This quiz works best with JavaScript enabled. Home > Institutions > General > Economic Institutions – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Institutions Quiz 1 (20 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) 198. B) 190. C) 193. D) 189. Show Answer Correct Answer: D) 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) Title Pawn. B) Credit Union. C) Payday Loan. D) Bank. Show Answer Correct Answer: C) Payday Loan. 5. The governing body of the society. A) Institutions. B) State. C) Leaders. D) Government. Show Answer Correct Answer: B) State. 6. The following are Government-Owned and Controlled Corporations EXCEPT A) Development Academy of the Philippines. B) Government Service Insurance System. C) Clark Development Corporation. D) Petron. Show Answer Correct Answer: D) 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) Balanced reciprocity. B) Generalized reciprocity. C) Market reciprocity. D) Negative reciprocity. Show Answer Correct Answer: B) Generalized reciprocity. 8. Which of the following bank was once a building society? A) Sagicor Bank. B) National Commercial Bank. C) Scotiabank. D) Jamaica National Bank. Show Answer Correct Answer: D) Jamaica National Bank. 9. Which is at the opposite end of the political spectrum from democracy? A) Totalitarianism. B) Authoritarianism. C) Traditional authority. D) Charismatic authority. Show Answer Correct Answer: A) Totalitarianism. 10. The exchange of goods or services, with or without money. A) Transactions. B) Transfers. C) Exchange. D) Barter. 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) State. B) Economic Institution. C) Non-state Institution. D) GOCC. Show Answer Correct Answer: A) State. 14. Where is the headquarters of BRICS New Development Bank situated? A) Beijing, China. B) Moscow, Russia. C) Cape Town, South Africa. D) Shanghai, China. Show Answer Correct Answer: D) Shanghai, China. 15. The exchange of goods and services through a market. A) Transfers. B) Redistribution. C) Reciprocity. D) Market Transactions. Show Answer Correct Answer: D) Market Transactions. 16. System of private ownership and enterprise that acts based on their own private and self-interest . A) Redistribution. B) Market transactions. C) Reciprocity. D) Market. Show Answer Correct Answer: D) Market. 17. What are payday loans A) A loan you repay on your payday. B) Short term unsecured loan with very high interest rates. C) Short term secured loan with very high interest rates. 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) Monopolistic. B) Capitalistic. C) Oligopolistic. D) Socialistic. Show Answer Correct Answer: A) Monopolistic. 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