Question

Can someone check my answers?
Medal and fan

Answer 1

I can try.

Answer 2

Just a minute

Answer 3

Some consumers have limited money to spend on a large supply of potential products. The idea that a consumer needs to pick how to use a scarce resource is known as

demand
choice
scarcity
opportunity cost
B

Question 2 (Multiple Choice Worth 3 points)

(American Money LO 5 MC)

Which statement regarding the impact of the federal government's budget on the personal budgets of citizens is true for the greatest number of citizens?

The federal government's budget does not impact peoples' personal budgets.
The federal government's expense is a source of income for personal budgets.
The people who construct the federal government are also responsible for creating citizen's personal budgets.
The federal government's revenue is an expense of personal budgets.
D
Question 3 (Multiple Choice Worth 3 points)

(American Money LO 3 MC)

In what way do mixed and market economies support the ideals of democracy?

Mixed and market economies elect a few farmers and local leaders to choose which goods and services to produce.
Mixed and market economies do not produce more goods or services than what people need to survive.
Mixed and market economies allow all economic decisions to be made by a few well-qualified government officials.
Mixed and market economies protect individuals' ability to make their own economic decisions.
D

Question 4 (Multiple Choice Worth 3 points)

(American Money LO 4 MC)

Wally's Wonderful Widgets is owned by its founder, Wally, and has several hundred employees who produce a number of useful goods. The company wants to publicly sell shares of ownership in the company in exchange for money to expand business. To which economic institution would Wally's Wonderful Widgets turn?


Stock market
Federal Reserve
Local credit union
Local bank
A

Question 5 (Multiple Choice Worth 3 points)

(American Money LO 3 LC)

Which law helped prevent companies from lowering prices in order to drive out competition?

No Child Left Behind Act
Alien and Sedition Acts
Digital Millennium Copyright Act
Sherman Antitrust Act
D

Question 6 (Multiple Choice Worth 3 points)

(American Money LO 7 MC)

Why might the economy be worse off if financial institutions like credit card companies did not exist?

People would be more able to borrow more money.
People would likely buy fewer goods and services.
People would have to pay fewer interest payments.
People might have to carry large amounts of cash.
C

Question 7 (Multiple Choice Worth 3 points)

(American Money LO 2 LC)

As a young teen, which entrepreneur started a cookie company with limited funds?

Vera Wang
Oprah Winfrey
Joseph Unanue
Debbie Fields Rose
C

Question 8 (Multiple Choice Worth 3 points)

(American Money LO 4 MC)

The Federal Reserve has a number of ways to influence the supply of money. The Federal Reserve can influence the interest rate that people pay on their loans, regardless of what bank they are using. How might the Fed adjust the interest rate if it wanted to increase the amount of money in circulation?

Decrease the interest rate. People would be less likely to take out loans.
Increase the interest rate. People would be more likely to take out loans.
Increase the interest rate. People would be less likely to take out loans.
Decrease the interest rate. People would be more likely to take out loans.
A

Question 9 (Multiple Choice Worth 3 points)

(American Money LO 4 MC)

Given your knowledge of the American banking system, which of the following is least likely to happen when you deposit your money in a bank?

Your money is invested in the stock market.
Your money remains in a vault until you come to pick it up later.
Your money pays the salaries of bank employees.
Your money is loaned by the bank as loans or mortgages.
B

Question 10 (Multiple Choice Worth 3 points)

(American Money LO 5 MC)

In the United States, people pay taxes so government can provide services to the people. What is one benefit of the government providing services instead of allowing the free market and private businesses to do so?

Government can provide services that would not be practical for private businesses to provide, such as a national military.
Government is generally more efficient at providing goods and services than private businesses.
Businesses should not provide services because a free market would be more efficient.
Businesses make better decisions than government about what services are in the best interest of society as a whole.
B

Question 11 (Multiple Choice Worth 3 points)

(American Money LO 2 MC)

Sarah opened a shoe shop in Los Angeles, California to sell the shoes she designs. Which of the following statements is an example of cultural diffusion related to Sarah's business?

First-year profits for Sarah's Shoe Shop were 50 percent higher than predicted.
Sarah's Shoe Shop signed a new local advertising deal to increase brand awareness.
Sarah's shoe designs became very popular and her business expanded to neighbouring states.
While on vacation in England, Sarah saw a woman wearing an attractive brand of shoes.
C

Question 12 (Multiple Choice Worth 3 points)

(American Money LO 7 MC)

Which of the following best illustrates the government's role in controlling financial institutions?

The government directly influences the price of stocks in the stock market by taxing purchases of stock.
The government limits the amount of loans that individuals can take out from banks.
The government regulates the terms that credit card companies can give their customers.
The government directly sets the interest rate that banks charge for loans.
C

Question 13 (Multiple Choice Worth 3 points)

(American Money LO 7 MC)

Why might it be better to save up some money and buy something later than to buy it on credit now?

You may get protection for cash purchases that are lost, damaged, or stolen.
Buying anything on credit will damage your credit rating.
Paying for things on credit will hurt the economy, by taking money out of circulation.
Paying off credit debt can extend many years, long after the item purchased was useful.
D

Question 14 (Multiple Choice Worth 3 points)

(American Money LO 1 MC)

A local government decides to use taxpayer dollars to pay for a community recreation building. Those funds could have been used instead to fund public transportation or new computers for public schools. What term best describes the value of the other things the funding could have been used for?

Supply and demand
Scarcity
Opportunity cost
Market economy
C

Question 15 (Multiple Choice Worth 3 points)

(American Money LO 2 MC)

Antonio's is the only restaurant in town that serves Italian food. A new Italian restaurant opens down the street from Antonio's. In a market economy, what is the most likely effect of a competing restaurant opening in the neighborhood?

The new restaurant will charge higher prices than Antonio's because they need to pay off new business loans.
Both restaurants will increase their prices to make up for the customers who chose to visit the competing restaurant.
Customers will benefit from better products and lower prices as the restaurants complete for their business.
Antonio's will stop spending on advertising or offering coupons to customers to protect their profits.
B

Question 16 (Multiple Choice Worth 3 points)

(American Money LO 2 MC)

The federal government wants more people to buy hybrid or electric cars. Currently, they are more expensive than cars fueled by gas or diesel. In a market or mixed economy, what might the government do to benefit the car manufactures and encourage people to buy hybrid or electric cars?

Set a maximum price that a company can charge for a hybrid or electric car
Create competition by making their own hybrid and electric cars
Fund companies to do research on the creation of more fuel efficient cars
Create incentive to buy hybrid or electric cars by reducing the sales tax
D

Answer 4

@bmk614

Answer 5

For 6 I got B. Credit Cards allow us to buy things with Money we do not currently have, but we will be able to pay it off in the future.

Answer 6

ok

Answer 7

7 is D. Debbi saved up from working for her dad for$5 and saved up for ingredients for her cookies.

Answer 8

15 is C. Customers will go to the restaurant with lower prices in order to save money.

Answer 9

The rest I agree with!

Answer 10

Thanks

Answer 11

No problem! A fan and medal are always appreciated!