourcing
6.
Which choice best names what the graphic organizer above applies to?
a. North Carolina’s textile industry
b. Downsizing
c. Technological advances
d. Service industries
Lesson 49
1. What is the principle of comparative advantage best described as governing?
a. Developed countries
b. Multinational conglomerates
c. The WTO
d. International trade
2. From an economic standpoint, how would Cuba best be judged?
a. A developing nation
b. A developed nation
c. A communist nation
d. A poor nation
3. “… to fight pocert and improve the living standards of people in the developing world…provides loans,
policy advice, technical assistance and knowledge sharing services to low and middle income countries
to reduce poverty…promote growth to create jobs and to empower poor people to take advantage of
these opportunities…”
Whose mission statement is this passage from?
a. The World Bank
b. The International Monetary Fund
c. The United Nations
d. NAFTA
Lesson 50
1. How would taxing a higher percentage of earnings as the earrings increase most specifically be
described?
a. A personal income tax
b. A proportional tax
c. A progressive tax
d. A burden on those with higher incomes
2. How would an increase in the discount rate by the Federal Reserve best be described?
a. Loose money policy
b. Tight money policy
c. Monetary policy
d. Fiscal policy
3. “A tax levied on the purchase of a specific type of good or service, such as tobacco products or
telephone services.”
What does the passage above best define?
a. An excise tax
b. A sales tax
c. An income tax
d. A proportional tax
Lesson 51
1. Which choice best predicts the effect of an embargo on trade with China?
a. Prices for similar products would rise in the United States.
b. Prices for similar products in the United States would fall.
c. There would be a bear market.
d. There would be a bull market.
2. How would changing local regulations to permit building a business in a residential area be best
understood?
a. NIMBY
b. Building codes
c. Scarcity
d. Zoning
?
Requiring copper pipes
Requiring asbestos removal
Requiring ramps for the disabled
3. Which choice best completes the graphic organizer above?
a. Environmental protection
b. Zoning
c. Building codes
d. Embargoes
Mixed Review
1. Outsourcing is to hiring overseas workers as downsizing is to _________________.
a. Reducing worker salaries
b. Decreasing productivity
c. A loosening of money
d. Actions by the federal reserve
2. Which political group would most likely vote for federal regulation of business to reduce pollution?
a. Conservative
b. Moderate
c. Liberal
d. Socialist
3. Which choice most specifically summarizes the policy changes of rasing the discount rate and reserve
reqirement?
a. A change in monetary policy
b. A tightening of money
c. A loosening of money
d. Actions by the federal reserve
4. (i) To promote international monetary cooperation through a permanent institution which provides
machinery for consultation and collaboration on international money problems.
(ii) To promote international monetary cooperation through a permanent institution which provides the
machinery for consultaion and collaboration on international monetary problems.
(iii) To facilitate the expansion and balanced growth of international trade, and to contribute thereby to
the promotion and maintenance of high levels of employment and real income and to the development of
the productive resources of all members as primary objectives of economic policy.”
The above statements of purposes are most likely from which international organization?
a. The International Monetary Fund
b. The United Nations
c. NAFTA
d. The World Bank
Recovery and
expansion
Prosperity
Contraction and
Recession
5. What does the graphic organizer above best express?
a. The business cycle
b. The Gross Domestic Product
c. Economic indicators
d. Standard of living
6.
a.
b.
c.
d.
Which choice best describes the relationship among the nations of the European Union?
The nations are similar.
The nations are equal
The nations cooperate with each other
The nations are different
7. What would a rise in the prices of technology and energy stocks most clearly indicate?
a. A bear market
b. A bull market
c. Recession
d. Inflation
?
E-mail Providers
Amusement Parks
Hotels
8. Which Choice best completes the graphic organizer above?
a. Goods and services
b. Economic goods
c. Service society
d. Services industries