Practice Quiz

CLEP Economics Exam Prep - Question List

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36. Which of the following is true of people with poor credit histories?
  1. They will earn higher rates of interest on savings accounts than people with good credit histories.
  2. They will earn lower rates of interest on savings accounts than people with good credit histories.
  3. They will be charged higher rates of interest on loans than people with good credit histories.
  4. They will be charged lower rates of interest on loans than people with good credit histories.
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37. Recently, the hourly wage that parents are willing to pay babysitters increased dramatically. Higher pay will most likely cause which of the following changes in how babysitters divide their out-of-school time between babysitting and other activities?Time Spent Time SpentBabysitting on Other Activities
  1. No change Decrease
  2. Increase Decrease
  3. Decrease No change
  4. Increase Increase
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38. James borrows $10,000 from the bank. By the time the loan is repaid, James has paid the bank $10,400. What does the additional $400 represent?
  1. Inflation rate
  2. Purchasing power of money
  3. Interest
  4. Investment
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39. When people's incomes increase, the demand for roses and the price of roses are most likely to change in which of the following ways?Demand for Roses Price
  1. Decrease Decrease
  2. Decrease Increase
  3. Increase Decrease
  4. Increase Increase
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