This quiz works best with JavaScript enabled. Home > Institutions > General > Economic Institutions – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Economic Institutions Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The word "bank" originally comes from a word meaning A) Bench. B) Book. C) Money. D) Safe. Show Answer Correct Answer: A) Bench. 2. Which of the following people works in the primary sector? A) A farmer who raises chickens. B) A baker. C) A website developer. D) A dentist. Show Answer Correct Answer: A) A farmer who raises chickens. 3. An economy usually experiences periods of booms and recessions. A period of recession usually results in unemployment. This is specifically A) Technological unemployment. B) Cyclical unemployment. C) Seasonal Unemployment. D) Frictional Unemployent. Show Answer Correct Answer: B) Cyclical unemployment. 4. How much is each depositor insured for in a credit union? A) $ 50, 000. B) $ 100, 000. C) $ 200, 000. D) $ 250, 000. Show Answer Correct Answer: D) $ 250, 000. 5. System of roles and norms that governs the production, distribution, and consumption of goods and services A) Political institution. B) Economic institution. C) Family institution. D) Religious institution. Show Answer Correct Answer: B) Economic institution. 6. A situation where there are two sectors of an economy are at different levels of development and where one is significantly more technologically advanced than the other is called A) Foreign Direct Investment. B) Fiscal policy. C) Economic Dualism. D) Development Dualism. Show Answer Correct Answer: C) Economic Dualism. 7. Payment made for the use of borrowed money is called A) Financial Institution. B) Creditors. C) Interest. D) Secured. Show Answer Correct Answer: C) Interest. 8. It occurs when an action that has a negative effect upon someone else is reciprocated with an action that has approximately equal negative effect upon another. A) Negative Reciprocity. B) Off Reciprocity. C) Inverse Reciprocity. D) Rejection Reciprocity. Show Answer Correct Answer: A) Negative Reciprocity. 9. Welfare, financial aid, social security, and government making subsidies for certain businesses are some of the examples of what? A) Transfers. B) Economic. C) Market transactions. D) Reciprocity. Show Answer Correct Answer: A) Transfers. 10. Which New Deal Program helped people trust banks again? It insures peoples' money in a bank up to $ 250, 000. A) CCC. B) NIRA. C) FDIC. D) SEC. Show Answer Correct Answer: C) FDIC. 11. The value of Special Drawing Right (SDR) is determined by the basket of ..... currencies. A) 7. B) 6. C) 4. D) 5. Show Answer Correct Answer: D) 5. 12. The following are the major actors of Transnational Advocacy Groups EXCEPT A) Foundations. B) IGO's and NGO's. C) Media. D) DTI. Show Answer Correct Answer: D) DTI. 13. During a beginning study of sociology, it is appropriate to think of politics as the exercise of power and economics as the distribution of A) Society. B) Behavior. C) Resources. D) Government. Show Answer Correct Answer: C) Resources. 14. Title Pawn Lenders and Payday Lenders are referred to as ..... because they prey on people who have bad credit and cannot secure a loan from a reputable financial institution. A) Shysters. B) Predatory Lenders. C) Bloodsuckers. D) None of above. Show Answer Correct Answer: B) Predatory Lenders. 15. Which of the following effects is the LEAST LIKELY to occur from high levels of unemployment? A) Reduction in output levels in the economy. B) Increase in social cost like crime. C) Increase in GDP. D) Increase need for state support for welfare payments. Show Answer Correct Answer: C) Increase in GDP. 16. Persons or institutions to whom money is owed A) Financial Institutions. B) Interest. C) Creditors. D) Collateral. Show Answer Correct Answer: C) Creditors. 17. Which of the following is not the objective of the WTO? A) To improve the standard of living of peoples of the member countries. B) To enlarge production and trade of goods. C) To protect environment. D) To improve the Balance of Payment situation of the member countries. Show Answer Correct Answer: D) To improve the Balance of Payment situation of the member countries. 18. They deal with money or with the production and distribution of the goods and services in an economy. A) Nonstate Institutions. B) Social Organizations. C) Exchange System. D) Economic Institutions. Show Answer Correct Answer: D) Economic Institutions. 19. NAFTA is considered a trading bloc. The MAIN aim is to A) Reduce poverty. B) Eliminate trading barriers among member countries. C) Create a cartel. D) Provide sustainable development for member states. Show Answer Correct Answer: B) Eliminate trading barriers among member countries. 20. Buyer and seller interact with one another to exchange goods for an amount of money. A) Exchange. B) Purchase. C) Loans. D) Barter. Show Answer Correct Answer: B) Purchase. ← PreviousNext →Related QuizzesInstitutions QuizzesEconomic Institutions Quiz 1Economic Institutions Quiz 2Economic Institutions Quiz 4Economic Institutions Quiz 5Economic Institutions Quiz 6 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books