<?xml version="1.0" encoding="utf-8" ?>
<quiz>
<question_counter1>Question</question_counter1>
<question_counter2>of</question_counter2>
<question_number>5</question_number>
<start_screen>
<instructions><![CDATA[Please answer the questions to the best of your ability. These questions are based on the concept video. At the end of the quiz you'll have the option to print or email your results.]]></instructions>
</start_screen>
<quiz_complete_screen>
<answered_num1>You answered</answered_num1>
<answered_num2>of</answered_num2>
<answered_num3>questions correctly.</answered_num3>
<completed>Use the buttons on the right to print or email your results.</completed>
</quiz_complete_screen>
<quizconcept>
<quizid>1</quizid>
<concept_title>Decision Making/Cost-Benefit Analysis</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>The first step in the PACED Decision-Making Model is to identify the problem.</correct_question_fb>
<incorrect_question_fb>The first step in the PACED Decision-Making Model is to identify the problem.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='1'>What does the "P" in the PACED Decision-Making Process stand for?</question>
<answer id='1'>Implement the program</answer>
<answer id='2'>Identify the producers</answer>
<correct_answer id='3'>Identify the problem</correct_answer>
<answer id='4'>Make a plan</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Decisions we make are based on our own evaluation of the costs and benefits.</correct_question_fb>
<incorrect_question_fb>Decisions we make are based on our own evaluation of the costs and benefits.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='2'>Economic decisions are generally based upon what process?</question>
<correct_answer id='1'>Cost/benefit analysis</correct_answer>
<answer id='2'>Business cycle analysis</answer>
<answer id='3'>Needs and wants analysis</answer>
<answer id='4'>Alternatives analysis</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>You need to determine what options are important and available.</correct_question_fb>
<incorrect_question_fb>You need to determine what options are important and available.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='3'>In the PACED Decision-Making Process, you evaluate alternatives based upon what?</question>
<answer id='1'>Money available</answer>
<correct_answer id='2'>Criteria identified</correct_answer>
<answer id='3'>Peer pressure</answer>
<answer id='4'>Needs and wants</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Identifying criteria helps identify issues that are important to the decision being made.</correct_question_fb>
<incorrect_question_fb>Identifying criteria helps identify issues that are important to the decision being made.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='4'>Which step in the PACED Decision-Making Process are you using when you list what you want to accomplish?</question>
<answer id='1'>Identify the problem</answer>
<answer id='2'>Evaluate the alternative</answer>
<answer id='3'>Make a decision</answer>
<correct_answer id='4'>Identify the criteria</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Decisions are based upon individual personal situations at that moment in time.</correct_question_fb>
<incorrect_question_fb>Decisions are based upon individual personal situations at that moment in time.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='5'>Not everyone makes the same decision in a given situation. Which option is NOT one of the reasons for this?</question>
<answer id='1'>Different preferences</answer>
<correct_answer id='2'>Peer pressure</correct_answer>
<answer id='3'>Different life situations</answer>
<answer id='4'>Personal judgment</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>3</quizid>
<concept_title>Economic Institutions</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>An economic institution is formed by individuals who join together to accomplish common goals or promote certain values or belief systems.</correct_question_fb>
<incorrect_question_fb>An economic institution is formed by individuals who join together to accomplish common goals and interests or promote certain values or belief systems.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='11'>What term describes individuals who join together to accomplish common goals?</question>
<answer id='1'>Political parties</answer>
<correct_answer id='2'>Economic institutions</correct_answer>
<answer id='3'>Government regulations</answer>
<answer id='4'>Foreign investments</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>There are a variety of economic institutions that affect the economy including, banks, corporations, family units, political parties, labor unions, and government,</correct_question_fb>
<incorrect_question_fb>There are a variety of economic institutions that affect the economy including, banks, corporations, family units, political parties, labor unions, and government,</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='12'>Which of the following are types of economic institutions that affect the economy?</question>
<answer id='1'>Corporations</answer>
<answer id='2'>Family units</answer>
<answer id='3'>Labor unions</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In a market economy, profit is the motivator that stimulates people to join together to form corporations with the goal of earning profits for shareholders.</correct_question_fb>
<incorrect_question_fb>In a market economy, profit is the motivator that stimulates people to join together to form corporations with the goal of earning profits for shareholders.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='13'>In a market economy, what is the MAJOR motivator for corporations?</question>
<answer id='1'>Shareholder satisfaction</answer>
<answer id='2'>Growth of the company</answer>
<correct_answer id='3'>Profit</correct_answer>
<answer id='4'>Increased market share</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Private ownership of property creates incentives that encourage people to conserve, improve and use their property in ways that are beneficial to others.</correct_question_fb>
<incorrect_question_fb>Private ownership of property creates incentives that encourage people to conserve, improve and use their property in ways that are beneficial to others.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='14'>What creates incentives for people to conserve, improve and use their property in ways that are beneficial to others?</question>
<answer id='1'>The price system</answer>
<correct_answer id='2'>Private property ownership</correct_answer>
<answer id='3'>Government regulations</answer>
<answer id='4'>Market competition</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Cultural traditions and holidays influence the seasonal patterns of retail sales.</correct_question_fb>
<incorrect_question_fb>Cultural traditions and holidays influence the seasonal patterns of retail sales.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='15'>What events influence the seasonal patterns of retail sales?</question>
<correct_answer id='1'>Holidays</correct_answer>
<answer id='2'>A raise</answer>
<answer id='3'>A new job</answer>
<answer id='4'>Media advertising</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>4</quizid>
<concept_title>Economic Systems</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>In a market economy most decisions about what to produce are determined by individuals and firms.</correct_question_fb>
<incorrect_question_fb>In a market economy most decisions about what to produce are determined by individuals and firms.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='16'>In what type of economy do individuals and firms determine what will be produced?</question>
<answer id='1'>Government</answer>
<answer id='2'>Command</answer>
<correct_answer id='3'>Market</correct_answer>
<answer id='4'>Traditional</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In a command economy most decisions about how to produce goods/services are determined by government officials.</correct_question_fb>
<incorrect_question_fb>In a command economy most decisions about how to produce goods/services are determined by government officials.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='17'>In what type of economy do government officials determine how to produce goods/services?</question>
<answer id='1'>Government</answer>
<correct_answer id='2'>Command</correct_answer>
<answer id='3'>Market</answer>
<answer id='4'>Traditional</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>An economic system is an institutional framework that a society uses to determine WHAT to produce, HOW to produce, and WHO receives the products/services.</correct_question_fb>
<incorrect_question_fb>An economic system is an institutional framework that a society uses to determine WHAT to produce, HOW to produce, and WHO receives the products/services.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='18'>An economic system answers three questions about goods and services. Which of the following options is NOT one of these questions?</question>
<answer id='1'>What to produce</answer>
<answer id='2'>Who receives the products</answer>
<answer id='3'>How to produce</answer>
<correct_answer id='4'>Where to produce</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Ireland has more economic freedom and would be considered a market economy.</correct_question_fb>
<incorrect_question_fb>Ireland has more economic freedom and would be considered a market economy.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='19'>According to the chart in the video, which country would be considered more of a market economy?</question>
<answer id='1'>North Korea</answer>
<answer id='2'>Mexico</answer>
<correct_answer id='3'>Ireland</correct_answer>
<answer id='4'>Cuba</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Cuba had the lowest unemployment rate at 2.6%. However, it is important to note that they also had a very low growth rate at 2.6%</correct_question_fb>
<incorrect_question_fb>Cuba had the lowest unemployment rate at 2.6%. However, it is important to note that they also had a very low growth rate at 2.6%</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='20'>According to the chart in the video, which country had the lowest unemployment rate?</question>
<correct_answer id='1'>Cuba</correct_answer>
<answer id='2'>United States</answer>
<answer id='3'>New Zealand</answer>
<answer id='4'>Mexico</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>6</quizid>
<concept_title>Trade, Exchange and Interdependence</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Voluntary trade is when all parties involved have made a decision to exchange their money for goods/services produced by others and both sides expect to gain.</correct_question_fb>
<incorrect_question_fb>Voluntary trade is when all parties involved have made a decision to exchange their money for goods/services produced by others and both sides expect to gain.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='58'>What term describes what happens when all parties agree to exchange their money for goods or services and both sides expect to gain from the exchange?</question>
<answer id='1'>Involuntary trade</answer>
<correct_answer id='2'>Voluntary trade</correct_answer>
<answer id='3'>Supply</answer>
<answer id='4'>Demand</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Specialization/exchange reduces self-sufficiency and increases interdependency.</correct_question_fb>
<incorrect_question_fb>Specialization/exchange reduces self-sufficiency and increases interdependency.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='59'>What reduces self-sufficiency and increases interdependence?</question>
<answer id='1'>Trade</answer>
<answer id='2'>Imports</answer>
<correct_answer id='3'>Specialization</correct_answer>
<answer id='4'>Exports</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Interdependence means that events in one part of the world impact decisions or events in other parts of the world. Bad weather in Eastern Europe could lead to less production of sugar which would lead to less sugar sold to the United States which would increase sugar prices in the United States.</correct_question_fb>
<incorrect_question_fb>Interdependence means that events in one part of the world impact decisions or events in other parts of the world. Bad weather in Eastern Europe could lead to less production of sugar which would lead to less sugar sold to the United States which would increase sugar prices in the United States.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='60'>What term describes why bad weather in Eastern Europe would affect sugar prices in the United States?</question>
<answer id='1'>Trade</answer>
<answer id='2'>Specialization</answer>
<answer id='3'>Exchange</answer>
<correct_answer id='4'>Interdependence</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Paying taxes is an example of involuntary trade, because, if given the choice, most people would prefer not to pay their taxes.</correct_question_fb>
<incorrect_question_fb>Interdependence means that events in one part of the world impact decisions or events in other parts of the world. Bad weather in Eastern Europe could lead to less production of sugar which would lead to less sugar sold to the United States which would increase sugar prices in the United States.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='241'>Which of these is an example of involuntary trade?</question>
<correct_answer id='1'>Paying taxes</correct_answer>
<answer id='2'>Paying for a taxi</answer>
<answer id='3'>Tradingfor sugar beets</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Interdependence means that events in one part of the world impact decisions or events in other parts of the world. Bad weather in Eastern Europe could lead to less production of sugar which would lead to less sugar sold to the United States which would increase sugar prices in the United States.</correct_question_fb>
<incorrect_question_fb>Interdependence means that events in one part of the world impact decisions or events in other parts of the world. Bad weather in Eastern Europe could lead to less production of sugar which would lead to less sugar sold to the United States which would increase sugar prices in the United States.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='242'>Why does Eastern Europe produce far more sugar beets than they can consume?</question>
<correct_answer id='1'>To trade them with the U.S. and other countries</correct_answer>
<answer id='2'>To decrease interdependence</answer>
<answer id='3'>To increase self-sufficiency</answer>
<answer id='4'>So they can't affect the prices of sugar beets</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>8</quizid>
<concept_title>Incentives</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Economics rests on the principle that incentives matter. According to Steven Landsburg, "People respond to incentives. The rest is commentary."</correct_question_fb>
<incorrect_question_fb>Economics rests on the principle that incentives matter. According to Steven Landsburg, "People respond to incentives. The rest is commentary."</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='21'>Most of economics can be summarized in four words:</question>
<answer id='1'>Advertising always increases sales</answer>
<answer id='2'>High demand lowers prices</answer>
<answer id='3'>Suppliers control the market</answer>
<correct_answer id='4'>People respond to incentives</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If many buyers want to purchase a product the price will rise. As the price rises, sellers are more willing to provide the product.</correct_question_fb>
<incorrect_question_fb>If many buyers want to purchase a product the price will rise. As the price rises, sellers are more willing to provide the product.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='22'>Which group do incentives influence to change their behavior?</question>
<answer id='1'>Buyers</answer>
<answer id='2'>Sellers</answer>
<correct_answer id='3'>Both buyers and sellers</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Love is a non-monetary incentive. Non-monetary incentives sometimes overwhelm monetary incentives.</correct_question_fb>
<incorrect_question_fb>Love is a non-monetary incentive. Non-monetary incentives sometimes overwhelm monetary incentives.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='23'>Love is an example of what type of incentive?</question>
<answer id='1'>Monetary</answer>
<answer id='2'>Personal</answer>
<answer id='3'>Tangible</answer>
<correct_answer id='4'>Non-Monetary</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Businesses pursue profit so they produce what consumers demand and try to cut costs.</correct_question_fb>
<incorrect_question_fb>Businesses pursue profit so they produce what consumers demand and try to cut costs.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='24'>What drives businesses towards action that increases wealth?</question>
<correct_answer id='1'>Profit</correct_answer>
<answer id='2'>Shareholder satisfaction</answer>
<answer id='3'>Satisfied employees</answer>
<answer id='4'>Market share</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Positive incentives motivate an individual to do something. A negative incentive motivates an individual NOT to do something. Earning money for grades encourages good grades.</correct_question_fb>
<incorrect_question_fb>Positive incentives motivate an individual to do something. A negative incentive motivates an individual NOT to do something. Earning money for grades encourages good grades.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='25'>Which of the following is a positive incentive?</question>
<answer id='1'>Saturday school for low grades</answer>
<correct_answer id='2'>Money for grades</correct_answer>
<answer id='3'>A traffic fine for speeding</answer>
<answer id='4'>Detention for fighting in school</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>9</quizid>
<concept_title>Money</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>To be a good medium of exchange, money must be accepted by people when they buy and sell goods and services.</correct_question_fb>
<incorrect_question_fb>To be a good medium of exchange, money must be accepted by people when they buy and sell goods and services.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='26'>To be a good medium of exchange, money must be:</question>
<answer id='1'>readily available</answer>
<correct_answer id='2'>accepted by people for goods and services</correct_answer>
<answer id='3'>easily earned</answer>
<answer id='4'>only currency</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>To be a good standard of value, money must be familiar, divisible and accepted.</correct_question_fb>
<incorrect_question_fb>To be a good standard of value, money must be familiar, divisible and accepted.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='27'>To be a good standard of value, money must be:</question>
<answer id='1'>familiar</answer>
<answer id='2'>divisible</answer>
<answer id='3'>accepted</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>To be a good store of value, money must be durable and have a stable value.</correct_question_fb>
<incorrect_question_fb>To be a good store of value, money must be durable and have a stable value.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='28'>To be a good store of value, money must be:</question>
<correct_answer id='1'>durable</correct_answer>
<answer id='2'>familiar</answer>
<answer id='3'>divisible</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A check is the most effective and convenient form of money because it is portable, accepted by people, and can be written for any amount so it is divisible.</correct_question_fb>
<incorrect_question_fb>A check is the most effective and convenient form of money because it is portable, accepted by people, and can be written for any amount so it is divisible.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='29'>Which of the following is the most effective and convenient form of money?</question>
<answer id='1'>Livestock</answer>
<answer id='2'>Gold</answer>
<correct_answer id='3'>Check</correct_answer>
<answer id='4'>Cash</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Increasingly, more and more money consists of debit cards and electronic fund transfers.</correct_question_fb>
<incorrect_question_fb>Increasingly, more and more money consists of debit cards and electronic fund transfers.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='30'>Which of the following is becoming more frequently used for money?</question>
<answer id='1'>Debit card</answer>
<answer id='2'>Electronic fund transfers</answer>
<correct_answer id='3'>Both electronic fund transfers and debit cards</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>10</quizid>
<concept_title>Opportunity Cost</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Opportunity cost is the next best alternative or choice given up to get something you want. It is NOT all of the items you gave up.</correct_question_fb>
<incorrect_question_fb>Opportunity cost is the next best alternative or choice given up to get something you want. It is NOT all of the items you gave up.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='31'>What is the definition of opportunity cost?</question>
<answer id='1'>The money you spend to buy something.</answer>
<answer id='2'>The chance that you will lose your money.</answer>
<correct_answer id='3'>The next best alternative that you give up.</correct_answer>
<answer id='4'>All of the choices you could have made but didn't.</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>You listed the magazine as your second choice. Therefore, it is your opportunity cost because it is your next best alternative or choice not chosen.</correct_question_fb>
<incorrect_question_fb>You listed the magazine as your second choice. Therefore, it is your opportunity cost because it is your next best alternative or choice not chosen.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='32'>You can purchase one of the following: candy bar, soda or magazine. You rank your choices as follows: 1) candy bar 2) magazine 3) soda. What is the opportunity cost of buying the candy bar?</question>
<correct_answer id='1'>Magazine</correct_answer>
<answer id='2'>Soda</answer>
<answer id='3'>Your cash</answer>
<answer id='4'>Both the magazine and the soda</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Everything has an opportunity cost. You will always give up something to get what you want.</correct_question_fb>
<incorrect_question_fb>Everything has an opportunity cost. You will always give up something to get what you want.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='33'>A famous economics saying is, "There is no such thing as a free lunch." What does this statement mean?</question>
<answer id='1'>You must always pay for lunch</answer>
<correct_answer id='2'>Everything has a cost</correct_answer>
<answer id='3'>Never accept a free lunch</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Not all opportunity costs involve money. The non-monetary opportunity cost is less time to spend with friends.</correct_question_fb>
<incorrect_question_fb>Not all opportunity costs involve money. The non-monetary opportunity cost is less time to spend with friends.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='34'>What is the non-monetary opportunity cost of attending college?</question>
<answer id='1'>Getting a job.</answer>
<answer id='2'>Money spent for tuition.</answer>
<answer id='3'>Saving for a car.</answer>
<correct_answer id='4'>Less time to spend with friends.</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>You make choices based upon your own personal decision making criteria. Others may influence your decisions but you make the final choice.</correct_question_fb>
<incorrect_question_fb>You make choices based upon your needs and wants. Others may influence your decisions but you make the final choice.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='35'>Who determines your opportunity cost?</question>
<correct_answer id='1'>You</correct_answer>
<answer id='2'>Your parents</answer>
<answer id='3'>Your teachers</answer>
<answer id='4'>Your friends</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>11</quizid>
<concept_title>Productivity</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Productivity is measured as the quantity of output per unit of input.</correct_question_fb>
<incorrect_question_fb>Productivity is measured as the quantity of output per unit of input.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='41'>What term defines a measure of the quantity of output per unit of input?</question>
<answer id='1'>Productive resources</answer>
<answer id='2'>Opportunity cost</answer>
<correct_answer id='3'>Productivity</correct_answer>
<answer id='4'>Labor</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Sources of productivity increases include increased capital, increased worker education and training, and advances in technology.</correct_question_fb>
<incorrect_question_fb>Sources of productivity increases include increased capital, increased worker education and training, and advances in technology.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='42'>Which of the following does NOT increase productivity?</question>
<answer id='1'>Increased capital</answer>
<answer id='2'>Increased worker education</answer>
<correct_answer id='3'>Increased wages</correct_answer>
<answer id='4'>Advances in technology</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Increases in productivity are major contributors to increases in GDP which results in an increased standard of living for the economy as a whole.</correct_question_fb>
<incorrect_question_fb>Increases in productivity are major contributors to increases in GDP which results in an increased standard of living for the economy as a whole.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='43'>Increases in productivity are a major contributor to increased GDP. What is a result of increased GDP?</question>
<answer id='1'>Increased supply of products</answer>
<correct_answer id='2'>Increased standard of living</correct_answer>
<answer id='3'>Increased wages for workers</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The example of hand writing to word processing software was given to show an increase in productivity through advancement in technology.</correct_question_fb>
<incorrect_question_fb>The example of hand writing to word processing software was given to show an increase in productivity through advancement in technology.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='238'>What example was given to show an increase in productivity through advancement in technology?</question>
<correct_answer id='1'>Hand writing to word processing software</correct_answer>
<answer id='2'>Travel by locomotive to travel by airplane</answer>
<answer id='3'>Writing letters to texting on cellular phones</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Productivity needs to increase in an economy in order to maintain steady long-term growth.</correct_question_fb>
<incorrect_question_fb>Productivity needs to increase in an economy in order to maintain steady long-term growth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='239'>In order for an economy to maintain steady long-term growth, it is necessary for productivity to:</question>
<correct_answer id='1'>increase over time.</correct_answer>
<answer id='2'>decrease over time.</answer>
<answer id='3'>remain the same.</answer>
<answer id='4'>increase, then decrease.</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>12</quizid>
<concept_title>Aggregate Supply</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Aggregate supply shows the total production of final goods/services available at a range of price levels for final output during a stated period of time.</correct_question_fb>
<incorrect_question_fb>Aggregate supply shows the total production of final goods/services available at a range of price levels for final output during a stated period of time.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='66'>What term describes the total production of final goods/services available at a range of price levels for final output during a stated period of time?</question>
<correct_answer id='1'>Aggregate supply</correct_answer>
<answer id='2'>Total supply</answer>
<answer id='3'>Aggregate demand</answer>
<answer id='4'>Total demand</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The horizontal axis on the aggregate curve represents the total output.</correct_question_fb>
<incorrect_question_fb>The horizontal axis on the aggregate curve represents the total output.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='67'>What does the horizontal axis represent on an aggregate supply curve?</question>
<answer id='1'>Total input</answer>
<correct_answer id='2'>Total output</correct_answer>
<answer id='3'>Price Level</answer>
<answer id='4'>Investments</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Determinants of aggregate supply include changes in input prices, changes in productivity, changes in legal/institutional environment, changes in the supply of labor, and changes in capital.</correct_question_fb>
<incorrect_question_fb>Determinants of aggregate supply include changes in input prices, changes in productivity, changes in legal/institutional environment, changes in the supply of labor, and changes in capital.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='68'>Which of the following is NOT a determinant of aggregate supply?</question>
<correct_answer id='1'>Consumer confidence</correct_answer>
<answer id='2'>Change in input prices</answer>
<answer id='3'>Change in the supply of labor</answer>
<answer id='4'>Change in regulations</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If oil prices increase the per unit production cost will increase and the aggregate supply will shift to the left.</correct_question_fb>
<incorrect_question_fb>If oil prices increase the per unit production cost will increase and the aggregate supply will shift to the left.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='69'>If oil prices increase, what will happen to the aggregate supply curve?</question>
<answer id='1'>Shift horizontally</answer>
<answer id='2'>Shift right</answer>
<answer id='3'>Shift vertically</answer>
<correct_answer id='4'>Shift left</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Determinants of aggregate supply are the changes in the economy that shift the aggregate curve.</correct_question_fb>
<incorrect_question_fb>Determinants of aggregate supply are the changes in the economy that shift the aggregate curve.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='70'>What is the term that defines changes in the economy that shift the aggregate supply curve?</question>
<answer id='1'>Shifters</answer>
<answer id='2'>Movers</answer>
<correct_answer id='3'>Determinants</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>13</quizid>
<concept_title>Aggregate Demand</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Aggregate demand is the total demand for final goods/services at a range of price levels for final output during a state period of time.</correct_question_fb>
<incorrect_question_fb>Aggregate demand is the total demand for final goods/services at a range of price levels for final output during a state period of time.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='61'>What term describes the total demand for final goods/services at a range of price levels during a stated period of time?</question>
<answer id='1'>Aggregate supply</answer>
<answer id='2'>Total supply</answer>
<correct_answer id='3'>Aggregate demand</correct_answer>
<answer id='4'>Total demand</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The vertical axis on the aggregate demand curve is the price level</correct_question_fb>
<incorrect_question_fb>The vertical axis on the aggregate demand curve is the price level</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='62'>What does the vertical axis represent on the aggregate demand curve?</question>
<answer id='1'>Total input</answer>
<answer id='2'>Total output</answer>
<correct_answer id='3'>Price Level</correct_answer>
<answer id='4'>Investments</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The determinants of aggregate demand, or the changes in the economy that will shift the aggregate demand curve, include: change in consumer spending, change in investment spending, change in government spending, and change in net export spending.</correct_question_fb>
<incorrect_question_fb>The determinants of aggregate demand, or the changes in the economy that will shift the aggregate demand curve, include: change in consumer spending, change in investment spending, change in government spending, and change in net export spending.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='63'>Which of the following is NOT a determinate of aggregate demand?</question>
<answer id='1'>Change in consumer spending</answer>
<answer id='2'>Change in Investment spending</answer>
<answer id='3'>Change in government spending</answer>
<correct_answer id='4'>Change in political parties</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When consumer confidence is low, there is less consumer spending. This means lower aggregate demand and the curve will shift to the left.</correct_question_fb>
<incorrect_question_fb>When consumer confidence is low, there is less consumer spending. This means lower aggregate demand and the curve will shift to the left.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='64'>What will generally happen to the aggregate demand curve when consumer confidence is low?</question>
<correct_answer id='1'>Curve shifts left</correct_answer>
<answer id='2'>Curve shifts right</answer>
<answer id='3'>No effect on the curve</answer>
<answer id='4'>Curve slopes up</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Analyzing aggregate demand alongside aggregate supply provides economists with insights into inflation, recession, employment, and economic growth.</correct_question_fb>
<incorrect_question_fb>Analyzing aggregate demand alongside aggregate supply provides economists with insights into inflation, recession, employment, and economic growth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='65'>Analyzing aggregate demand and aggregate supply provides economists with insights into which of the following areas:</question>
<answer id='1'>Inflation</answer>
<answer id='2'>Recession</answer>
<answer id='3'>Employment</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>14</quizid>
<concept_title>Inflation</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Inflation is a rise in the general or average price level of all the goods and services produced in the economy.</correct_question_fb>
<incorrect_question_fb>Inflation is a rise in the general or average price level of all the goods and services produced in the economy.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='101'>A rise in the general or average price level of all the goods/services produced in the economy is called what?</question>
<answer id='1'>Deflation</answer>
<answer id='2'>Consumer Price Index</answer>
<answer id='3'>Stagflation</answer>
<correct_answer id='4'>Inflation</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The Consumer Price Index is a measure of the price of a fixed basket of goods/services bought by a typical consumer and compares the cost of this basket in one time period with its cost in some base period.</correct_question_fb>
<incorrect_question_fb>The Consumer Price Index is a measure of the price of a fixed basket of goods/services bought by a typical consumer and compares the cost of this basket in one time period with its cost in some base period.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='102'>What term describes a measure of the price of a fixed basket of goods/services bought by a typical consumer in a particular year?</question>
<answer id='1'>Deflation</answer>
<correct_answer id='2'>Consumer Price Index</correct_answer>
<answer id='3'>Stagflation</answer>
<answer id='4'>Inflation</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Changes in the CPI (Consumer Price Index) are used to measure inflation.</correct_question_fb>
<incorrect_question_fb>Changes in the CPI (Consumer Price Index) are used to measure inflation.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='103'>Changes in the CPI measure what?</question>
<correct_answer id='1'>Inflation</correct_answer>
<answer id='2'>Consumer Price Index</answer>
<answer id='3'>Stagflation</answer>
<answer id='4'>Deflation</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Borrowers are helped by inflation because they pay back money that will buy less than it did when they borrowed it.</correct_question_fb>
<incorrect_question_fb>Borrowers are helped by inflation because they pay back money that will buy less than it did when they borrowed it.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='104'>Which of the following groups are helped by inflation?</question>
<answer id='1'>People on fixed incomes</answer>
<answer id='2'>Lenders</answer>
<correct_answer id='3'>Borrowers</correct_answer>
<answer id='4'>Savers</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Prices have shown a tendency to increase over time.</correct_question_fb>
<incorrect_question_fb>Using the inflation calculator provided, $100 in 1921 would be worth $1055.31 in 2004.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='105'>Regardless of spikes and declines in inflation, prices have shown a tendency to _________ over time.</question>
<answer id='1'>decrease</answer>
<correct_answer id='2'>increase</correct_answer>
<answer id='3'>remain the same</answer>
<answer id='4'>increase, then decrease</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>15</quizid>
<concept_title>Monetary Policy and the Federal Reserve</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>The nation's money supply is controlled by the Federal Reserve system.</correct_question_fb>
<incorrect_question_fb>The nation's money supply is controlled by the Federal Reserve system.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='106'>Who controls the nation's money supply in the United States economy?</question>
<answer id='1'>Internal Revenue Service</answer>
<answer id='2'>FDIC</answer>
<answer id='3'>United States Mint</answer>
<correct_answer id='4'>Federal Reserve</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If there is too much money into the economy, the result can be inflation.</correct_question_fb>
<incorrect_question_fb>If there is too much money into the economy, the result can be inflation.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='107'>What happens when there is too much money in the economy?</question>
<answer id='1'>Deflation</answer>
<answer id='2'>Recession</answer>
<correct_answer id='3'>Inflation</correct_answer>
<answer id='4'>Recovery</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If there is too little money into the economy, the result can be recession and unemployment.</correct_question_fb>
<incorrect_question_fb>If there is too little money into the economy, the result can be recession and unemployment.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='108'>What happens when there is too little money in the economy</question>
<answer id='1'>Deflation</answer>
<correct_answer id='2'>Recession</correct_answer>
<answer id='3'>Inflation</answer>
<answer id='4'>Recovery</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The major problem with monetary policy is trying to determine how much to vary the money supply and when to do it.</correct_question_fb>
<incorrect_question_fb>The major problem with monetary policy is trying to determine how much to vary the money supply and when to do it.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='109'>What is the major problem with using monetary policy to stabilize the economy?</question>
<answer id='1'>Knowing when to use it</answer>
<answer id='2'>Knowing who to give the money to</answer>
<answer id='3'>Knowing how much to vary the supply of money</answer>
<correct_answer id='4'>Knowing how much to vary the supply of money AND when to use it</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The Federal Reserve System reduce the length and severity of economic downturns by maintaining the proper flow of money.</correct_question_fb>
<incorrect_question_fb>The Federal Reserve System reduce the length and severity of economic downturns by maintaining the proper flow of money.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='243'>How does the Federal Reserve System reduce the length and severity of economic downturns?</question>
<correct_answer id='1'>By maintaining the proper flow of money.</correct_answer>
<answer id='2'>By letting an excess amount of money flow through the economy.</answer>
<answer id='3'>By letting a very small amount of money flow through the economy.</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>18</quizid>
<concept_title>GDP</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Gross Domestic Product (GDP) is the total market value of all final goods/services produced within a country during a given period of time, usually measured over a year.</correct_question_fb>
<incorrect_question_fb>Gross Domestic Product (GDP) is the total market value of all final goods/services produced within a country during a given period of time, usually measured over a year.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='96'>What term describes the total market value of all final goods/services produced within a country during a given period of time (usually one year)?</question>
<correct_answer id='1'>Gross Domestic Product</correct_answer>
<answer id='2'>Gross National Product</answer>
<answer id='3'>Gross Real Product</answer>
<answer id='4'>Gross Nominal Product</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Real GDP takes out the effects of inflation.</correct_question_fb>
<incorrect_question_fb>Real GDP takes out the effects of inflation.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='97'>Which measurement of GDP takes out the effects of inflation and doesn't take into account the population?</question>
<answer id='1'>Nominal GDP</answer>
<answer id='2'>Real GDP per Capita</answer>
<correct_answer id='3'>Real GDP</correct_answer>
<answer id='4'>Nominal GDP per Capita</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Economists watch Real GDP growth to measure the health of the economy. A recession is defined as 6 months or more of negative Real GDP growth.</correct_question_fb>
<incorrect_question_fb>Economists watch Real GDP growth to measure the health of the economy. A recession is defined as 6 months or more of negative Real GDP growth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='98'>What term defines 6 months or more of negative Real GDP growth?</question>
<answer id='1'>Peak</answer>
<answer id='2'>Trough</answer>
<answer id='3'>Recovery</answer>
<correct_answer id='4'>Recession</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Real GDP measures the health of the economy. It does NOT measure the value of leisure, the value of goods and services produced and used in the home, or the quality of the environment.</correct_question_fb>
<incorrect_question_fb>Real GDP measures the health of the economy. It does NOT measure the value of leisure, the value of goods and services produced and used in the home, or the quality of the environment.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='99'>Which of the following options is measured by Real GDP?</question>
<answer id='1'>The value of leisure</answer>
<correct_answer id='2'>Health of the economy</correct_answer>
<answer id='3'>Value of goods/services produced and used in the home</answer>
<answer id='4'>The quality of the environment.</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The growth rates in Real GDP and Real GDP per capita tell us the most about a nation's health.</correct_question_fb>
<incorrect_question_fb>The growth rates in Real GDP and Real GDP per capita tell us the most about a nation's health.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='100'>Which of the following options tells us the most about the nation's health?</question>
<answer id='1'>Nominal GDP</answer>
<correct_answer id='2'>Real GDP per Capita</correct_answer>
<answer id='3'>Nominal GDP per Capita</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>20</quizid>
<concept_title>Budget Deficits and Public Debt</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Budget deficit is the amount a government's expenditures exceed its revenues in a particular year.</correct_question_fb>
<incorrect_question_fb>Budget deficit is the amount a government's expenditures exceed its revenues in a particular year.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='71'>What term describes the amount a government's expenditures exceed its revenues in a particular year?</question>
<answer id='1'>Public debt</answer>
<answer id='2'>National debt</answer>
<correct_answer id='3'>Budget deficit</correct_answer>
<answer id='4'>Budget surplus</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Budget surplus is the amount a government's revenues exceed its expenditures in a particular year.</correct_question_fb>
<incorrect_question_fb>Budget surplus is the amount a government's revenues exceed its expenditures in a particular year.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='72'>What term describes the amount a government's revenues exceed its expenditures in a particular year?</question>
<answer id='1'>Public debt</answer>
<answer id='2'>National debt</answer>
<answer id='3'>Budget deficit</answer>
<correct_answer id='4'>Budget surplus</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Public debt, also known as the National Debt, is the total amount of debt the government has accumulated over time.</correct_question_fb>
<incorrect_question_fb>Public debt, also known as the National Debt, is the total amount of debt the government has accumulated over time.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='73'>What term is the total amount of debt the government has accumulated over time?</question>
<answer id='1'>Public debt</answer>
<answer id='2'>National debt</answer>
<answer id='3'>Budget deficit</answer>
<correct_answer id='4'>Both public debt and national debt</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The government has the ability to issue bonds to refinance the debt and collect taxes to pay the debt.</correct_question_fb>
<incorrect_question_fb>The government has the ability to issue bonds to refinance the debt and collect taxes to pay the debt.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='74'>How is the government able to pay its debts?</question>
<answer id='1'>Issue bonds</answer>
<answer id='2'>Collect taxes</answer>
<correct_answer id='3'>Both issue bonds and collect taxes</correct_answer>
<answer id='4'>Print more money</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The disadvantages of a high national debt are that it limits government spending in other areas and it can cause interest rates to rise making it more expensive for consumers and businesses to borrow money.</correct_question_fb>
<incorrect_question_fb>The disadvantages of a high national debt are that it limits government spending in other areas and it can cause interest rates to rise making it more expensive for consumers and businesses to borrow money.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='75'>What is one disadvantage of a high national debt?</question>
<correct_answer id='1'>Can discourage consumer and business borrowing</correct_answer>
<answer id='2'>Can encourage unethical behavior</answer>
<answer id='3'>Can cause a change in political parties</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>22</quizid>
<concept_title>Supply</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Supply is defined as the quantity producers are WILLING and ABLE to make available at each possible price.</correct_question_fb>
<incorrect_question_fb>Supply is defined as the quantity producers are WILLING and ABLE to make available at each possible price.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='172'>Supply is the quantity producers are _______ and _______ to make available at each possible price.</question>
<answer id='1'>hoping and planning</answer>
<answer id='2'>considering and deciding</answer>
<correct_answer id='3'>willing and able</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The supply curve is an upward sloping line and shows quantity on the horizontal axis and price on the vertical axis.</correct_question_fb>
<incorrect_question_fb>The supply curve is an upward sloping line and shows quantity on the horizontal axis and price on the vertical axis.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='173'>The supply curve is a(n) _________ sloping line and shows quantity on the _______ axis and price on the ___________ axis.</question>
<correct_answer id='1'>Upward, horizontal, vertical</correct_answer>
<answer id='2'>Horizontal, horizontal, vertical</answer>
<answer id='3'>Vertical, horizontal, vertical</answer>
<answer id='4'>Downward, horizontal, vertical</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If supply goes down, the supply curve will shift to the left.</correct_question_fb>
<incorrect_question_fb>If supply goes down, the supply curve will shift to the left.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='174'>If supply goes down, what will happen on the supply curve?</question>
<correct_answer id='1'>Shift left</correct_answer>
<answer id='2'>Shift right</answer>
<answer id='3'>Shift vertically</answer>
<answer id='4'>Shift horizontally</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Equilibrium price and market clearing price are the point where the supply and demand curves cross. There is no shortage or surplus.</correct_question_fb>
<incorrect_question_fb>Equilibrium price and market clearing price are the point where the supply and demand curves cross. There is no shortage or surplus.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='175'>What is another word for market clearing price where quantity supplied and quantity demanded are the same?</question>
<answer id='1'>Base price</answer>
<correct_answer id='2'>Equilibrium price</correct_answer>
<answer id='3'>Profit</answer>
<answer id='4'>Sales</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If quantity supplied is less than quantity demanded, there is a shortage and prices will go up.</correct_question_fb>
<incorrect_question_fb>If quantity supplied is less than quantity demanded, there is a shortage and prices will go up.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='176'>If the quantity supplied is less than the quantity demanded, what will happen to price?</question>
<correct_answer id='1'>Go up</correct_answer>
<answer id='2'>Go down</answer>
<answer id='3'>Remain the same</answer>
<answer id='4'>Go up and then down</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>23</quizid>
<concept_title>Demand</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Demand is defined as the quantity buyers are WILLING and ABLE to purchase at each possible price.</correct_question_fb>
<incorrect_question_fb>Demand is defined as the quantity buyers are WILLING and ABLE to purchase at each possible price.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='122'>Demand is the quantity buyers are _______ and _______ to buy at each possible price.</question>
<answer id='1'>hoping and planning</answer>
<answer id='2'>considering and deciding</answer>
<correct_answer id='3'>willing and able</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The demand curve is a downward sloping line and shows quantity on the horizontal axis and price on the vertical axis.</correct_question_fb>
<incorrect_question_fb>The demand curve is a downward sloping line and shows quantity on the horizontal axis and price on the vertical axis.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='123'>The demand curve is a(n) _________ sloping line and shows quantity on the _______ axis and price on the ___________ axis.</question>
<answer id='1'>Upward, vertical, horizontal</answer>
<answer id='2'>Horizontal, horizontal, vertical</answer>
<answer id='3'>Vertical, horizontal, vertical</answer>
<correct_answer id='4'>Downward, horizontal, vertical</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If demand goes down, the demand curve will shift to the left.</correct_question_fb>
<incorrect_question_fb>If demand goes down, the demand curve will shift to the left.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='124'>If demand goes down, what will happen on the demand curve?</question>
<correct_answer id='1'>Shift left</correct_answer>
<answer id='2'>Shift right</answer>
<answer id='3'>Shift vertically</answer>
<answer id='4'>Shift horizontally</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Equilibrium price and market clearing price are the point where the supply and demand curves cross. There is no shortage or surplus.</correct_question_fb>
<incorrect_question_fb>Equilibrium price and market clearing price are the point where the supply and demand curves cross. There is no shortage or surplus.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='125'>What is another word for market clearing price where quantity supplied and quantity demanded are the same?</question>
<answer id='1'>Base price</answer>
<correct_answer id='2'>Equilibrium price</correct_answer>
<answer id='3'>Profit</answer>
<answer id='4'>Sales</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If quantity supplied is greater than quantity demanded, there is a surplus and prices will go down.</correct_question_fb>
<incorrect_question_fb>If quantity supplied is greater than quantity demanded, there is a surplus and prices will go down.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='126'>If the quantity supplied is greater than the quantity demanded, what will happen to price?</question>
<answer id='1'>Go up</answer>
<correct_answer id='2'>Go down</correct_answer>
<answer id='3'>Remain the same</answer>
<answer id='4'>Go up and then down</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>24</quizid>
<concept_title>Roles of Government</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Government's role is to make the economy function efficiently and equitably to include protecting ownership rights, enforce contracts, protecting fair competition, and define legal statuses.</correct_question_fb>
<incorrect_question_fb>Government's role is to make the economy function efficiently and equitably to include protecting ownership rights, enforce contracts, protecting fair competition, and define legal statuses.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='167'>Which of the following is NOT a government role in the economy?</question>
<answer id='1'>Protect ownership rights</answer>
<correct_answer id='2'>Set prices</correct_answer>
<answer id='3'>Enforce contracts</answer>
<answer id='4'>Protect fair competition</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When a market distributes income and wealth less equitably than society may desire, the government may take actions to redistribute part of total income through a variety of programs and policies to include transfer payments, market intervention, and progressive taxation.</correct_question_fb>
<incorrect_question_fb>When a market distributes income and wealth less equitably than society may desire, the government may take actions to redistribute part of total income through a variety of programs and policies to include transfer payments, market intervention, and progressive taxation.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='168'>Which of the following is NOT redistribution of income?</question>
<answer id='1'>Progressive taxation</answer>
<answer id='2'>Transfer payments</answer>
<answer id='3'>Market intervention</answer>
<correct_answer id='4'>Market pricing</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Minimum wage is when the government sets a wage above the market price. It is a form of market intervention.</correct_question_fb>
<incorrect_question_fb>Minimum wage is when the government sets a wage above the market price. It is a form of market intervention.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='169'>Minimum wage is what form of redistribution of income?</question>
<answer id='1'>Progressive taxation</answer>
<answer id='2'>Transfer payments</answer>
<correct_answer id='3'>Market intervention</correct_answer>
<answer id='4'>Market pricing</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Public goods are provided by the government and must be non-exclusive (once provided by anyone they can be obtained without payment by others) and shared consumption (one person's use or consumption of a good does not reduce its availability to others)</correct_question_fb>
<incorrect_question_fb>Public goods are provided by the government and must be non-exclusive (once provided by anyone they can be obtained without payment by others) and shared consumption (one person's use or consumption of a good does not reduce its availability to others)</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='170'>Public goods must meet two requirements. What are they?</question>
<answer id='1'>Shared consumption and exclusion</answer>
<correct_answer id='2'>Shared consumption and non-exclusion</correct_answer>
<answer id='3'>Limited consumption and non-exclusion</answer>
<answer id='4'>Exclusive consumption and exclusion</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>To correct for market failures, governments can pass laws to inform consumers (nutrition labels), prevent or control monopolies (anti-trust laws), and provide public goods (national defense).</correct_question_fb>
<incorrect_question_fb>To correct for market failures, governments can pass laws to inform consumers (nutrition labels), prevent or control monopolies (anti-trust laws), and provide public goods (national defense).</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='171'>What is one method governments can use to correct for market failures?</question>
<correct_answer id='1'>Pass laws to inform consumers</correct_answer>
<answer id='2'>Allow monopolies</answer>
<answer id='3'>Take over corrupt companies</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>25</quizid>
<concept_title>Competition and Market Structures</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>In perfect competition there are many buyers and sellers with virtually the same product. They are price-takers - they take whatever price the market determines.</correct_question_fb>
<incorrect_question_fb>In perfect competition there are many buyers and sellers with virtually the same product. They are price-takers - they take whatever price the market determines.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='113'>In which market structure must sellers take whatever price the market determines?</question>
<correct_answer id='1'>Perfect Competition</correct_answer>
<answer id='2'>Monopolistic Competition</answer>
<answer id='3'>Oligopoly</answer>
<answer id='4'>Monopoly</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The public power company is an example of a monopoly. There is total domination of the market by a single seller and the produce is unique.</correct_question_fb>
<incorrect_question_fb>The public power company is an example of a monopoly. There is total domination of the market by a single seller and the produce is unique.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='114'>The public power company is an example of which market structure?</question>
<answer id='1'>Perfect Competition</answer>
<answer id='2'>Monopolistic Competition</answer>
<answer id='3'>Oligopoly</answer>
<correct_answer id='4'>Monopoly</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In monopolistic competition there are many sellers with differentiated products (gas stations and plumbers). There is considerable non-price competition such as advertising, prizes, and giveaways.</correct_question_fb>
<incorrect_question_fb>In monopolistic competition there are many sellers with differentiated products (gas stations and plumbers). There is considerable non-price competition such as advertising, prizes, and giveaways.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='115'>In which market structure would you find a great deal of advertising?</question>
<answer id='1'>Perfect Competition</answer>
<correct_answer id='2'>Monopolistic Competition</correct_answer>
<answer id='3'>Oligopoly</answer>
<answer id='4'>Monopoly</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If not regulated by the government, monopolies can maximize profits by restricting the sale of their products and thus set their own prices.</correct_question_fb>
<incorrect_question_fb>If not regulated by the government, monopolies can maximize profits by restricting the sale of their products and thus set their own prices.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='116'>If not regulated by the government, which market structure has total price-setting power?</question>
<answer id='1'>Perfect Competition</answer>
<answer id='2'>Monopolistic Competition</answer>
<answer id='3'>Oligopoly</answer>
<correct_answer id='4'>Monopoly</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In oligopoly there are few sellers with differentiated products. Sellers must take into account the reactions of their competitors as their actions will influence their competitors (i.e. car manufacturers).</correct_question_fb>
<incorrect_question_fb>In oligopoly there are few sellers with differentiated products. Sellers must take into account the reactions of their competitors as their actions will influence their competitors (i.e. car manufacturers).</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='117'>In which market structure are sellers mutually interdependent?</question>
<answer id='1'>Perfect Competition</answer>
<answer id='2'>Monopolistic Competition</answer>
<correct_answer id='3'>Oligopoly</correct_answer>
<answer id='4'>Monopoly</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>26</quizid>
<concept_title>Markets and Prices</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Prices tell buyers when to buy and sellers how to allocate resources in production and how to ration goods/services. They basically tell us when to stop, slow down, or go.</correct_question_fb>
<incorrect_question_fb>Prices tell buyers when to buy and sellers how to allocate resources in production and how to ration goods/services. They basically tell us when to stop, slow down, or go.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='148'>What is the "traffic light"" of the market economy?"</question>
<answer id='1'>Costs</answer>
<answer id='2'>Products</answer>
<answer id='3'>Profits</answer>
<correct_answer id='4'>Prices</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Prices provide buyers with information to make decisions. Prices provide suppliers with incentives to use their resources in the most efficient way. Prices ration limited resources to those most willing and able to pay goods/services.</correct_question_fb>
<incorrect_question_fb>Prices provide buyers with information to make decisions. Prices provide suppliers with incentives to use their resources in the most efficient way. Prices ration limited resources to those most willing and able to pay goods/services.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='149'>Prices have three functions. Which of the following is NOT one of these functions?</question>
<correct_answer id='1'>Provide government intervention</correct_answer>
<answer id='2'>Provide sellers with incentives</answer>
<answer id='3'>Provide buyers with information</answer>
<answer id='4'>Ration limited resources</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The primary goal of a businessperson is to maximize profit. They can do this through price.</correct_question_fb>
<incorrect_question_fb>The primary goal of a businessperson is to maximize profit. They can do this through price.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='150'>What is the primary goal of most businesses?</question>
<answer id='1'>Satisfy customers</answer>
<answer id='2'>Sell quality goods and services</answer>
<correct_answer id='3'>Maximize profit</correct_answer>
<answer id='4'>Have satisfied employees</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The Circular Flow Diagram shows how prices and markets work together and the interdependence of households, the resource market, firms, and the product market in the economy.</correct_question_fb>
<incorrect_question_fb>The Circular Flow Diagram shows how prices and markets work together and the interdependence of households, the resource market, firms, and the product market in the economy.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='151'>What is the primary purpose of the Circular Flow Diagram?</question>
<answer id='1'>Show how prices work</answer>
<correct_answer id='2'>Show the interdependence of the economy</correct_answer>
<answer id='3'>Show how businesses set wages</answer>
<answer id='4'>Show how goods and services flow</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Economies use prices to allocate resources, which provide buyers with information, provide suppliers with incentives, and ration limited resources.</correct_question_fb>
<incorrect_question_fb>Economies use prices to allocate resources, which provide buyers with information, provide suppliers with incentives, and ration limited resources.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='251'>How does an economy decide which resources to allocate to which products?</question>
<answer id='1'>Prices provide buyers with information.</answer>
<answer id='2'>Prices provide suppliers with incentives.</answer>
<answer id='3'>Prices ration limited resources.</answer>
<correct_answer id='4'>All of these options.</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>27</quizid>
<concept_title>Income Distribution</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>In a market economy, an individual's income depends on the value of the goods/services, including labor (skills/abilities), they are able to sell in the marketplace.</correct_question_fb>
<incorrect_question_fb>In a market economy, an individual's income depends on the value of the goods/services, including labor (skills/abilities), they are able to sell in the marketplace.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='138'>An individual's income depends largely upon what?</question>
<answer id='1'>Luck</answer>
<answer id='2'>Who they know</answer>
<correct_answer id='3'>Skills and abilities</correct_answer>
<answer id='4'>Their family background</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Wages and salaries is the largest source of income to individuals in the United States. It accounts for 71% of the nation's income.</correct_question_fb>
<incorrect_question_fb>Wages and salaries is the largest source of income to individuals in the United States. It accounts for 71% of the nation's income.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='139'>There are 4 categories in the Functional Distribution of Income. Which category is the largest source of income to individuals in the United States?</question>
<answer id='1'>Profit</answer>
<correct_answer id='2'>Wages and salaries</correct_answer>
<answer id='3'>Interest</answer>
<answer id='4'>Rent</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Rent - the payments for the use of someone else's land or property is the smallest source of income. It accounts for only 2% of the nation's income.</correct_question_fb>
<incorrect_question_fb>Rent - the payments for the use of someone else's land or property is the smallest source of income. It accounts for only 2% of the nation's income.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='140'>Which category in the Functional Distribution of Income is the smallest source of income to individuals in the United States?</question>
<answer id='1'>Profit</answer>
<answer id='2'>Wages and salaries</answer>
<answer id='3'>Interest</answer>
<correct_answer id='4'>Rent</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Education plays a major role in an individual's earning potential. Generally, the more education you have, the greater your earning potential and the more rapidly your income will increase.</correct_question_fb>
<incorrect_question_fb>Education plays a major role in an individual's earning potential. Generally, the more education you have, the greater your earning potential and the more rapidly your income will increase.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='141'>What is your most valuable personal resource for your lifetime earning potential?</question>
<answer id='1'>Your ability to work hard</answer>
<answer id='2'>Your ability to speak well</answer>
<correct_answer id='3'>Your education</correct_answer>
<answer id='4'>Your common sense</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Someone with an advanced degree will earn the highest wages represented on the chart.</correct_question_fb>
<incorrect_question_fb>Someone with an advanced degree will earn the highest wages represented on the chart.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='142'>According to the chart in the video, what does one need to earn the highest income?</question>
<correct_answer id='1'>Advanced degree</correct_answer>
<answer id='2'>Bachelor's degree</answer>
<answer id='3'>Some college</answer>
<answer id='4'>High school diploma</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>28</quizid>
<concept_title>Market Failures</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Market failures are the systematic overproduction or underproduction of some goods and services that occurs when producers or consumers do not have to bear the full costs of transactions they take.</correct_question_fb>
<incorrect_question_fb>Market failures are the systematic overproduction or underproduction of some goods and services that occurs when producers or consumers do not have to bear the full costs of transactions they take.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='143'>Systematic overproduction or underproduction where producers and consumers do not have to bear the full costs of the transactions is called what?</question>
<answer id='1'>Supply</answer>
<answer id='2'>Demand</answer>
<answer id='3'>Market practices</answer>
<correct_answer id='4'>Market failures</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The causes of market failures include inadequate competition, imperfect information, and failure to provide public goods.</correct_question_fb>
<incorrect_question_fb>The causes of market failures include inadequate competition, imperfect information, and failure to provide public goods.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='144'>There are at least 3 causes of market failures. Which of the following options is NOT a cause of market failure?</question>
<answer id='1'>Inadequate competition</answer>
<correct_answer id='2'>Large corporations</correct_answer>
<answer id='3'>Imperfect information</answer>
<answer id='4'>Failure to provide goods</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Consumers are best served when there are many competing sellers. A monopoly can control production and raise prices and consumers usually pay the price.</correct_question_fb>
<incorrect_question_fb>Consumers are best served when there are many competing sellers. A monopoly can control production and raise prices and consumers usually pay the price.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='145'>Which market failure is caused when a monopoly exists?</question>
<correct_answer id='1'>Inadequate competition</correct_answer>
<answer id='2'>Large corporations</answer>
<answer id='3'>Imperfect information</answer>
<answer id='4'>Failure to provide goods</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The government can prevent or regulate monopolies when they are exploiting consumers. Anti-trust laws were instituted to control monopolies.</correct_question_fb>
<incorrect_question_fb>The government can prevent or regulate monopolies when they are exploiting consumers. Anti-trust laws were instituted to control monopolies.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='146'>Governments can intervene in the market for the good of the public. Which of the following is a positive example of government intervention?</question>
<answer id='1'>Taxes</answer>
<answer id='2'>Government-run industries</answer>
<correct_answer id='3'>Anti-trust laws</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Externalities are costs or benefits that are not included in the market price of a good or service. Education is a positive externality because members of society other than students benefit from a more educated population.</correct_question_fb>
<incorrect_question_fb>Externalities are costs or benefits that are not included in the market price of a good or service. Education is a positive externality because members of society other than students benefit from a more educated population.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='147'>Which of the following is a positive externality?</question>
<answer id='1'>Pollution</answer>
<answer id='2'>Oil Spill</answer>
<correct_answer id='3'>Education</correct_answer>
<answer id='4'>Contamination of rivers</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>30</quizid>
<concept_title>Government Failures/Public-Choice Analysis</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Governments provide public goods such as roads and sidewalks because the market would not provide the goods on its own. Public goods are available to all and it would not be easy to charge for their usage.</correct_question_fb>
<incorrect_question_fb>Governments provide public goods such as roads and sidewalks because the market would not provide the goods on its own. Public goods are available to all and it would not be easy to charge for their usage.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='135'>Governments provide goods/services that the market would not provide on its own such as roads and sidewalks. What are these goods/services called?</question>
<answer id='1'>Public commodities</answer>
<answer id='2'>Government goods</answer>
<correct_answer id='3'>Public goods</correct_answer>
<answer id='4'>Normal goods</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A special interest group is an organization of people with a particular legislative concern. They work together to gather information, lobby politicians, and publicize their concern.</correct_question_fb>
<incorrect_question_fb>A special interest group is an organization of people with a particular legislative concern. They work together to gather information, lobby politicians, and publicize their concern.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='136'>What term describes an organization with a particular legislative concern who work together to lobby politicians?</question>
<answer id='1'>Political parties</answer>
<answer id='2'>Community organizations</answer>
<answer id='3'>Information groups</answer>
<correct_answer id='4'>Special interest groups</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Government failures can occur when a small group stands to gain a lot and spends a lot of money to be heard, the majority stands to lose very little individually so they are not inclined to voice their viewpoint, and when society loses more than the special interest group gains.</correct_question_fb>
<incorrect_question_fb>Government failures can occur when a small group stands to gain a lot and spends a lot of money to be heard, the majority stands to lose very little individually so they are not inclined to voice their viewpoint, and when society loses more than the special interest group gains.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='137'>Which of the following options would NOT contribute to government failure?</question>
<answer id='1'>A small group stands to gain a lot</answer>
<correct_answer id='2'>A group becomes the voice for the majority of the citizens</correct_answer>
<answer id='3'>The majority is indifferent to outcomes</answer>
<answer id='4'>Society loses more than the special interest group gains</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Since community members in Florida would rarely visit Boston, if ever, they would not benefit from the Boston construction project.</correct_question_fb>
<incorrect_question_fb>Since community members in Florida would rarely visit Boston, if ever, they would not benefit from the Boston construction project.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='249'>Which of the following groups would not benefit from the Boston construction project?</question>
<correct_answer id='1'>Community members living in Florida</correct_answer>
<answer id='2'>Boston construction workers</answer>
<answer id='3'>Local and state businesses</answer>
<answer id='4'>Local and state politicians</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The projected budget for Boston's "Big Dig" jumped from $2.6 billion to $14.6 billion, and was completed five years late.</correct_question_fb>
<incorrect_question_fb>Since community members in Florida would rarely visit Boston, if ever, they would not benefit from the Boston construction project.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='250'>How far did the projected budget jump for Boston's "Big Dig"?</question>
<correct_answer id='1'>From $2.6 billion to $14.6 billion</correct_answer>
<answer id='2'>From $2.6 million to $14.6 million</answer>
<answer id='3'>From $6.6 billion to $12.6 billion</answer>
<answer id='4'>From $6.6 million to $12.6 million</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>34</quizid>
<concept_title>Price Ceilings and Floors</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Governments impose price ceilings to enable consumers to purchase goods/services deemed essential, goods they could not afford at free market prices.</correct_question_fb>
<incorrect_question_fb>Governments impose price ceilings to enable consumers to purchase goods/services deemed essential, goods they could not afford at free market prices.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='152'>When governments set a maximum price that can be charged for a good/service, it is called a ___________.</question>
<answer id='1'>Price floor</answer>
<correct_answer id='2'>Price ceiling</correct_answer>
<answer id='3'>Price window</answer>
<answer id='4'>Price inhibitor</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Minimum wage is an example of a price floor. The price is set above the free market price when the government feels the market does not adequately reward the supplier of the good/service.</correct_question_fb>
<incorrect_question_fb>Minimum wage is an example of a price floor. The price is set above the free market price when the government feels the market does not adequately reward the supplier of the good/service.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='153'>Minimum wage is an example of a __________________.</question>
<correct_answer id='1'>Price floor</correct_answer>
<answer id='2'>Price ceiling</answer>
<answer id='3'>Price window</answer>
<answer id='4'>Price inhibitor</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When the government sets a price ceiling, generally supply goes down and demand goes up, creating a shortage.</correct_question_fb>
<incorrect_question_fb>When the government sets a price ceiling, generally supply goes down and demand goes up, creating a shortage.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='154'>What generally happens when the government sets a price ceiling?</question>
<correct_answer id='1'>There is a shortage</correct_answer>
<answer id='2'>There is a surplus</answer>
<answer id='3'>No change in supply or demand</answer>
<answer id='4'>There is a shortage and then a surplus</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When the government sets a price floor, generally supply goes up and demand goes down, creating a surplus.</correct_question_fb>
<incorrect_question_fb>When the government sets a price floor, generally supply goes up and demand goes down, creating a surplus.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='155'>What generally happens when the government sets a price floor?</question>
<answer id='1'>There is a shortage</answer>
<correct_answer id='2'>There is a surplus</correct_answer>
<answer id='3'>No change in supply or demand</answer>
<answer id='4'>There is a shortage and then a surplus</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Shortages sometimes result in the creation of illegal markets to ration scare goods/services.</correct_question_fb>
<incorrect_question_fb>Shortages sometimes result in the creation of illegal markets to ration scare goods/services.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='156'>Which government action can result in the creation of illegal markets?</question>
<answer id='1'>Price floor</answer>
<correct_answer id='2'>Price ceiling</correct_answer>
<answer id='3'>Price window</answer>
<answer id='4'>Price inhibitor</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>35</quizid>
<concept_title>Elasticity of Demand</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Elasticity of demand is the way of measuring how much quantity demanded will change in response to a change in price.</correct_question_fb>
<incorrect_question_fb>Elasticity of demand is the way of measuring how much quantity demanded will change in response to a change in price.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='127'>Elasticity of demand is a way of measuring how much quantity demanded will change in response to __________.</question>
<answer id='1'>Wants</answer>
<answer id='2'>Needs</answer>
<correct_answer id='3'>Price</correct_answer>
<answer id='4'>Supply</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The simple formula to calculate elasticity of demand is: % change in QD / % change in price.</correct_question_fb>
<incorrect_question_fb>The simple formula to calculate elasticity of demand is: % change in QD / % change in price.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='128'>What is the simple formula to calculate elasticity of demand? (QD = quantity demanded)</question>
<answer id='1'>QD / price</answer>
<correct_answer id='2'>% change in QD / % change in price</correct_answer>
<answer id='3'>QD - price / % change in price</answer>
<answer id='4'>Price - QD</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The formula is: Change in Q / (Q + Q1) / 2 divided by Change in P / (P + P1) / 2
[2000 / (10,000 + 8,000) / 2] divided by [0.50 / (1.50 + 2.00) / 2] = 0.222 / 0.2857 = 0.7777. This number is less than "1"" so gas in this problem would be inelastic."</correct_question_fb>
<incorrect_question_fb>The formula is: Change in Q / (Q + Q1) / 2 divided by Change in P / (P + P1) / 2
[2000 / (10,000 + 8,000) / 2] divided by [0.50 / (1.50 + 2.00) / 2] = 0.222 / 0.2857 = 0.7777. This number is less than "1"" so gas in this problem would be inelastic."</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='129'>Solve the following problem using the Arc Elasticity of Demand formula in the video: A gas station sold 10,000 gallons of gas at $1.50 gallon. They sold 8,000 gallons of gas at $2.00 gallon. What is the elasticity of gas in this problem?</question>
<answer id='1'>Elastic</answer>
<correct_answer id='2'>Inelastic</correct_answer>
<answer id='3'>Unit Elastic</answer>
<answer id='4'>Variable Elastic</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The determinants of elasticity include the availability of substitutes, necessity versus luxury, price as a percentage of income, and time.</correct_question_fb>
<incorrect_question_fb>The determinants of elasticity include the availability of substitutes, necessity versus luxury, price as a percentage of income, and time.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='130'>Which of the following are determinants of elasticity?</question>
<answer id='1'>Availability of substitutes</answer>
<answer id='2'>Necessity versus luxury</answer>
<answer id='3'>Price as percentage of income</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If the percentage change in quantity demanded is equal to the percentage change in price, the item is unit elastic. A 5% increase in price will decrease quantity demanded by 5% and total revenue will not change.</correct_question_fb>
<incorrect_question_fb>If the percentage change in quantity demanded is equal to the percentage change in price, the item is unit elastic. A 5% increase in price will decrease quantity demanded by 5% and total revenue will not change.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='131'>If the percentage change in quantity demanded is equal to the percentage change in price, the item is said to be what?</question>
<answer id='1'>Elastic</answer>
<answer id='2'>Inelastic</answer>
<correct_answer id='3'>Unit Elastic</correct_answer>
<answer id='4'>Variable Elastic</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>36</quizid>
<concept_title>Foreign Currency Markets/Exchange Rates</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>An exchange rate is the price of one's nations currency in terms of another nation's currency.</correct_question_fb>
<incorrect_question_fb>An exchange rate is the price of one's nations currency in terms of another nation's currency.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='197'>What is the term used to describe the price of one nation's currency in terms of another nation's currency?</question>
<answer id='1'>Trade rate</answer>
<correct_answer id='2'>Exchange rate</correct_answer>
<answer id='3'>Money rate</answer>
<answer id='4'>Banking rate</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When the value of one nation's currency changes and can purchase more of the other nation's currency, the first nation's currency is said to strengthen or appreciate.</correct_question_fb>
<incorrect_question_fb>When the value of one nation's currency changes and can purchase more of the other nation's currency, the first nation's currency is said to strengthen or appreciate.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='198'>What happens when the value of the currency changes and you can purchase more of the other currency?</question>
<answer id='1'>Currency depreciates</answer>
<correct_answer id='2'>Currency appreciates</correct_answer>
<answer id='3'>Currency weakens</answer>
<answer id='4'>No change</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>As with all products/services, the exchange rate is determine by the supply and demand for different currencies.</correct_question_fb>
<incorrect_question_fb>As with all products/services, the exchange rate is determine by the supply and demand for different currencies.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='199'>The exchange rate is determined by what?</question>
<answer id='1'>Supply</answer>
<answer id='2'>Demand</answer>
<correct_answer id='3'>Supply and Demand</correct_answer>
<answer id='4'>Economic growth</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If the Euro appreciates, Europe will have more buying power in the United States and will purchase more U.S. products. However, the United States will have less buying power in Europe and will purchase fewer European products.</correct_question_fb>
<incorrect_question_fb>If the Euro appreciates, Europe will have more buying power in the United States and will purchase more U.S. products. However, the United States will have less buying power in Europe and will purchase fewer European products.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='200'>If the Euro appreciates, how will it impact U.S. purchases in Europe and European purchases in the U.S.?</question>
<correct_answer id='1'>Increase purchases in U.S. by Europe and decrease purchases in Europe by U.S.</correct_answer>
<answer id='2'>Decrease purchases in both countries</answer>
<answer id='3'>Decrease purchases in U.S. by Europe and decrease purchases in Europe by U.S.</answer>
<answer id='4'>It will not have an impact in either country.</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The Euro is a common currency used by many nations in the European Union.</correct_question_fb>
<incorrect_question_fb>The Euro is a common currency used by many nations in the European Union.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='252'>Several nations might agree to jointly issue and use a single currency. Which of these is an example of a common currency?</question>
<correct_answer id='1'>Euro</correct_answer>
<answer id='2'>Yen</answer>
<answer id='3'>Peso</answer>
<answer id='4'>Pound</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>37</quizid>
<concept_title>Barriers to Trade</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>The U.S. trades with other countries who have a comparative advantage in producing a certain product. It might be they have more of the necessary resources or specialize in the production of the product and are therefore more efficient in it's production. Trade generally makes both counties better off.</correct_question_fb>
<incorrect_question_fb>The U.S. trades with other countries who have a comparative advantage in producing a certain product. It might be they have more of the necessary resources or specialize in the production of the product and are therefore more efficient in it's production. Trade generally makes both counties better off.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='182'>Since the U.S. has so many resources why do we trade with other countries?</question>
<correct_answer id='1'>Comparative advantage</correct_answer>
<answer id='2'>Create goodwill</answer>
<answer id='3'>Lack of workers</answer>
<answer id='4'>Too many products</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>To protect and assist domestic businesses and protect domestic jobs.</correct_question_fb>
<incorrect_question_fb>To protect and assist domestic businesses and protect domestic jobs.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='183'>Why do governments impose trade barriers?</question>
<answer id='1'>To protect domestic industries</answer>
<answer id='2'>To combat job losses</answer>
<correct_answer id='3'>Both to protect domestic industries and to combat job losses</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A tariff is a special tax imposed on imported foreign goods/services.</correct_question_fb>
<incorrect_question_fb>A tariff is a special tax imposed on imported foreign goods/services.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='184'>Which of the following trade barriers is a special tax on imports?</question>
<answer id='1'>Quotas</answer>
<answer id='2'>Import licenses</answer>
<correct_answer id='3'>Tariff</correct_answer>
<answer id='4'>Export subsidies</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When tariffs are imposed on foreign goods/services, the domestic company can raise the price of their product/service, thereby decreasing the wealth of the economy as a whole.</correct_question_fb>
<incorrect_question_fb>When tariffs are imposed on foreign goods/services, the domestic company can raise the price of their product/service, thereby decreasing the wealth of the economy as a whole.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='185'>Which of the following is NOT a consequence of tariffs?</question>
<correct_answer id='1'>Domestic products are less expensive</correct_answer>
<answer id='2'>Consumers have less money to spend on other goods</answer>
<answer id='3'>Decrease in real income</answer>
<answer id='4'>Transfer of income from consumers to government and domestic companies</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Trade barriers create inefficiencies in the economy by promoting inefficient industries that do not have a comparative advantage and they hurt efficient and competitive industries.</correct_question_fb>
<incorrect_question_fb>Trade barriers create inefficiencies in the economy by promoting inefficient industries that do not have a comparative advantage and they hurt efficient and competitive industries.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='186'>How do trade barriers negatively impact an economy?</question>
<answer id='1'>Promote efficient domestic industries</answer>
<correct_answer id='2'>Hurt efficient and competitive industries</correct_answer>
<answer id='3'>They do not impact the economy negatively.</answer>
<answer id='4'>Encourage consumers to buy American-made goods.</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>38</quizid>
<concept_title>Economic Development</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>A nation's wealth affects the standard of living of its citizens. The key to economic prosperity is long-term economic growth.</correct_question_fb>
<incorrect_question_fb>A nation's wealth affects the standard of living of its citizens. The key to economic prosperity is long-term economic growth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='192'>How does a nation's wealth affect its citizens?</question>
<correct_answer id='1'>Impacts their standard of living</correct_answer>
<answer id='2'>Impacts their choices</answer>
<answer id='3'>Impacts their opportunity costs</answer>
<answer id='4'>Impacts their freedoms</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Factors that promote long-term economic growth include low inflation, political stability, economic freedom, and free trade. Restricted trade would impact long-term economic growth.</correct_question_fb>
<incorrect_question_fb>Factors that promote long-term economic growth include low inflation, political stability, economic freedom, and free trade. Restricted trade would impact long-term economic growth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='193'>Which of the following ideas does NOT promote long-term economic growth?</question>
<answer id='1'>Low inflation</answer>
<answer id='2'>Political stability</answer>
<answer id='3'>Economic freedom</answer>
<correct_answer id='4'>Restricted trade</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Economists use a Production Possibility Curve to illustrate the trade-off and effect of sacrificing consumer goods for investment goods. It shows how you must make choices between producing one good or another given the resources available.</correct_question_fb>
<incorrect_question_fb>Economists use a Production Possibility Curve to illustrate the trade-off and effect of sacrificing consumer goods for investment goods. It shows how you must make choices between producing one good or another given the resources available.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='194'>What do economists use to illustrate the trade-off and effect of sacrificing consumer goods for investment goods?</question>
<answer id='1'>Circular Flow Diagram</answer>
<answer id='2'>Supply Curve</answer>
<correct_answer id='3'>Production Possibility Curve</correct_answer>
<answer id='4'>Demand Curve</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The more economic freedom a country has, the more the economy will grow.</correct_question_fb>
<incorrect_question_fb>The more economic freedom a country has, the more the economy will grow.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='195'>What would be the impact on economic growth if a country increases economic freedom?</question>
<answer id='1'>Decrease growth</answer>
<correct_answer id='2'>Increase growth</correct_answer>
<answer id='3'>No change in growth</answer>
<answer id='4'>Decrease and then increase</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Free trade is important to economic growth. Increasing barriers to trade would impact economic growth negatively.</correct_question_fb>
<incorrect_question_fb>Free trade is important to economic growth. Increasing barriers to trade would impact economic growth negatively.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='196'>What would be the impact on economic growth if a country increases the barriers to trade?</question>
<correct_answer id='1'>Decrease growth</correct_answer>
<answer id='2'>Increase growth</answer>
<answer id='3'>No change in growth</answer>
<answer id='4'>Decrease and then increase</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>39</quizid>
<concept_title>Benefits of Trade/Comparative Advantage</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Opportunity cost is the next best alternative or choice given up to get something you want. It is NOT all of the items you gave up.</correct_question_fb>
<incorrect_question_fb>Opportunity cost is the next best alternative or choice given up to get something you want. It is NOT all of the items you gave up.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='187'>What is the definition of opportunity cost?</question>
<answer id='1'>The money you spend to buy something.</answer>
<answer id='2'>The chance that you will lose your money.</answer>
<correct_answer id='3'>The next best alternative that you give up.</correct_answer>
<answer id='4'>All of the choices you could have made but didn't.</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If a nation or individual can produce a good or service at a lower opportunity cost than another nation or individual they are said to have a comparative advantage.</correct_question_fb>
<incorrect_question_fb>If a nation or individual can produce a good or service at a lower opportunity cost than another nation or individual they are said to have a comparative advantage.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='188'>What is the term to describe when a nation or individual can produce a good or service at a lower opportunity cost than another nation or individual?</question>
<answer id='1'>Specialization</answer>
<answer id='2'>Trade</answer>
<correct_answer id='3'>Comparative Advantage</correct_answer>
<answer id='4'>Opportunity</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>They have a comparative advantage in labor because of the huge population. Hand-woven place mats are a labor-intensive good and they would have the labor force to produce them. They can trade for the other products.</correct_question_fb>
<incorrect_question_fb>They have a comparative advantage in labor because of the huge population. Hand-woven place mats are a labor-intensive good and they would have the labor force to produce them. They can trade for the other products.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='189'>Which product should Nation XYZ produce given the following information? They have traditionally been an agricultural nation and have a huge population. The government wants to diversify the economy with a new industry.</question>
<answer id='1'>Orbiting weather satellites</answer>
<answer id='2'>Experimental cancer drug</answer>
<correct_answer id='3'>Hand-woven place mats</correct_answer>
<answer id='4'>Log cabin kits</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Gary has the comparative advantage in painting. He can paint more houses in an hour than he can build.
Jenny 2 / 1 = 2
Gary 3 / 2 = 1.5 - the lowest opportunity cost</correct_question_fb>
<incorrect_question_fb>Gary has the comparative advantage in painting. He can paint more houses in an hour than he can build.
Jenny 2 / 1 = 2
Gary 3 / 2 = 1.5 - the lowest opportunity cost</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='190'>Jenny can paint one birdhouse in 2 hours and can build one birdhouse in 1 hour. Gary can paint one birdhouse in 3 hours and can build one birdhouse in 2 hours. Who has the comparative advantage in painting a birdhouse? (HINT: To determine the opportunity cost, divide the hours of painting by the hours of building. The one with the lowest opportunity cost has the comparative advantage.)</question>
<answer id='1'>Jenny</answer>
<correct_answer id='2'>Gary</correct_answer>
<answer id='3'>Their comparative advantages are the same</answer>
<answer id='4'>Neither has the comparative advantage.</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Comparative advantage measures how much each nation gives up (opportunity cost) in one good or service to produce another good or service. The nation that has a lower opportunity cost has the comparative advantage in producing that particular good or service.</correct_question_fb>
<incorrect_question_fb>Comparative advantage measures how much each nation gives up (opportunity cost) in one good or service to produce another good or service. The nation that has a lower opportunity cost has the comparative advantage in producing that particular good or service.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='191'>What does comparative advantage measure?</question>
<answer id='1'>How much it costs to produce a good or sevice.</answer>
<answer id='2'>How many resources a nation has.</answer>
<correct_answer id='3'>How much each nation gives up in one good to produce another good.</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>41</quizid>
<concept_title>Balance of Trade and Balance of Payments</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>The balance of trade refers to a nation's transaction in the form of exports and imports with any other single nation or the rest of the world.</correct_question_fb>
<incorrect_question_fb>The balance of trade refers to a nation's transaction in the form of exports and imports with any other single nation or the rest of the world.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='177'>What term refers to a nation's transactions in the form of imports and exports with any other single nation or rest of the world.</question>
<answer id='1'>Official Trade</answer>
<correct_answer id='2'>Balance of Trade</correct_answer>
<answer id='3'>Balance of Payments</answer>
<answer id='4'>Official Reserves</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When imports from other countries exceed exports there is a trade deficit.</correct_question_fb>
<incorrect_question_fb>When imports from other countries exceed exports there is a trade deficit.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='178'>What is it called when imports exceed exports?</question>
<answer id='1'>Balance of Trade</answer>
<correct_answer id='2'>Trade Deficit</correct_answer>
<answer id='3'>Trade Surplus</answer>
<answer id='4'>Reserve Trade</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When exports to other countries exceed imports there is a trade surplus.</correct_question_fb>
<incorrect_question_fb>When exports to other countries exceed imports there is a trade surplus.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='179'>What is it called when exports exceed imports</question>
<answer id='1'>Balance of Trade</answer>
<answer id='2'>Trade Deficit</answer>
<correct_answer id='3'>Trade Surplus</correct_answer>
<answer id='4'>Reserve Trade</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The current account includes imports, exports, income from foreign investments, income transferred abroad to foreign investors, government foreign aid, charitable contributions.</correct_question_fb>
<incorrect_question_fb>The current account includes imports, exports, income from foreign investments, income transferred abroad to foreign investors, government foreign aid, charitable contributions.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='180'>The Balance of Payments includes three accounts. Which account includes income from foreign investments?</question>
<correct_answer id='1'>Current Account</correct_answer>
<answer id='2'>Capital Account</answer>
<answer id='3'>Official Reserves Account</answer>
<answer id='4'>National Account</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The Official Reserves Account is held by a nation's central bank and is used to balance deficits and surpluses in the combined current and capital accounts.</correct_question_fb>
<incorrect_question_fb>The Official Reserves Account is held by a nation's central bank and is used to balance deficits and surpluses in the combined current and capital accounts.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='181'>Which account is held by a nation's central bank and used to balance deficits and surpluses in the combined other two accounts?</question>
<answer id='1'>Current Account</answer>
<answer id='2'>Capital Account</answer>
<correct_answer id='3'>Official Reserves Account</correct_answer>
<answer id='4'>National Account</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>43</quizid>
<concept_title>Money Management/Budgeting</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Money management and budgeting are the same concept.</correct_question_fb>
<incorrect_question_fb>Money management and budgeting are the same concept.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='223'>Money management is making decisions about how available income will be spent to meet financial and consumer goals. What is another term for money management?</question>
<answer id='1'>Finances</answer>
<answer id='2'>Accounting</answer>
<answer id='3'>Consumer saving</answer>
<correct_answer id='4'>Budgeting</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A budget will help you organize and control your finances, set and achieve your goals, and make your money work for you.</correct_question_fb>
<incorrect_question_fb>A budget will help you organize and control your finances, set and achieve your goals, and make your money work for you.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='224'>What can money management help you accomplish?</question>
<answer id='1'>Pay your bills on time</answer>
<answer id='2'>Save for vacation</answer>
<answer id='3'>Develop a retirement fund</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A long-term goal takes 5 years or more to achieve. Saving for college would take 5+ years.</correct_question_fb>
<incorrect_question_fb>A long-term goal takes 5 years or more to achieve. Saving for college would take 5+ years.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='225'>Saving for college is an example of what type of goal?</question>
<correct_answer id='1'>Long-term</correct_answer>
<answer id='2'>Medium-term</answer>
<answer id='3'>Short-term</answer>
<answer id='4'>Intermediate</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Fixed expenses do not vary month to month. Examples include rent/utilities, car payments, student loans, insurance, cable, and telephone.</correct_question_fb>
<incorrect_question_fb>Fixed expenses do not vary month to month. Examples include rent/utilities, car payments, student loans, insurance, cable, and telephone.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='226'>Which of the following is a fixed expense?</question>
<answer id='1'>Medicine</answer>
<correct_answer id='2'>Rent</correct_answer>
<answer id='3'>Gifts</answer>
<answer id='4'>Clothing</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Variable expenses fluctuate month to month and you have some ability to control them. Entertainment is a variable expense.</correct_question_fb>
<incorrect_question_fb>Variable expenses fluctuate month to month and you have some ability to control them. Entertainment is a variable expense.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='227'>Which expense is a variable expense?</question>
<answer id='1'>Cable</answer>
<answer id='2'>Telephone</answer>
<correct_answer id='3'>Entertainment</correct_answer>
<answer id='4'>Insurance</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>45</quizid>
<concept_title>Human Capital</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Human capital is a combination of a person's education, knowledge, experience, health, habits, training, talents, and attitudes.</correct_question_fb>
<incorrect_question_fb>Human capital is a combination of a person's education, knowledge, experience, health, habits, training, talents, and attitudes.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='215'>Which of the following are NOT considered human capital?</question>
<answer id='1'>Education</answer>
<answer id='2'>Experience</answer>
<answer id='3'>Talents</answer>
<correct_answer id='4'>Wages</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Two ways to invest in human capital are to improve existing skills and learn new skills. This results in increased productivity.</correct_question_fb>
<incorrect_question_fb>Two ways to invest in human capital are to improve existing skills and learn new skills. This results in increased productivity.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='216'>Which of the following is the best way to improve human capital?</question>
<correct_answer id='1'>Learn new skills</correct_answer>
<answer id='2'>Work two jobs</answer>
<answer id='3'>Take on more responsibilities</answer>
<answer id='4'>Do work assigned efficiently</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Education has two costs: direct such as tuition, fees, and books and indirect such as lost earnings.</correct_question_fb>
<incorrect_question_fb>Education has two costs: direct such as tuition, fees, and books and indirect such as lost earnings.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='217'>Which of the following is an indirect cost of education?</question>
<answer id='1'>Tuition</answer>
<correct_answer id='2'>Lost earnings</correct_answer>
<answer id='3'>Fees</answer>
<answer id='4'>Books</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Research indicates that people with higher levels of education have a higher lifetime earning potential. They generally start off at a higher rate of earning and increase their earnings more rapidly.</correct_question_fb>
<incorrect_question_fb>Research indicates that people with higher levels of education have a higher lifetime earning potential. They generally start off at a higher rate of earning and increase their earnings more rapidly.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='218'>Why do most school counselors recommend more education after high school?</question>
<answer id='1'>It's their job to recommend college for everyone.</answer>
<answer id='2'>Jobs are hard to acquire right out of high school</answer>
<answer id='3'>School looks more successful with more students attending college</answer>
<correct_answer id='4'>Students will have a higher lifetime earning potential.</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Human capital can be improved through education, knowledge, experience, health, habits, training, talents and attitudes.</correct_question_fb>
<incorrect_question_fb>Human capital can be improved through education, knowledge, experience, health, habits, training, talents and attitudes.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='254'>Which of the following is NOT a way of improving human capital?</question>
<answer id='1'>Graduating from high school</answer>
<answer id='2'>Job training</answer>
<answer id='3'>Going back to college</answer>
<correct_answer id='4'>Taking a year off</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>46</quizid>
<concept_title>Credit</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Credit is a useful tool for consumers and businesses because it allows people/firms to finance large purchases without having to save money up front.</correct_question_fb>
<incorrect_question_fb>Credit is a useful tool for consumers and businesses because it allows people/firms to finance large purchases without having to save money up front.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='205'>Who does credit benefit?</question>
<answer id='1'>Consumers</answer>
<answer id='2'>Businesses</answer>
<correct_answer id='3'>Both consumers and businesses</correct_answer>
<answer id='4'>No one</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Interest is the payment made for the use of borrowed money.</correct_question_fb>
<incorrect_question_fb>Interest is the payment made for the use of borrowed money.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='206'>What is the additional amount you pay when using credit called?</question>
<answer id='1'>Principal</answer>
<correct_answer id='2'>Interest</correct_answer>
<answer id='3'>Balance</answer>
<answer id='4'>User fee</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>If you pay all credit card balances during the short grace period, your purchases will be interest free.</correct_question_fb>
<incorrect_question_fb>If you pay all credit card balances during the short grace period, your purchases will be interest free.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='207'>Why should you completely pay off credit charges at the end of the month?</question>
<answer id='1'>You are required to pay off the balance.</answer>
<answer id='2'>It will help you balance your budget.</answer>
<correct_answer id='3'>The purchases will be interest free</correct_answer>
<answer id='4'>There is no reason to pay them off.</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Credit cards provide instant access to borrowed funds.</correct_question_fb>
<incorrect_question_fb>Credit cards provide instant access to borrowed funds.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='208'>Which of the following apply to credit cards?</question>
<correct_answer id='1'>Immediate access to borrowed funds</correct_answer>
<answer id='2'>Take time to set up</answer>
<answer id='3'>Have low interest rates</answer>
<answer id='4'>Interest over time is low</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A consumer good with an expected life of 3 or more years is called a durable good.</correct_question_fb>
<incorrect_question_fb>A consumer good with an expected life of 3 or more years is called a durable good.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='209'>What is a consumer good with an expected life of 3 or more years called?</question>
<answer id='1'>Consumable good</answer>
<answer id='2'>Long-term good</answer>
<answer id='3'>Household good</answer>
<correct_answer id='4'>Durable good</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>47</quizid>
<concept_title>Saving and Investing</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Consumers basically have 2 choices when it comes to the income they receive after takes. They can save it or spend it on current consumption, which means using it today.</correct_question_fb>
<incorrect_question_fb>Consumers basically have 2 choices when it comes to the income they receive after takes. They can save it or spend it on current consumption, which means using it today.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='233'>What is the term to describe buying items today rather than saving the money?</question>
<answer id='1'>Purchases</answer>
<correct_answer id='2'>Current Consumption</correct_answer>
<answer id='3'>Budgeting</answer>
<answer id='4'>Risk</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Reasons to save include large purchases, security in case of emergency, saving for college, and retirement.</correct_question_fb>
<incorrect_question_fb>Reasons to save include large purchases, security in case of emergency, saving for college, and retirement.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='234'>For which of the following would you generally need to save?</question>
<answer id='1'>Entertainment</answer>
<answer id='2'>Clothes</answer>
<answer id='3'>Food</answer>
<correct_answer id='4'>Retirement</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In economics investing is used to describe the purchase of capital for the production of goods/services. When firms purchase factories, equipment and other resources, they are engaging in "real investment""."</correct_question_fb>
<incorrect_question_fb>In economics investing is used to describe the purchase of capital for the production of goods/services. When firms purchase factories, equipment and other resources, they are engaging in "real investment""."</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='235'>In economics, what is the term used to describe the purchase of capital for the production of goods/services?</question>
<answer id='1'>Consumption</answer>
<answer id='2'>Purchasing</answer>
<correct_answer id='3'>Investing</correct_answer>
<answer id='4'>Saving</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>To calculate the Real Interest Rate, you subtract the rate of inflation from the interest rate:
Interest Rate 7% Rate of Inflation 4% Real Interest Rate: 7 - 4 = 3%</correct_question_fb>
<incorrect_question_fb>To calculate the Real Interest Rate, you subtract the rate of inflation from the interest rate:
Interest Rate 7% Rate of Inflation 4% Real Interest Rate: 7 - 4 = 3%</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='236'>Economists describe the combined effect of interest growth and inflation in the economy as the real interest rate. How do you calculate the Real Interest Rate?</question>
<answer id='1'>Interest rate / rate of return</answer>
<answer id='2'>Interest rate / rate of return</answer>
<correct_answer id='3'>Interest rate - rate of inflation</correct_answer>
<answer id='4'>Interest - rate of return</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A checking account is not an investment. It generally does not build wealth.</correct_question_fb>
<incorrect_question_fb>A checking account is not an investment. It generally does not build wealth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='237'>Which of the following is NOT a financial investment?</question>
<correct_answer id='1'>Checking account</correct_answer>
<answer id='2'>Stocks</answer>
<answer id='3'>Mutual Funds</answer>
<answer id='4'>Savings account</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>48</quizid>
<concept_title>Compound Interest</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Compound interest is interest paid not only on cash that is invested, the principal, but also on the interest that has been earned in prior periods.</correct_question_fb>
<incorrect_question_fb>Compound interest is interest paid not only on cash that is invested, the principal, but also on the interest that has been earned in prior periods.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='201'>What type of interest do you earn if interest is paid on both the cash invested and the interest earned in prior periods?</question>
<answer id='1'>Simple interest</answer>
<answer id='2'>Regular interest</answer>
<answer id='3'>Basic interest</answer>
<correct_answer id='4'>Compound interest</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>For maximum results, you should invest early in life, invest at a good interest rate, and make regular deposits. Any withdrawals will impact the amount of interest earned.</correct_question_fb>
<incorrect_question_fb>For maximum results, you should invest early in life, invest at a good interest rate, and make regular deposits. Any withdrawals will impact the amount of interest earned.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='202'>Which of the following would NOT be good advice for investing?</question>
<answer id='1'>Invest regularly</answer>
<answer id='2'>Invest early</answer>
<correct_answer id='3'>Take periodic withdrawals</correct_answer>
<answer id='4'>Find good interest rates</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The principal is the cash that invest. It does not include any interest payments.</correct_question_fb>
<incorrect_question_fb>The principal is the cash that invest. It does not include any interest payments.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='203'>What is the cash that you put in an account called?</question>
<answer id='1'>Interest</answer>
<correct_answer id='2'>Principal</correct_answer>
<answer id='3'>Simple interest</answer>
<answer id='4'>Compound interest</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The more often your interest is compounded, the more money you will earn.</correct_question_fb>
<incorrect_question_fb>The more often your interest is compounded, the more money you will earn.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='204'>Which of these compound interest options will give you the highest ending balance?</question>
<correct_answer id='1'>Compounded monthly</correct_answer>
<answer id='2'>Compounded every other month</answer>
<answer id='3'>Compounded every six months</answer>
<answer id='4'>Compounded annually</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Compound interest is interest paid not only on cash that is invested, the principal, but also on the interest that has been earned in prior periods.</correct_question_fb>
<incorrect_question_fb>Compound interest is interest paid not only on cash that is invested, the principal, but also on the interest that has been earned in prior periods.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='253'>What type of interest do you earn if interest is paid on only the cash invested?</question>
<correct_answer id='1'>Simple interest</correct_answer>
<answer id='2'>Regular interest</answer>
<answer id='3'>Basic interest</answer>
<answer id='4'>Compound interest</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>49</quizid>
<concept_title>Risk and Return</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Whenever you use your money to make a financial investment there is risk or the potential of loss.</correct_question_fb>
<incorrect_question_fb>Whenever you use your money to make a financial investment there is risk or the potential of loss.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='228'>What is the term to describe the potential for loss?</question>
<answer id='1'>Investing</answer>
<answer id='2'>Financial</answer>
<correct_answer id='3'>Risk</correct_answer>
<answer id='4'>Return</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In determining risk tolerance, people generally consider their time horizon, the amount of time they plan to keep their money invested. Young adults, either male or female, generally have a higher risk tolerance because they have time on their side.</correct_question_fb>
<incorrect_question_fb>In determining risk tolerance, people generally consider their time horizon, the amount of time they plan to keep their money invested. Young adults, either male or female, generally have a higher risk tolerance because they have time on their side.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='229'>Who generally has the highest risk tolerance?</question>
<answer id='1'>Men</answer>
<answer id='2'>Women</answer>
<answer id='3'>Seniors</answer>
<correct_answer id='4'>Young adults</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The annual rate of return is 6%. You take the income earned on an investment in a year and divide it by the original investment.
$120 / $2000 = .06 = 6%</correct_question_fb>
<incorrect_question_fb>The annual rate of return is 6%. You take the income earned on an investment in a year and divide it by the original investment.
$120 / $2000 = .06 = 6%</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='230'>If you have an initial investment of $2000 and after one year the value of the investment is $2,120, what is the annual rate of return?</question>
<answer id='1'>1.50%</answer>
<correct_answer id='2'>6%</correct_answer>
<answer id='3'>0.60%</answer>
<answer id='4'>15%</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In the Pyramid of Risk and Return in the video, mutual funds were in the middle of the pyramid and were classified as medium risk with safe or stable returns.</correct_question_fb>
<incorrect_question_fb>In the Pyramid of Risk and Return in the video, mutual funds were in the middle of the pyramid and were classified as medium risk with safe or stable returns.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='231'>Mutual funds are ________ risk with ________ returns.</question>
<answer id='1'>Low, safe</answer>
<answer id='2'>Low, low</answer>
<correct_answer id='3'>Medium, safe</correct_answer>
<answer id='4'>Medium, high</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In the Pyramid of Risk and Return, collectibles were at the top of the pyramid and were classifed as high risk with the potential for substantial returns or losses.</correct_question_fb>
<incorrect_question_fb>In the Pyramid of Risk and Return, collectibles were at the top of the pyramid and were classifed as high risk with the potential for substantial returns or losses.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='232'>Which of the following is considered a high risk with a potential high return or loss?</question>
<answer id='1'>Treasury notes</answer>
<answer id='2'>Stocks</answer>
<answer id='3'>Real Estate</answer>
<correct_answer id='4'>Collectibles</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>54</quizid>
<concept_title>Productive Resources</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>All business that sell goods/services require productive resources.</correct_question_fb>
<incorrect_question_fb>All business that sell goods/services require productive resources.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='36'>All businesses that sell goods/services require what to produce these goods/services?</question>
<answer id='1'>Large amounts of money</answer>
<answer id='2'>Government permission</answer>
<correct_answer id='3'>Productive resources</correct_answer>
<answer id='4'>Factories</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Land is all natural resources used in the production process, including land, forests, mineral and oil deposits, and water resources.</correct_question_fb>
<incorrect_question_fb>Land is all natural resources used the production process to include land, forests, mineral and oil deposits, and water resources.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='37'>What is the term for all natural resources used in the production process?</question>
<correct_answer id='1'>Land</correct_answer>
<answer id='2'>Labor</answer>
<answer id='3'>Capital</answer>
<answer id='4'>Entrepreneurship</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Entrepreneurship is an intangible productive resource. It is the ability to take risks in order to start new businesses, introduce new products, improve management techniques, and to improve processes.</correct_question_fb>
<incorrect_question_fb>Entrepreneurship is an intangible productive resource. It is the ability to take risks in order to start new businesses, introduce new products, improve management techniques, and to improve processes.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='38'>Which productive resource is intangible?</question>
<answer id='1'>Land</answer>
<answer id='2'>Labor</answer>
<answer id='3'>Capital</answer>
<correct_answer id='4'>Entrepreneurship</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Capital includes all manufactured aids used in producing goods and services (factories, equipment, tools, supplies, storage, transportation). It DOES NOT include money.</correct_question_fb>
<incorrect_question_fb>Capital includes all manufactured aids used in producing goods and services (factories, equipment, tools, supplies, storage, transportation). It DOES NOT include money.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='39'>Capital does not include which of the following examples?</question>
<correct_answer id='1'>Money</correct_answer>
<answer id='2'>Equipment</answer>
<answer id='3'>Tools</answer>
<answer id='4'>Transportation</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Labor includes all physical and mental talents of available workers for use in the production of goods/services</correct_question_fb>
<incorrect_question_fb>Labor includes all physical and mental talents of available workers for use in the production of goods/services</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='40'>Mental talents of workers is an example of what productive resource?</question>
<answer id='1'>Land</answer>
<correct_answer id='2'>Labor</correct_answer>
<answer id='3'>Capital</answer>
<answer id='4'>Entrepreneurship</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>55</quizid>
<concept_title>Property Rights</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Property owners in the United States have the right to use, exchange, and protect their property.</correct_question_fb>
<incorrect_question_fb>Property owners in the United States have the right to use, exchange, and protect their property.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='44'>As an owner of property in the United States you have which of the following rights to your property?</question>
<answer id='1'>Use</answer>
<answer id='2'>Exchange</answer>
<answer id='3'>Protect</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Patents and copyrights protect intellectual property such as inventions, books, computer software, videos and music compositions.</correct_question_fb>
<incorrect_question_fb>Patents and copyrights protect intellectual property such as inventions, books, computer software, videos and music compositions.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='45'>Patents and copyrights protect what type of property?</question>
<answer id='1'>Land</answer>
<answer id='2'>Buildings</answer>
<correct_answer id='3'>Intellectual</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A patent gives exclusive rights to inventors to produce and sell an invention for 20 years.</correct_question_fb>
<incorrect_question_fb>A patent gives exclusive rights to inventors to produce and sell an invention for 20 years.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='46'>Which term gives exclusive rights to inventors to produce and sell an invention for 20 years?</question>
<answer id='1'>Copyright</answer>
<correct_answer id='2'>Patent</correct_answer>
<answer id='3'>Trademark</answer>
<answer id='4'>Plagiarism</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A copyright is legal protection provided to publishers of books, computer software, videos and music compositions against copying by others without permission.</correct_question_fb>
<incorrect_question_fb>A copyright is legal protection provided to publishers of books, computer software, videos and music compositions against copying by others without permission.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='47'>If you download music from the Internet without paying for it, what property right are you infringing upon?</question>
<correct_answer id='1'>Copyright</correct_answer>
<answer id='2'>Patent</answer>
<answer id='3'>Trademark</answer>
<answer id='4'>Plagiarism</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Well-defined property rights such as patents and copyrights encourage innovation and investment and are a major stimulus to economic growth.</correct_question_fb>
<incorrect_question_fb>Well-defined property rights such as patents and copyrights encourage innovation and investment and are a major stimulus to economic growth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='48'>Why are well-defined property rights so important?</question>
<answer id='1'>Encourage innovation</answer>
<answer id='2'>Encourage investment</answer>
<answer id='3'>Contribute to economic growth</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>56</quizid>
<concept_title>Division of Labor/Specialization</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>People specialize in a few skills to become more productive at their jobs.</correct_question_fb>
<incorrect_question_fb>People specialize in a few skills to become more productive at their jobs.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='6'>What is it called when workers focus on a particular task?</question>
<correct_answer id='1'>Specialization</correct_answer>
<answer id='2'>Monopoly</answer>
<answer id='3'>Monotony</answer>
<answer id='4'>Production</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Ford Motor Company introduced the assembly line in 1913 which allowed them to cut the production of a car from 14 hours to 3 hours.</correct_question_fb>
<incorrect_question_fb>Ford Motor Company introduced the assembly line in 1913 which allowed them to cut the production of a car from 14 hours to 3 hours.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='7'>Ford Motor Company introduced what process in 1913?</question>
<answer id='1'>Mass marketing</answer>
<answer id='2'>Unionization</answer>
<answer id='3'>Shift work</answer>
<correct_answer id='4'>Assembly line</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Specialization takes advantage of differences in ability, fosters learning by doing, and saves time.</correct_question_fb>
<incorrect_question_fb>Specialization takes advantage of differences in ability, fosters learning by doing, and saves time.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='8'>Which option is NOT an advantage of specialization?</question>
<answer id='1'>Takes advantage of differences in ability</answer>
<answer id='2'>Fosters learning by doing</answer>
<correct_answer id='3'>Lowers skill levels</correct_answer>
<answer id='4'>Saves time</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When workers specialize or focus on a particular aspect of a job, productivity increases.</correct_question_fb>
<incorrect_question_fb>When workers specialize or focus on a particular aspect of a job, productivity increases.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='9'>How does specialization impact productivity?</question>
<answer id='1'>Decreases</answer>
<answer id='2'>Decreases and then increases</answer>
<answer id='3'>Increases and then decreases</answer>
<correct_answer id='4'>Increases</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>With specialization, the entire economy grows and everyone enjoys a higher standard of living.</correct_question_fb>
<incorrect_question_fb>With specialization, the entire economy grows and everyone enjoys a higher standard of living.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='10'>Why do people in the United States enjoy a high standard of living?</question>
<answer id='1'>Foreign trade</answer>
<answer id='2'>Government control of industry</answer>
<correct_answer id='3'>Specialization</correct_answer>
<answer id='4'>Entrepreneurship</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>57</quizid>
<concept_title>Scarcity</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Scarcity exists when human wants exceed the capacity of available resources to satisfy those wants.</correct_question_fb>
<incorrect_question_fb>Scarcity exists when human wants exceed the capacity of available resources to satisfy those wants.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='49'>Scarcity exists when ________ exceed the capacity of available _________.</question>
<answer id='1'>supplies, resources</answer>
<correct_answer id='2'>wants, resources</correct_answer>
<answer id='3'>investments, capital</answer>
<answer id='4'>inventions, materials</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>All productive resources are scarce, including land, labor, capital, and entrepreneurship.</correct_question_fb>
<incorrect_question_fb>All productive resources are scarce, including land, labor, capital, and entrepreneurship.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='50'>Which productive resources are scarce?</question>
<answer id='1'>Land</answer>
<answer id='2'>Labor</answer>
<answer id='3'>Capital</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>An item that is scare must be limited in quantity, be desirable, and have more than one valuable use.</correct_question_fb>
<incorrect_question_fb>An item that is scare must be limited in quantity, be desirable, and have more than one valuable use.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='51'>An item that is scarce must meet three requirements. Which of the following is NOT one of these requirements.</question>
<answer id='1'>Limited in quantity</answer>
<correct_answer id='2'>Expensive</correct_answer>
<answer id='3'>More than one use</answer>
<answer id='4'>Desirable</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Radioactive waste is not desirable, therefore, it is not scarce.</correct_question_fb>
<incorrect_question_fb>Radioactive waste is not desirable, therefore, it is not scarce.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='52'>Why is radioactive waste not scarce?</question>
<answer id='1'>It is not limited in quantity.</answer>
<answer id='2'>It is expensive.</answer>
<answer id='3'>It does not have more than one use.</answer>
<correct_answer id='4'>It is not desirable.</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Although there are vast reserves of oil in Saudi Arabia, it is sold to many nations and has many valuable uses.</correct_question_fb>
<incorrect_question_fb>Although there are vast reserves of oil in Saudi Arabia, it is sold to many nations and has many valuable uses.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='53'>There are vast reserves of oil in Saudi Arabia but it is still considered scarce. Why is this true?</question>
<answer id='1'>It is expensive to purchase.</answer>
<correct_answer id='2'>It has many uses.</correct_answer>
<answer id='3'>It is not desirable.</answer>
<answer id='4'>It is inexpensive to purchase.</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>58</quizid>
<concept_title>Economic Growth</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Economic growth refers to the ability of the economy to increase its total read output or real GDP, or its real output per person.</correct_question_fb>
<incorrect_question_fb>Economic growth refers to the ability of the economy to increase its total read output or real GDP, or its real output per person.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='81'>What term describes to the ability of the economy to increase its total output per person?</question>
<answer id='1'>Economic stability</answer>
<correct_answer id='2'>Economic growth</correct_answer>
<answer id='3'>Economic achievement</answer>
<answer id='4'>Economic innovation</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Economic growth comes from several sources: increases in human capital, more and better machinery, and improved technology.</correct_question_fb>
<incorrect_question_fb>Economic growth comes from several sources: increases in human capital, more and better machinery, and improved technology.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='82'>Which of the following is NOT a source of economic growth?</question>
<answer id='1'>Increase in human capital</answer>
<answer id='2'>More and better machinery</answer>
<correct_answer id='3'>Increased wages</correct_answer>
<answer id='4'>Improved technology</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Innovation is the most powerful contributor to economic growth.</correct_question_fb>
<incorrect_question_fb>Innovation is the most powerful contributor to economic growth.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='83'>What is the most powerful contributor to economic growth?</question>
<correct_answer id='1'>Innovation</correct_answer>
<answer id='2'>Changes in industry</answer>
<answer id='3'>Government intervention</answer>
<answer id='4'>Increased wages</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In a market economy, the natural outcomes of a competitive system, or competition, decides who thrives and who fades away.</correct_question_fb>
<incorrect_question_fb>In a market economy, the natural outcomes of a competitive system, or competition, decides who thrives and who fades away.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='84'>In a market economy, who or what decides which occupations thrive and which occupations fade away?</question>
<answer id='1'>Politicians</answer>
<correct_answer id='2'>Competition</correct_answer>
<answer id='3'>Investors</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In early 1900, 40% of the U.S. workforce was employed in farm work. In 2000 that number had dropped to 1% of the total workforce</correct_question_fb>
<incorrect_question_fb>In early 1900, 40% of the U.S. workforce was employed in farm work. In 2000 that number had dropped to 1% of the total workforce</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='85'>Which occupation used to employ 40% of the U.S. workforce and now employs only 1%?</question>
<answer id='1'>Computer programmers</answer>
<answer id='2'>Railroad workers</answer>
<answer id='3'>Miners</answer>
<correct_answer id='4'>Farm workers</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>60</quizid>
<concept_title>Real vs. Nominal</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Nominal values are the actual prices in a given year. They don't tell us what we really want to know.</correct_question_fb>
<incorrect_question_fb>Nominal values are the actual prices in a given year. They don't tell us what we really want to know.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='110'>Which of the following options is the actual prices in any given year?</question>
<answer id='1'>Actual</answer>
<correct_answer id='2'>Nominal</correct_answer>
<answer id='3'>Standard</answer>
<answer id='4'>Real</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Real values compensate for the effects of inflation.</correct_question_fb>
<incorrect_question_fb>Real values compensate for the effects of inflation.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='111'>Which of the following options compensates for the effects of inflation on prices?</question>
<answer id='1'>Actual</answer>
<answer id='2'>Nominal</answer>
<answer id='3'>Standard</answer>
<correct_answer id='4'>Real</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>To spot trends in an economy it is useful to compare current to past data so economists use real values which compensate for inflation.</correct_question_fb>
<incorrect_question_fb>To spot trends in an economy it is useful to compare current to past data so economists use real values which compensate for inflation.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='112'>To spot trends in the economy what do economists use?</question>
<answer id='1'>Actual value</answer>
<answer id='2'>Nominal value</answer>
<answer id='3'>Standard value</answer>
<correct_answer id='4'>Real value</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When you make a comparison of historical data, it is very important to compensate for inflation.</correct_question_fb>
<incorrect_question_fb>When you make a comparison of historical data, it is very important to compensate for inflation.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='244'>When you make a comparison of historical data, it is ______________ to compensate for inflation.</question>
<answer id='1'>somewhat important</answer>
<answer id='2'>hardly important</answer>
<correct_answer id='3'>very important</correct_answer>
<answer id='4'>not important</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Once the 1981 value was converted to 2008 dollars, you saw that a gallon of gas in 2008 was more expensive.</correct_question_fb>
<incorrect_question_fb>Once the 1981 value was converted to 2008 dollars, you saw that a gallon of gas in 2008 was more expensive.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='245'>When you compared the value of a gallon of gas in 1981 and in 2008 and adjusted for inflation, which was more expensive?</question>
<correct_answer id='1'>A gallon in 2008</correct_answer>
<answer id='2'>A gallon in 1981</answer>
<answer id='3'>They cost the same amount</answer>
<answer id='4'>They cannot be compared</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>61</quizid>
<concept_title>Employment and Unemployment</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>The three types of unemployment are cyclical, frictional, and structural.</correct_question_fb>
<incorrect_question_fb>The three types of unemployment are cyclical, frictional, and structural.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='86'>Which of the following is NOT a type of unemployment?</question>
<answer id='1'>Cyclical</answer>
<answer id='2'>Frictional</answer>
<correct_answer id='3'>Governmental</correct_answer>
<answer id='4'>Structural</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Frictional unemployment occurs when you quit one job to find another or are trying to find the best opportunity after high school or college.</correct_question_fb>
<incorrect_question_fb>Frictional unemployment occurs when you quit one job to find another or are trying to find the best opportunity after high school or college.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='87'>What type of unemployment occurs when you quit your job to find a better one?</question>
<answer id='1'>Cyclical</answer>
<correct_answer id='2'>Frictional</correct_answer>
<answer id='3'>Governmental</answer>
<answer id='4'>Structural</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Structural unemployment occurs when there is a mismatch between job seekers and job openings. People lack skills needed in the workplace.</correct_question_fb>
<incorrect_question_fb>Structural unemployment occurs when there is a mismatch between job seekers and job openings. People lack skills needed in the workplace.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='88'>What type of unemployment occurs when you lack the skills needed in the workplace?</question>
<answer id='1'>Cyclical</answer>
<answer id='2'>Frictional</answer>
<answer id='3'>Governmental</answer>
<correct_answer id='4'>Structural</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Cyclical unemployment occurs when people are not working because businesses do not need them. It is due to a lack of demand or a downturn in the business cycle.</correct_question_fb>
<incorrect_question_fb>Cyclical unemployment occurs when people are not working because businesses do not need them. It is due to a lack of demand or a downturn in the business cycle.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='89'>What type of unemployment occurs due to a lack of consumer demand?</question>
<correct_answer id='1'>Cyclical</correct_answer>
<answer id='2'>Frictional</answer>
<answer id='3'>Governmental</answer>
<answer id='4'>Structural</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Because there will always be people looking for new/better jobs, frictional unemployment ensures the unemployment rate will never equal zero.</correct_question_fb>
<incorrect_question_fb>Because there will always be people looking for new/better jobs, frictional unemployment ensures the unemployment rate will never equal zero.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='90'>Which type of unemployment ensures that the unemployment rate will never equal zero?</question>
<answer id='1'>Cyclical</answer>
<correct_answer id='2'>Frictional</correct_answer>
<answer id='3'>Governmental</answer>
<answer id='4'>Structural</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>62</quizid>
<concept_title>Business Cycles</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Business cycles are fluctuations that tend to occur in economies.</correct_question_fb>
<incorrect_question_fb>Business cycles are fluctuations that tend to occur in economies.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='76'>What is the term to describe fluctuations that occur in economies?</question>
<answer id='1'>Aggregate demand</answer>
<answer id='2'>Aggregate supply</answer>
<correct_answer id='3'>Business cycles</correct_answer>
<answer id='4'>Government regulations</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>At the peak the economy is at its temporary peak.</correct_question_fb>
<incorrect_question_fb>At the peak the economy is at its temporary peak.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='77'>The economy is functioning at its maximum in which phase of the business cycle?</question>
<answer id='1'>Recovery</answer>
<correct_answer id='2'>Peak</correct_answer>
<answer id='3'>Recession</answer>
<answer id='4'>Trough</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The trough is the point at which the recession levels off and output and employment are at their lowest levels.</correct_question_fb>
<incorrect_question_fb>The trough is the point at which the recession levels off and output and employment are at their lowest levels.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='78'>In which phase of the business cycle are output and employment at their lowest levels?</question>
<answer id='1'>Recovery</answer>
<answer id='2'>Peak</answer>
<answer id='3'>Recession</answer>
<correct_answer id='4'>Trough</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Recovery occurs after the economy reaches bottom. Output and employment levels begin to rise in this phase of the business cycle.</correct_question_fb>
<incorrect_question_fb>Recovery occurs after the economy reaches bottom. Output and employment levels begin to rise in this phase of the business cycle.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='79'>What is the phase of the business cycle where output and employment levels begin to rise</question>
<correct_answer id='1'>Recovery</correct_answer>
<answer id='2'>Peak</answer>
<answer id='3'>Recession</answer>
<answer id='4'>Trough</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>After the Great Depression the U.S. Government created a system of safeguards and balances to help fine tune the American economy.</correct_question_fb>
<incorrect_question_fb>After the Great Depression the U.S. Government created a system of safeguards and balances to help fine tune the American economy.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='80'>Why have business cycles not been as severe since the Great Depression?</question>
<answer id='1'>Businesses have invested more</answer>
<correct_answer id='2'>Government safeguards and balances have been implemented</correct_answer>
<answer id='3'>Consumer confidence has been greater</answer>
<answer id='4'>Government spending has increased</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>63</quizid>
<concept_title>Fiscal Policy</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Fiscal policy is a way for the federal government to influence the economy by changing the amount it spends and the amount of taxes it collects.</correct_question_fb>
<incorrect_question_fb>Fiscal policy is a way for the federal government to influence the economy by changing the amount it spends and the amount of taxes it collects.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='91'>What is the term to describe the way the federal government influences the economy by changing the amount it spends and the amount of taxes it collects?</question>
<answer id='1'>Inflation</answer>
<answer id='2'>Economic growth</answer>
<correct_answer id='3'>Fiscal Policy</correct_answer>
<answer id='4'>Business cycles</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The three elements of fiscal policy are taxes, government expenditures, and transfer payments.</correct_question_fb>
<incorrect_question_fb>The three elements of fiscal policy are taxes, government expenditures, and transfer payments.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='92'>Which of the following options is NOT an element of fiscal policy?</question>
<answer id='1'>Taxes</answer>
<answer id='2'>Government expenditures</answer>
<correct_answer id='3'>Business investment</correct_answer>
<answer id='4'>Transfer payments</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Transfer payments are payments from the government to citizens for something unearned in the current time period. Food stamps are an example of a transfer payment.</correct_question_fb>
<incorrect_question_fb>Transfer payments are payments from the government to citizens for something unearned in the current time period. Food stamps are an example of a transfer payment.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='93'>Food stamps are an example of what type of fiscal policy?</question>
<answer id='1'>Taxes</answer>
<answer id='2'>Government expenditures</answer>
<answer id='3'>Medicare</answer>
<correct_answer id='4'>Transfer payments</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In times of inflation, the federal government will employ contractionary fiscal policies to include increased taxes, decreased government spending, decreased transfer payments.</correct_question_fb>
<incorrect_question_fb>In times of inflation, the federal government will employ contractionary fiscal policies to include increased taxes, decreased government spending, decreased transfer payments.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='94'>What types of contractionary fiscal policy can be enacted in times of inflation?</question>
<correct_answer id='1'>Increase taxes</correct_answer>
<answer id='2'>Increase government spending</answer>
<answer id='3'>Increase transfer payments</answer>
<answer id='4'>Decrease taxes</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In times of recession, the federal government will employ expansionary fiscal policies to include increased government spending, decreased taxes, increased transfer payments.</correct_question_fb>
<incorrect_question_fb>In times of recession, the federal government will employ expansionary fiscal policies to include increased government spending, decreased taxes, increased transfer payments.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='95'>What types of expansionary fiscal policy can be enacted in times of recessions?</question>
<answer id='1'>Increase taxes</answer>
<correct_answer id='2'>Increase government spending</correct_answer>
<answer id='3'>Decrease transfer payments</answer>
<answer id='4'>Decrease government spending</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>64</quizid>
<concept_title>Insurance</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>People made premium payments to their insurance companies, which affects the deductibles they may have to pay if their property is damaged.</correct_question_fb>
<incorrect_question_fb>People made premium payments to their insurance companies, which affects the deductibles they may have to pay if their property is damaged.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='255'>What are the payments people make at regular intervals to their insurance companies?</question>
<answer id='1'>Deductibles</answer>
<answer id='2'>Principals</answer>
<correct_answer id='3'>Premiums</correct_answer>
<answer id='4'>Risk adjustments</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Insurance allows individuals and firms to financially protect against damaging events.</correct_question_fb>
<incorrect_question_fb>Insurance allows individuals and firms to financially protect against damaging events.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='219'>What do people buy when the risk of potential financial loss is great?</question>
<answer id='1'>Bonds</answer>
<correct_answer id='2'>Insurance</correct_answer>
<answer id='3'>Warranties</answer>
<answer id='4'>Less expensive items</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The home is the single biggest investment a person will make in their lifetime.</correct_question_fb>
<incorrect_question_fb>The home is the single biggest investment a person will make in their lifetime.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='220'>What is the single biggest investment a person will make?</question>
<answer id='1'>Education</answer>
<correct_answer id='2'>Home</correct_answer>
<answer id='3'>Car</answer>
<answer id='4'>Stocks</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Insurance companies have a large pool of policyholders who all pay regular premiums with the expectation that only a few will experience a loss for which claims must be paid.</correct_question_fb>
<incorrect_question_fb>Insurance companies have a large pool of policyholders who all pay regular premiums with the expectation that only a few will experience a loss for which claims must be paid.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='221'>How can insurance companies afford to offer insurance?</question>
<answer id='1'>The government will provide as much funding as necessary to pay claims</answer>
<answer id='2'>They deny the majority of the claims made.</answer>
<correct_answer id='3'>Large pool of policyholders with the expectation that only a few will make claims</correct_answer>
<answer id='4'>They demand huge deductibles.</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>By accepting the responsibility to pay a higher deductible for each loss, the premium on the policy will be lower.</correct_question_fb>
<incorrect_question_fb>By accepting the responsibility to pay a higher deductible for each loss, the premium on the policy will be lower.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='222'>What is the relationship of deductibles and premiums?</question>
<answer id='1'>Higher deductible, higher premium</answer>
<answer id='2'>Lower deductible, lower premium</answer>
<correct_answer id='3'>Higher deductible, lower premium</correct_answer>
<answer id='4'>Premiums are not related to deductibles</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>65</quizid>
<concept_title>Financial Markets</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>In financial markets, people come together to buy and sell financial assets including stocks, bonds, and mutual funds.</correct_question_fb>
<incorrect_question_fb>In financial markets, people come together to buy and sell financial assets including stocks, bonds, and mutual funds.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='210'>Which of the following is NOT considered an investment tool?</question>
<answer id='1'>Stocks</answer>
<answer id='2'>Bonds</answer>
<correct_answer id='3'>Non-interest bearing checking account</correct_answer>
<answer id='4'>Mutual funds</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>A share of stocks represents ownership of a company.</correct_question_fb>
<incorrect_question_fb>A share of stocks represents ownership of a company.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='211'>Which of the following represents ownership in a company?</question>
<correct_answer id='1'>Stocks</correct_answer>
<answer id='2'>Bonds</answer>
<answer id='3'>Certificate of deposit</answer>
<answer id='4'>Mutual funds</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When you purchase a bond you are loaning money to a government or business who promises to pay back the principal and interest. They have a fixed rate of return.</correct_question_fb>
<incorrect_question_fb>When you purchase a bond you are loaning money to a government or business who promises to pay back the principal and interest. They have a fixed rate of return.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='212'>Which of the following pays a fixed rate of return?</question>
<answer id='1'>Stocks</answer>
<correct_answer id='2'>Bonds</correct_answer>
<answer id='3'>Non-interest bearing checking account</answer>
<answer id='4'>Mutual funds</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Diversification reduces the risk by mixing a wide variety of investments with a portfolio.</correct_question_fb>
<incorrect_question_fb>Diversification reduces the risk by mixing a wide variety of investments with a portfolio.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='213'>What term describes how an investor reduces risk by mixing a wide variety of investments within a portfolio?</question>
<answer id='1'>Profiling</answer>
<answer id='2'>Manipulation</answer>
<correct_answer id='3'>Diversification</correct_answer>
<answer id='4'>Simplification</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>In the pyramid chart in the video, real estate has the highest risk and the highest potential return.</correct_question_fb>
<incorrect_question_fb>In the pyramid chart in the video, real estate has the highest risk and the highest potential return.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='214'>Risk is the uncertainty that you will receive the expected reward. According to the Risk and Reward Pyramid in the video, which of the following has the highest risk but also the highest potential return?</question>
<answer id='1'>Bonds</answer>
<answer id='2'>Certificates of Deposit</answer>
<answer id='3'>Stocks</answer>
<correct_answer id='4'>Real Estate</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>67</quizid>
<concept_title>Producers</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Since producers are people who use scarce resources to make or do things for other people, just about everyone is a producer. Therefore, the correct answer is none of the above because all three options are producers.</correct_question_fb>
<incorrect_question_fb>Since producers are people who use scarce resources to make or do things for other people, just about everyone is a producer. Therefore, the correct answer is none of the above because all three options are producers.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='157'>Producers are people who use scarce resources to make or do things for other people. Which of the following is NOT a producer?</question>
<answer id='1'>Mechanic</answer>
<answer id='2'>Doctor</answer>
<answer id='3'>Scientist</answer>
<correct_answer id='4'>None of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Most people want money to pay for the goods/services they consume.</correct_question_fb>
<incorrect_question_fb>Most people want money to pay for the goods/services they consume.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='158'>Why do MOST people use their resources to produce goods/services?</question>
<answer id='1'>Personal satisfaction</answer>
<answer id='2'>Supply and demand</answer>
<correct_answer id='3'>Money</correct_answer>
<answer id='4'>Government regulations</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Because resources are scarce, people must weight the opportunity costs when deciding what, how much, and for whom to produce.</correct_question_fb>
<incorrect_question_fb>Because resources are scarce, people must weight the opportunity costs when deciding what, how much, and for whom to produce.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='159'>Since resources are scarce, what must people consider when deciding what, how much and for whom to produce?</question>
<answer id='1'>Price</answer>
<answer id='2'>Satisfaction</answer>
<correct_answer id='3'>Opportunity cost</correct_answer>
<answer id='4'>Demand</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Not all producers are motivated by money. Volunteers produce goods/services and their motives include personal satisfaction and a sense of civic duty</correct_question_fb>
<incorrect_question_fb>Not all producers are motivated by money. Volunteers produce goods/services and their motives include personal satisfaction and a sense of civic duty</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='160'>Volunteers are motivated by what?</question>
<correct_answer id='1'>Personal satisfaction</correct_answer>
<answer id='2'>Supply and demand</answer>
<answer id='3'>Money</answer>
<answer id='4'>Government incentives</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>When choosing a job, people consider location, work conditions and personal satisfaction.</correct_question_fb>
<incorrect_question_fb>When choosing a job, people consider location, work conditions and personal satisfaction.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='161'>What do people generally NOT consider when choosing a job?</question>
<answer id='1'>Location</answer>
<answer id='2'>Work conditions</answer>
<correct_answer id='3'>Number of employees</correct_answer>
<answer id='4'>Personal satisfaction</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>68</quizid>
<concept_title>Consumers</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Consumers are people who use goods and services to satisfy their personal needs.</correct_question_fb>
<incorrect_question_fb>Consumers are people who use goods and services to satisfy their personal needs.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='118'>What is the term to describe people who use goods/services to satisfy their personal needs?</question>
<answer id='1'>Producers</answer>
<answer id='2'>Manufacturers</answer>
<correct_answer id='3'>Consumers</correct_answer>
<answer id='4'>Customers</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Tangible items can be held or touched. They are classified as "goods".</correct_question_fb>
<incorrect_question_fb>Tangible items can be held or touched. They are classified as "goods".</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='119'>Which of the following is the tangible item?</question>
<answer id='1'>Movie ticket</answer>
<correct_answer id='2'>Food</correct_answer>
<answer id='3'>Hair cut</answer>
<answer id='4'>Shoe shine</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Every decision has an opportunity cost. To chose one thing, you give up another.</correct_question_fb>
<incorrect_question_fb>Every decision has an opportunity cost. To chose one thing, you give up another.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='120'>What does every decision have in common?</question>
<answer id='1'>Monetary costs</answer>
<answer id='2'>Non-monetary costs</answer>
<correct_answer id='3'>Opportunity costs</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Consumers have limited resources and have to make decisions about what to use their money for. They compare costs and benefits before making a choice.</correct_question_fb>
<incorrect_question_fb>Consumers have limited resources and have to make decisions about what to use their money for. They compare costs and benefits before making a choice.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='121'>Consumers compare what before making a choice?</question>
<answer id='1'>Needs and wants</answer>
<answer id='2'>Desires and necessities</answer>
<correct_answer id='3'>Costs and benefits</correct_answer>
<answer id='4'>Money and time</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Intangible items cannot be held or touched, and are classified as "services".</correct_question_fb>
<incorrect_question_fb>Intangible items cannot be held or touched, and are classified as "services".</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='246'>Which of the following is the service?</question>
<correct_answer id='1'>Movie ticket</correct_answer>
<answer id='2'>Apple</answer>
<answer id='3'>Car</answer>
<answer id='4'>Bottle of water</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>69</quizid>
<concept_title>Entrepreneurs</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>An entrepreneur is an individual who is willing to take risks with their own resources to create new goods/services or production processes.</correct_question_fb>
<incorrect_question_fb>An entrepreneur is an individual who is willing to take risks with their own resources to create new goods/services or production processes.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='132'>What term defines an individual who draws upon his/her own skills and takes the initiative to create innovative goods/services or production processes?</question>
<answer id='1'>Businessperson</answer>
<answer id='2'>Executive</answer>
<correct_answer id='3'>Entrepreneur</correct_answer>
<answer id='4'>Inventor</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Profit is the major motivation for most entrepreneurs.</correct_question_fb>
<incorrect_question_fb>Profit is the major motivation for most entrepreneurs.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='133'>What is the motivation for most entrepreneurs?</question>
<answer id='1'>Fame</answer>
<correct_answer id='2'>Profit</correct_answer>
<answer id='3'>Satisfaction</answer>
<answer id='4'>Career Advancement</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>While Henry Ford did produce inexpensive cars, he did so utilizing an assembly line to mass produce the cars, thereby lowering the costs of producing cars.</correct_question_fb>
<incorrect_question_fb>While Henry Ford did produce inexpensive cars, he did so utilizing an assembly line to mass produce the cars, thereby lowering the costs of producing cars.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='134'>Henry Ford is a famous entrepreneur. What is he MOST famous for?</question>
<answer id='1'>Producing inexpensive cars</answer>
<answer id='2'>Instituting shift work</answer>
<answer id='3'>Introduction of unions</answer>
<correct_answer id='4'>Introducing the assembly line</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Bill Gates, Henry Ford and Walt Disney are all entrepreneurs.</correct_question_fb>
<incorrect_question_fb>Bill Gates, Henry Ford and Walt Disney are all entrepreneurs.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='247'>Which of the follow is not an entrepreneur?</question>
<correct_answer id='1'>Neil Armstrong</correct_answer>
<answer id='2'>Bill Gates</answer>
<answer id='3'>Walt Disney</answer>
<answer id='4'>Henry Ford</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Entrepreneurs combine land, labor and capital to create goods and services.</correct_question_fb>
<incorrect_question_fb>Entrepreneurs combine land, labor and capital to create goods and services.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='248'>Which resources does an entrepreneur combine to create goods and services?</question>
<answer id='1'>Land and labor</answer>
<answer id='2'>Labor and capital</answer>
<answer id='3'>Capital and land</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>70</quizid>
<concept_title>Profit</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>The amount of money a company generates from sales is called total revenue. It is calculated by multiplying the amount sold by the price of the item.</correct_question_fb>
<incorrect_question_fb>The amount of money a company generates from sales is called total revenue. It is calculated by multiplying the amount sold by the price of the item.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='162'>The amount of money a company generates from sales is called __________.</question>
<answer id='1'>Profit</answer>
<correct_answer id='2'>Total revenue</correct_answer>
<answer id='3'>Implicit costs</answer>
<answer id='4'>Explicit costs</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The accounting profit is $19,900. This is Total Revenue - Explicit Costs
Total Revenue = $6.99 * 10,000 = $69,900.
Explicit Costs (add amounts for material, labor, rent, utilities and mgmt)
material ($1 * 10,000 cases) $10,000 + labor ($2 * 10,000 cases) $20,000 + rent $4,000 + utilities $1,000 + management salaries $15,000= $50,000.
Total revenue - Explicit Costs: $69,900 - $50,000 = $19,900</correct_question_fb>
<incorrect_question_fb>The accounting profit is $19,900. This is Total Revenue - Explicit Costs
Total Revenue = $6.99 * 10,000 = $69,900.
Explicit Costs (add amounts for material, labor, rent, utilities and mgmt)
material ($1 * 10,000 cases) $10,000 + labor ($2 * 10,000 cases) $20,000 + rent $4,000 + utilities $1,000 + management salaries $15,000= $50,000.
Total revenue - Explicit Costs: $69,900 - $50,000 = $19,900</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='163'>What is the accounting profit in the following example: Soda is sold for $6.99/case and the business sells 10,000 cases per month. Materials are $1.00/case, labor costs are $2.00/case, factory rent is $4000/month, utilities are $1,000/month, and management salaries are $15,000.</question>
<correct_answer id='1'>$19,900</correct_answer>
<answer id='2'>$9,900</answer>
<answer id='3'>$69,900</answer>
<answer id='4'>$10,000</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Total revenue is $69,900. Total revenue is determined by multiplying total cases sold by price per case. ($6.99 * 10,000)</correct_question_fb>
<incorrect_question_fb>Total revenue is $69,900. Total revenue is determined by multiplying total cases sold by price per case. ($6.99 * 10,000)</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='164'>What is the total revenue in the following example: Soda is sold for $6.99/case and the business sells 10,000 cases per month. Materials are $1.00/case, labor costs are $2.00/case, factory rent is $4000/month, utilities are $1,000/month, and management salaries are $15,000.</question>
<answer id='1'>$19,900</answer>
<answer id='2'>$9,900</answer>
<correct_answer id='3'>$69,900</correct_answer>
<answer id='4'>$10,000</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The implicit cost is the monetary income a firm gives up when it uses a resource to produce a product rather than supplying the resource in the market. (The material costs.)</correct_question_fb>
<incorrect_question_fb>The implicit cost is the monetary income a firm gives up when it uses a resource to produce a product rather than supplying the resource in the market. (The material costs.)</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='165'>What term describes the monetary income a firm sacrifices when it uses a resource to produce a product rather than supply the resource in the market?</question>
<answer id='1'>Economic cost</answer>
<answer id='2'>Accounting cost</answer>
<correct_answer id='3'>Implicit cost</correct_answer>
<answer id='4'>Explicit cost</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>The economic profit is $9,900 (Total Revenue - Explicit Costs - Implicit Costs.) Implicit costs are the material costs or resource costs, in this case $10,000.
$69,900 - $50,000 - $10,000 = $9,900.</correct_question_fb>
<incorrect_question_fb>The economic profit is $9,900 (Total Revenue - Explicit Costs - Implicit Costs.) Implicit costs are the material costs or resource costs, in this case $10,000.
$69,900 - $50,000 - $10,000 = $9,900.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='166'>What is the economic profit in the following example: Soda is sold for $6.99/case and the business sells 10,000 cases per month. Materials are $1.00/case, labor costs are $2.00/case, factory rent is $4000/month, utilities are $1,000/month, and management salaries are $15,000.</question>
<answer id='1'>$19,900</answer>
<correct_answer id='2'>$9,900</correct_answer>
<answer id='3'>$69,900</answer>
<answer id='4'>$10,000</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Correct!</correct>
<incorrect>Incorrect!</incorrect>
</feedback_movie>
</quizconcept>
<quizconcept>
<quizid>71</quizid>
<concept_title>Technology</concept_title>
<emailResultButton>on</emailResultButton>
<printResultButton>on</printResultButton>
<question_screen>
<random_questions>true</random_questions>
<question_exercise>
<correct_question_fb>Producers use technology in combination with labor and capital to produce and distribute goods and services.</correct_question_fb>
<incorrect_question_fb>Producers use technology in combination with labor and capital to produce and distribute goods and services.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='54'>Producers use what in combination with labor and capital to produce and distribute goods.</question>
<correct_answer id='1'>Technology</correct_answer>
<answer id='2'>Entrepreneurship</answer>
<answer id='3'>Innovation</answer>
<answer id='4'>Productivity</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Improvements in technology usually increase the productivity of the input resources.</correct_question_fb>
<incorrect_question_fb>Improvements in technology usually increase the productivity of the input resources.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='55'>Improvements in technology usually increase the productivity of which resources?</question>
<answer id='1'>Capital</answer>
<answer id='2'>Outputs</answer>
<correct_answer id='3'>Inputs</correct_answer>
<answer id='4'>Land</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Improvements in technology can result in producing the same output with fewer input resources.</correct_question_fb>
<incorrect_question_fb>Improvements in technology can result in producing the same output with fewer input resources.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='56'>Technology can increase productivity by producing the same output with fewer _________ resources.</question>
<answer id='1'>capital</answer>
<answer id='2'>land</answer>
<correct_answer id='3'>input</correct_answer>
<answer id='4'>None of these options</answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Advancements in computer technology have resulted in better, faster, and less expensive computers.</correct_question_fb>
<incorrect_question_fb>Advancements in computer technology have resulted in better, faster, and less expensive computers.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='57'>How has computer technology benefitted consumers?</question>
<answer id='1'>Products are better.</answer>
<answer id='2'>Products are faster.</answer>
<answer id='3'>Products are less expensive.</answer>
<correct_answer id='4'>All of these options</correct_answer>
</question_exercise>
<question_exercise>
<correct_question_fb>Improvements in technology can result in producing more output with the same amount of input resources.</correct_question_fb>
<incorrect_question_fb>Improvements in technology can result in producing the same output with fewer input resources.</incorrect_question_fb>
<random_answers>yes</random_answers>
<question id='240'>Technology can increase productivity by producing _______ output with the same amount of input resources.</question>
<correct_answer id='1'>more</correct_answer>
<answer id='2'>less</answer>
<answer id='3'>the same amount of</answer>
<answer id='4'>None of these options</answer>
</question_exercise>
</question_screen>
<feedback_movie>
<correct>Yes, that's correct.</correct>
<incorrect>Sorry, that's incorrect.</incorrect>
</feedback_movie>
</quizconcept>
</quiz>
