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Economics answers to 155 questions

Answer: C. Consumers and producers. Microeconomics deals with the study of the decisions made by individuals and firms in the allocation of resources of production, consumption, and exchange. It is the economic interaction existing between producers and consumers. In other…
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Answer: D. The government controls factories and other forms of production. A command economy is a kind of economic system in which the government is the center stage of all economic activities. In other words, they play a major role…
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Answer: D. Saving to easily access the money when needed Savings account is the type of account where money can be deposited in order to keep your money safe while earning interest. With very low interest rates, the savings account…
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Answer: A. Big down payment, a longer term loan, and a low interest rate To keep a monthly mortgage payment as low as possible it is important to swing a larger down payment, opting for long term, and having a…
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Answer: B. A bond typically pays a fixed, predictable amount of interest each year. A high-end quality bond is regarded as a lower-risk investment than a stock because a typical bond pays a predictable, fixed amount of interest per annum.…
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Answer: A. When your total of previous payments and applicable credits is more than the tax you owe. The IRS can issue a tax refund if only the amount of tax paid by an individual is more than what was…
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Answer: A. The Wealth of Nations The book, Wealth of Nations was written by Adam Smith and published in 1776. This book gained 36,331 citations and went on to be the second most cited book after “Das Kapital” by Karl…
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Answer: C. Exponential smoothing. Quantitative forecasting is used to make certain predictions by utilizing numerical analysis on a particular subject. Exponential smoothing is a method of quantitative forecasting. This method is a very useful technique in general forecasting and prediction.…
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Answer: C. The ability to use knowledge and skills to manage financial resources effectively. Financial literacy is the ability to manage money effectively using knowledge and skills. For money to be managed effectively, an individual needs to have knowledge on…
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Answer: A. Overdraft fee An overdraft fee is a fee charged when you withdraw more money in your account than the amount you have in it. An overdraft fee is one of, if not the most expensive fees charged by…
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Answer: D. A greater variety of goods for fair prices. Consumerism is an economic concept that propels the interest of a consumer in an economy. In other words, consumerism bases production on the demands of the consumers. In a bid…
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Answer: D. skilled workers. Skilled workers are important in a workforce as they are affiliated to production systems with customized outputs. A skilled workforce is known for exceptional work and is a very valuable asset to a company. Skilled workers…
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Answer: A. Debt financing For a company to raise the capital needed for business, two types of financing are used: equity financing and debt financing. Debt financing is simply the borrowing of money and paying back with interest. A loan…
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Answer: D. Ability of the company to generate profit. Cash flow statements do not help analysts evaluate the company’s ability to generate profit. The statement of cash flows is assembled right after the balance sheet and the income statement. This…
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Answer: D. Help the entrepreneur write the business plan. Anyone who sets up a business and is in charge of taking on financial risks with the hope of making a profit or maintaining profitability is an entrepreneur. An entrepreneur bears…
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Answer: C. The federal personal income tax A tax that increases in rate as the taxable amount increases is known as a progressive tax. Progressive taxes can be applied to a general tax system as a whole or on individual…
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Answer: D. Government control of the economy In capitalism, the economy is run by private individuals or organizations and not by the government. It is usually referred to as a free market and all forms of investments are determined or…
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Answer: A. Goodwill Assets lacking physical substance are known as intangible assets. Copyrights, trademarks, goodwill, patents, franchises, and trade names are examples of intangible assets. These assets are very difficult to evaluate due to their intangibility and therefore tend to…
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Answer: B. Ask your lender why. and D. Shop for a different lender or type of mortgage. If your loan application is denied, the first step is to determine the reasons for the denial. One way of doing this is…
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Answer: C. limited resources Giving up something in order to do something else is what opportunity cost entails. In other words, it is the value of the road not taken. Limited resources have the largest impact on opportunity cost because…
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Answer: C. Consumers or producers. Incentives are motivational tools used to induce people to work in the desired direction. Motivations are known to change the general conduct of individuals and this change in conduct will in turn influence either the…
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Answer: A. Economic growth will likely decline over time. The wealth gap, also known as wealth inequality, is the unequal and uneven distribution of income and assets among residents of a particular place. Critics of the wealth gap might argue…
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Answer: C. Any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected. A bank reconciliation statement is a report prepared periodically to check or ensure…
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Answer: C. As the price of product rises, certeris paribus, suppliers will offer more for sale. An increase in the price of goods leads to an increase in the amount supplied by a supplier. According to the law of supply,…
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Answer: D. People who produce goods out of their homes. The cottage industry is a small unit of the manufacturing sector involved in the production of goods and services by using only low-technology methods. Locally produced textiles and handicrafts are…
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Answer: C. can help promote personal wealth. In a mixed market economy, the government and private individuals are involved in the economy. i.e., they work mutually in the creation of wealth. Generally, a mixed market system involves both capitalism and…
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Answer: B. Inelastic when the price changes. Inelasticity of goods with change in price means such product is a necessity and therefore the demand for such product will remain unchanged irrespective of a change in price. Even if the price…
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Answer: A. The product would be less expensive to produce. When a manufacturer uses limited scarce resources during production, the product becomes less expensive to produce. Scarce resources have very limited availability when compared to desired use. When a manufacturer…
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Answer: C. The decisions made by producers and consumers drive all economic choices. A pure market system of economy is controlled by the law of demand and supply; not by a central government. In other words, there is unrestricted exchange…
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Answer: D. When the consumer buys more than is needed. Bulk buying implies purchasing large quantities of products. While bulk buying is known to be beneficial in certain situations like expected future rise in price and decrease in price when…
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