EPF Final Exam study guide 2024 Questions & Answers
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Course
EPF
Institution
EPF
Identify the type of economy featured in the United States because the consumer controls the economy. - ANSWERSMarket Economy
What term refers to having only one business produce a product and there is no substitute good? - ANSWERSMonopoly
The four factors that affect production are - ANSWERS...
EPF Final Exam study guide 2024
Questions & Answers
Identify the type of economy featured in the United States because the consumer
controls the economy. - ANSWERSMarket Economy
What term refers to having only one business produce a product and there is no
substitute good? - ANSWERSMonopoly
The four factors that affect production are - ANSWERSland, labor, capital, and
entrepreneurial skill
Any business that is associated with farming is called ___________. -
ANSWERSAgribusiness
What is the current national debt of the United States? - ANSWERS$28 trillion
If the economy is in a recession, what will the Federal Reserve Board most likely do to
initiate a recovery? - ANSWERSlower interest rates
The alternating periods of growth and decline which the economy undergoes are called
the - ANSWERSBusiness Cycle
The ____ is the federal corporation that insures individual accounts in financial
institutions up to $250,000. - ANSWERSFDIC
What is a tax collected by federal government to pay benefits to those who are retired
called? - ANSWERSSocial Security Tax
The globalization of the world economy has had profound effects on work, on workers,
and on wages. Open markets mean products come into America that are made by
people who work for wages Americans can't live on. This can cost some American
workers their jobs and keep others from getting a raise.
But, overall, trade has brought vast benefits to most Americans. Jobs in exporting
companies on average pay considerably higher wages than jobs in companies that sell
only within the U.S.
—Excerpt from an address by President Bill Clinton, January 1996
Which of these statements BEST reflects the point of view expressed by Clinton? -
ANSWERSAlthough trade has some negative effects, overall it benefits most Americans
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