This quiz works best with JavaScript enabled. Home > Economics > Institutions > General > Economic Institutions – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Institutions Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are the benefits associated with taking out a payday loan? A) Quick cash, sometimes within the hour, don't need a credit rating, easy solution and access. B) I can get money for free. C) There is no interest payments for payday loans. D) None of the above. Show Answer Correct Answer: A) Quick cash, sometimes within the hour, don't need a credit rating, easy solution and access. 2. Currently how many members are in the IBRD? A) 190. B) 189. C) 193. D) 198. Show Answer Correct Answer: B) 189. 3. Short-term loan that provides immediate cash by securing a borrower's written check or receiving authorization for automatic withdrawal from the borrower's depository institution account A) Title loan. B) Pawn loan. C) Payday loan. D) None of above. Show Answer Correct Answer: C) Payday loan. 4. Patrick has bought one too many video games and has not paid his speeding ticket, which has to be paid TODAY. He needs money fast and he can pay it back when he gets paid Friday. Which one will he most likely choose? A) Payday Loan. B) Credit Union. C) Title Pawn. D) Bank. Show Answer Correct Answer: A) Payday Loan. 5. The governing body of the society. A) Leaders. B) Government. C) State. D) Institutions. Show Answer Correct Answer: C) State. 6. The following are Government-Owned and Controlled Corporations EXCEPT A) Clark Development Corporation. B) Development Academy of the Philippines. C) Petron. D) Government Service Insurance System. Show Answer Correct Answer: C) Petron. 7. This is a type of reciprocity that refers to an exchange that incurs no calculation of value or immediate repayment of the goods or services. A) Market reciprocity. B) Generalized reciprocity. C) Balanced reciprocity. D) Negative reciprocity. Show Answer Correct Answer: B) Generalized reciprocity. 8. Which of the following bank was once a building society? A) Jamaica National Bank. B) Scotiabank. C) Sagicor Bank. D) National Commercial Bank. Show Answer Correct Answer: A) Jamaica National Bank. 9. Which is at the opposite end of the political spectrum from democracy? A) Traditional authority. B) Authoritarianism. C) Charismatic authority. D) Totalitarianism. Show Answer Correct Answer: D) Totalitarianism. 10. The exchange of goods or services, with or without money. A) Transactions. B) Barter. C) Exchange. D) Transfers. Show Answer Correct Answer: A) Transactions. 11. Police Stations and Fire Stations are considered to be A) Both private and public owned. B) Private-owned. C) Public-owned. D) None of above. Show Answer Correct Answer: C) Public-owned. 12. All of the following describe the operations of a bank EXCEPT A) Pay a small amount of interest on money deposited. B) Borrow money from the government. C) Make various types of loans. D) Offer direct deposits. Show Answer Correct Answer: B) Borrow money from the government. 13. An organized political community living under a single system of government. A) GOCC. B) State. C) Non-state Institution. D) Economic Institution. Show Answer Correct Answer: B) State. 14. Where is the headquarters of BRICS New Development Bank situated? A) Shanghai, China. B) Cape Town, South Africa. C) Moscow, Russia. D) Beijing, China. Show Answer Correct Answer: A) Shanghai, China. 15. The exchange of goods and services through a market. A) Transfers. B) Redistribution. C) Market Transactions. D) Reciprocity. Show Answer Correct Answer: C) Market Transactions. 16. System of private ownership and enterprise that acts based on their own private and self-interest . A) Reciprocity. B) Market transactions. C) Redistribution. D) Market. Show Answer Correct Answer: D) Market. 17. What are payday loans A) Short term secured loan with very high interest rates. B) Short term unsecured loan with very high interest rates. C) A loan you repay on your payday. D) Short term loan with low interest rates. Show Answer Correct Answer: B) Short term unsecured loan with very high interest rates. 18. A loan based on the value of personal property. A) Pawn loan. B) Student loan. C) Rent-to own loan. D) None of above. Show Answer Correct Answer: A) Pawn loan. 19. The most common type of bank accounts A) CD's and DDA's. B) Mutual Funds. C) Money market accounts. D) Savings & Checking accounts. Show Answer Correct Answer: D) Savings & Checking accounts. 20. What type of practice was exemplified by Microsoft Corporation's insistence that manufacturers include only its Internet browser on their computers? A) Capitalistic. B) Monopolistic. C) Oligopolistic. D) Socialistic. Show Answer Correct Answer: B) Monopolistic. 21. What is owned by stockholders and operated for profit? A) Commercial Bank. B) Mutual Savings Bank. C) Credit Union. D) Savings and loan association. Show Answer Correct Answer: A) Commercial Bank. 22. Which of the following statements is not correct? A) Both the IMF & IBRD have headquarters in Washington. B) India's vote share in the International Monetary Fund is 10%. C) IBRD is known as World Bank also. D) Both IMF & World Bank are the known as the Bretton Woods twins. Show Answer Correct Answer: B) India's vote share in the International Monetary Fund is 10%. 23. Piece of ownership in a company, mutual fund or other investment A) Share/stock. B) 401K. C) Bond. D) None of above. Show Answer Correct Answer: A) Share/stock. 24. He identified the 3 forms of reciprocity. A) Clifford Geertz. B) George Murdock. C) Marshall Sahlins. D) Fredrick Barth. Show Answer Correct Answer: C) Marshall Sahlins. 25. The environmental lobby best exemplifies a(n) ..... A) Mass media influence. B) Public policy. C) Interest group. D) Power of the voting public. Show Answer Correct Answer: C) Interest group. 26. A direct exchange of goods or services A) Transfer. B) Redistribution. C) Market transactions. D) Reciprocity. Show Answer Correct Answer: D) Reciprocity. 27. The factors of production are owned by the government, which regulates economic activity. A) Buddhism. B) Capitalism. C) Anarchy. D) Socialism. Show Answer Correct Answer: D) Socialism. 28. Which financial institution is owned by its members? A) Financial service company. B) Savings and loan association. C) Commercial bank. D) Credit union. Show Answer Correct Answer: D) Credit union. 29. What country was the center of European trading in the 11th century? A) Greece. B) England. C) France. D) Italy. Show Answer Correct Answer: D) Italy. 30. How much is each depositor insured for in a commercial savings account? A) $ 100, 000. B) $ 200, 000. C) $ 50, 000. D) $ 250, 000. Show Answer Correct Answer: D) $ 250, 000. 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