s2 8 00 final exam 1

s2 8 00 final exam 1

Question 1

  1. The study of economics involves which of the following?

2 points

Question 2

  1. Which of the following would an economist say motivates a woman who sews purses and sells them to the public?

2 points

Question 3

  1. While shopping you discover that your favorite department store has lowered the price on a new video game that you wanted to buy. However, after looking through the store you find that they are completely sold out. This scenario illustrates the concept of

2 points

Question 4

  1. People must make choices because money and resources

2 points

Question 5

  1. Which of the following is NOT an economic right or responsibility?

2 points

Question 6

  1. The most appealing trade-off or item given up as the result of an economic decision is called a(n)

2 points

Question 7

  1. Who presents the final federal budget to Congress at the beginning of the calendar year?

2 points

Question 8

  1. Which of the following statements describes the economic goal of freedom?

2 points

Question 9

  1. Which of the following is considered a market?

2 points

Question 10

  1. In a ____________ economy, some government involvement in the economy is evident.

2 points

Question 11

  1. Which of the following is a disadvantage of free market economies?

2 points

Question 12

  1. Which of the following is a principle of the American Free Enterprise System?

2 points

Question 13

  1. Which of the following is an example of a public good?

2 points

Question 14

  1. The Federal Reserve is run by

2 points

Question 15

  1. Monetary policy is best described by which of the following statements?

2 points

Question 16

  1. Which of the following will cause an increase in the supply of a product?

2 points

Question 17

  1. If demand decreases, producers will decrease prices to

2 points

Question 18

  1. Which of the following is a characteristic of a general partnership?

2 points

Question 19

  1. Lynette buys a cup of coffee for $1.25. She hands a $2.00 bill to the cashier and receives $.75 in return. Which of the following is NOT a characteristic of money illustrated in this example?

2 points

Question 20

  1. Which of the following was an example of a monopoly that was forced by the government to break-up into smaller companies?

2 points

Question 21

  1. Which of the following is considered the riskiest type of investment?

2 points

Question 22

  1. Which goal of the U.S. economy is important in reducing the amount of waste of resources?

2 points

Question 23

  1. What is the highest point of the business cycle called?

2 points

Question 24

  1. Which of the following is a factor that influences the business cycle?

2 points

Question 25

  1. What is the name given to unemployment that occurs because people do not have the required job skills?

2 points

Question 26

  1. The government calculates the unemployment rate by

2 points

Question 27

  1. Which of the following countries is involved in the North American Free Trade Agreement?

2 points

Question 28

  1. Which of the following is a major export of the United States?

2 points

Question 29

  1. Which of the following is a characteristic of a developed country?

2 points

Question 30

  1. Which of the following organizations focuses on getting rid of poverty?

2 points

Question 31

  1. Which of the following is NOT a function of a 21st century bank?

2 points

Question 32

  1. Which of the following is NOT a characteristic of a horizontal merger?

2 points

Question 33

  1. An industry that has four large firms that provide ______ of the supply of the product is called an oligopoly.

2 points

Question 34

  1. The law of __________ is defined as the willingness of producers to produce or supply more of a good as the price of the good increases.

2 points

Question 35

  1. Which of the following is described by this statement?
    As the prices of some goods rise, consumers cut back on the amount of items that they normally purchase and demand for these goods decreases.

2 points

Question 36

  1. A production possibilities graph can show the effects of industrialization on the environment.

1 points

Question 37

  1. Land, labor, and capital are three factors of production.

1 points

Question 38

  1. Any intersection of points inside the line (to the left of the line) on a production possibilities graph shows that the economy is growing.

1 points

Question 39

  1. If a business chooses to make one product over another there is always a trade-off involved because resources are limited.

1 points

Question 40

  1. Competition ensures that consumers will be able to purchase products at the lowest possible price.

1 points

Question 41

  1. In centrally planned economies, the people own most of the factors of production.

1 points

Question 42

  1. In a circular flow of money of a mixed economy, the government puts money into the economy by purchasing goods and services that are needed to run the government and help society.
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