Econ final

Question 1

Which of the following is NOT a determinant of DEMAND?

Accepted Answer

change in taxes

Question 2

Which of the following is a benefit of trade?

Accepted Answer

all of the above

Question 3

Which of the following is being described? One major seller DOMINATES the industry

Accepted Answer

monopoly

Question 4

Look at the graph below. Which point is attainable?

Accepted Answer

point B

Question 5

Which of the following business structures has limited liability?

Accepted Answer

corporations

Question 6

During which phase would unemployment be rising?

Accepted Answer

recession

Question 7

Which of the following is NOT a major job responsibility of the FED?

Accepted Answer

printing the Federal Reserve notes used to make transactions

Question 8

Which of the following would be included in GDP?

Accepted Answer

exports

Question 9

Which of the following makes up the "core" of the circular flow?

Accepted Answer

households & firms

Question 10

Which of the following correctly describes the Law of Demand?

Accepted Answer

As price rises, quantity demanded falls

Question 11

The graph below shows a....

Accepted Answer

shortage

Question 12

Which of the following is NOT a factor of production?

Accepted Answer

interest

Question 13

Which of the following business structures are able to specialize?

Accepted Answer

b and c

Question 14

What is the relationship between risk and return?

Accepted Answer

direct

Question 15

Which of the following business structures would have the MOST difficulty getting loans?

Accepted Answer

sole-proprietorships

Question 16

The central problem of economics is....

Accepted Answer

scarcity

Question 17

Which of the following correctly describes the Law of Supply?

Accepted Answer

As price falls, quantity supplied falls

Question 18

Invisible hand is an abstract way of referring to...?

Accepted Answer

competition

Question 19

Which of the following MONETARY policies could be used to fight inflation?

Accepted Answer

sell bonds on the open market

Question 20

Which of the following would be the processed food industry be an example of? (few big firms)

Accepted Answer

oligopoly

Question 21

Look at the graph below. What move is an example of a tradeoff?

Accepted Answer

pt. C to pt. A

Question 22

Which of the following business structures is exempt from paying taxes?

Accepted Answer

NPOs

Question 23

The portfolio below is an example of...?

Accepted Answer

aggressive portfolio

Question 24

Laissez-faire referrs to...?

Accepted Answer

government should NOT interfere

Question 25

Which of the following would the tennis shoe industry be an example of?

Accepted Answer

monopolistic competition

Question 26

Of the following, which type of market structure is the only one that has zero market power?

Accepted Answer

perfect or pure competition

Question 27

Economists say rational people make decisions by...

Accepted Answer

comparing the marginal benefits against the marginal costs

Question 28

Which of the following effects of inflation is harmful?

Accepted Answer

all of the above

Question 29

Of the following, which financial asset is the most risky?

Accepted Answer

stocks

Question 30

The graph below is showing you...

Accepted Answer

a decrease in demand

Question 31

What is the largest and most widely recognized stock exchange in the world?

Accepted Answer

the NY stock exchange

Question 32

Look at the graph below. Which point is unattainable?

Accepted Answer

point C

Question 33

Which of the following FISCAL policies could be used to fight a recession?

Accepted Answer

cut personal income tax rates

Question 34

The graph below is showing you....

Accepted Answer

a decrease in supply

Question 35

The picture below shows you....?

Accepted Answer

the business cycle

Econ final

Questions 35

Econ final

Questions 35