Test of Economic Literacy

Flashcard
•
Social Studies
•
11th Grade
•
Hard
Wayground Content
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30 questions
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1.
FLASHCARD QUESTION
Front
A large increase in the number of fast-food restaurants in a community is most likely to result in:
Back
Lower prices and higher quality.
2.
FLASHCARD QUESTION
Front
A person who starts a business to produce a new product in the marketplace is known as:
Back
An entrepreneur.
3.
FLASHCARD QUESTION
Front
An increase from 5% to 8% in the interest rates charged by banks would most likely encourage:
Back
People to save money.
4.
FLASHCARD QUESTION
Front
If the real gross domestic product of the United States has increased, but the production of goods has remained the same, then the production of services has:
Back
Increased.
5.
FLASHCARD QUESTION
Front
If the price of beef doubled and the price of poultry stayed the same, people would most likely buy:
Back
More poultry and less beef.
6.
FLASHCARD QUESTION
Front
If the United States stopped importing automobiles from Country X, who would be most likely to benefit? Options: Automobile manufacturers in Country X, Consumers in the United States, Automobile manufacturers in the United States, Don't Know
Back
Automobile manufacturers in the United States
7.
FLASHCARD QUESTION
Front
If your city government sets a maximum amount landlords can charge in rent, what is the most likely result?
Back
There will be fewer apartments available than people want to rent.
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