Consumer education & economics Exam 2 City State L Code or each of the following

Question

Consumer education & economics Exam 2 City State L Code or each of the following, circle T if the statement is true: F if it is false. F Microeconomics is economics on a national and global scale. 2TFA sharcholder cannot lose more money than he or she invests in a business. 3. TFOne of the major advantages of a partnership is unlimited liability. 4. F Increased competition in the marketplace tends to result in lower prices and better products for consumers. 5. T .F When a company has no competitors it is considered a monopoly. 7. All unemployed Americans are eligible to receive Medicare TFAccording to the benefit principle, more taxes should be paid by those who have more money. 8 T D A6%sales tax that all consumers must pay on goods purchased is an example of . TA depression becomes a recession when the economy continues in a downward 10.O F Inflation reduces the purchasing power of consumers. IL. T F Experts consider the U.S. economy to be at full employment if the unemployment 12. T (The federal budget is based on a fiscal year that begins on January+ 13. F The amount by which a nation's spending exceeds its revenue is its budget 14. F The Federal Reserve System regulates banks to make sure they follow the law. 15. T a graduated tax. spi rate is under 10%. October surplus. When the Federal Reserve increases the money supply, credit becomes harder to get and more costly Raising the reserve requirement increases the money supply. An import is a product shipped to a foreign country to be sold there. 6. T 7. T D (O 1502-2

Explanation / Answer

Question Number True / False 1) False (Macro economics is the economics on national and global scale.) 2) True. 3) False. ( Unlimited partnership is not an advantage for the partnership. It is a disadvantage for the partnership.) 4) True. 5) False. (The Person with disability, The Person who is of age 65 years or more are eligible to receive medicare.) 6) True (Monopoly is a market situation where there is single seller of commodity with no close substitutes of that commodity available in the market and also there is no competition in monopoly.) 7) True 8) False. (A 6% sales tax that all consumers must pay on goods purchased is not an example of graduated tax but it is an example of Flat tax.) 9) False. 10) True.

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