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WEST Middle Level Humanities: Roles of Economic Contributors Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. George reaches into his wallet and pulls out a $20 US bill to pay for his coffee. By using currency to make a purchase, what is George actually doing?

Question 2 2. Based on the lesson, how does the consumer market apply to services?

Question 3 3. Which of the following is NOT a consumer?

Question 4 4. The goods markets are the life force of the economy and encompasses all of the following except

Question 5 5. How can governments encourage savings and investment?

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Question 6 6. In 2007, a large number of toys manufactured in China were recalled because they had lead in the paint. Lead is known to cause brain damage in children. Which act most likely prompted the recall?

Question 7 7. Which of the following financial assets is a debt instrument - a promise by the issuer to pay the holder their principal plus interest at some future date?

Question 8 8. Which of the following is NOT true regarding the role of banks in the economy?

Question 9 9. Which of the following is MOST likely to produce higher economic growth in the long run?

Question 10 10. Which of the following is an example of a financial market?

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Question 11 11. One of the biggest capital markets is the stock market which is associated with all of the following except

Question 12 12. How can the government encourage investment in human capital?

Question 13 13. Why is it likely that you will be able to easily trade financial bonds from the money market for cash?

Question 14 14. What are examples of public goods and services?

Question 15 15. How do governments plan for greater consumer demand?

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Question 16 16. Why does the Federal Reserve require commercial banks to maintain reserves with them?

Question 17 17. Economists recognize that the economy doesn't grow smoothly, but in regular patterns. Which of these terms best describes this?

Question 18 18. Which of the following is NOT a producer?

Question 19 19. How does inflation prevent most of the money in use today from serving as a pure store of value?

Question 20 20. Select the answer choice that best defines a profession.

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Question 21 21. Which of the following BEST explains the contractual obligation associated with stock?

Question 22 22. How does the economy change every time banks loan out excess reserves?

Question 23 23. How do banks make money?

Question 24 24. Labor unions seek to do which of the following?

Question 25 25. Money serves as a standard of deferred payment when:

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Question 26 26. Which of the following is FALSE regarding the Federal Reserve?

Question 27 27. If discouraged workers were actually counted in the unemployment rate:

Question 28 28. How do producers try to better understand their consumers?

Question 29 29. When savings leaks out of the circular flow model, what happens to it?

Question 30 30. Which of the following individuals would be counted as unemployed?

WEST Middle Level Humanities: Roles of Economic Contributors Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

WEST Middle Level Humanities (Subtests 1 & 2)(052/053): Practice & Study Guide  /  Humanities Courses
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