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26. An example of people locating and developing a natural resource is:

A. A Chinese business buying American machinery
B. A Nigerian company finding and selling crude oil
C. Israeli Jews and Arabs agreeing to a peace treaty
D. European countries using the same kind of money

The value of a dollar depends on how much:

A. You spend
B. You can buy with it
C. Gold the government owns
D. You earn

This year, Western High School’s marching band wants to raise money for new uniforms, travel to out-of-state competitions, and the annual end-of-season party. Their fundraising activities will not produce enough money to pay for all three. They take a vote to decide which of the three is most important. Which basic economic issue are the band members addressing?

A. Choice based on limited resources
B. Exchange of goods and services
C. Production and consumption
D. Reasons for taxation

A builder can legally refuse to sell a home to a prospective buyer because of the buyer’s:

A. Family size
B. Credit history
C. National origin
D. Religious beliefs

Which of these would most likely result in a decrease in consumer spending?

A. Increasing income taxes
B. Decreasing the interest rate
C. Increasing government spending
D. Decreasing the reserve requirement

Stocks are different from bonds in that:

A. Stocks have ratings while bonds do not
B. Stocks mature while bonds do not
C. Stocks represent ownership in a firm while bonds represent loans
D. Stocks guarantee a certain rate of return while bonds do not

Making purchases on credit:

A. Is never a good idea
B. Is a good idea if the benefits to the purchaser are greater than the costs
C. Decreases the cost of the purchase to the borrower
D. Is a good idea if the purchaser has so many credit payments that he or she is not able to live comfortably

A benefit from a free trade agreement between countries could be:

A. An increase in tariffs on all exported goods
B. Higher consumer prices in participating nations
C. An elimination of tariffs on goods exported between the countries
D. An increase in national unemployment rates

People should avoid buying too many goods or services on credit because:

A. Using a credit card to purchase an item increases its price
B. Credit card debt reduces discretionary income levels
C. High credit card debt reduces the ability to obtain an automobile or home loan
D. All of the above

Answer :

Here are the detailed explanations for each question:

  1. An example of people locating and developing a natural resource is: A Nigerian company finding and selling crude oil.
    This option is correct because it involves discovering (locating) a natural resource (crude oil) and developing (selling) it.

  2. The value of a dollar depends on how much: you can buy with it.
    This answer is correct because the value of a currency is typically assessed by its purchasing power, meaning how much goods and services it can buy.

  3. Western High School's marching band fundraising for new uniforms, travel, and a party addresses: choice based on limited resources.
    The band's dilemma is a classic example of having to make choices because resources (money) are limited and can't cover all wants.

  4. A builder can legally refuse to sell a home to a prospective buyer because of the buyer's: credit history.
    Denying a sale based on credit history is legal since it relates to financial risk assessment. However, refusal based on family size, national origin, or religious beliefs is discriminatory and illegal under equal housing opportunity laws.

  5. Decreasing consumer spending would most likely result from: increasing income taxes.
    Higher taxes reduce consumers' disposable income, leading to decreased spending.

  6. Stocks are different from bonds in that: stocks represent ownership in a firm while bonds represent loans.
    Stocks give shareholders ownership in the company and potential profits, while bonds are fixed-income securities representing loans to the issuer.

  7. Making purchases on credit is a good idea if: is a good idea if the benefits to the purchaser are greater than the costs.
    Using credit can be beneficial if the advantages, such as convenience or reward points, outweigh the interest or fees incurred.

  8. A benefit from a free trade agreement between countries could be: an elimination of tariffs on goods exported between the countries.
    Free trade agreements usually aim to reduce or eliminate tariffs, facilitating smoother and more cost-effective trade between nations.

  9. People should avoid buying too many goods or services on credit because: all the above (using a credit card to purchase an item increases its price; credit card debt reduces discretionary income levels; high credit card debt reduces the ability to obtain an automobile or home loan).
    Each of these factors contributes to the caution against excessive use of credit, as it can lead to financial strain and limited future credit opportunities.

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