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EOC Review
EOC Review
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Answers
1
If supply and demand are inelastic
a large change in supply does not affect price
a small change in supply can cause a large change in prices
a small change in supply does not affect price
2
Which of the following choices could cause the movement shown in this graph?
inputs become more expensive
the number of firms decreases
technology improves production
3
Money by government decree is known as
specie
commodity money
fiat money
4
Fiscal policy is defined as
government spending and taxation
monetary policy
discount rate
5
In the PPC what is causing the movement from point a to point e?
increased productivity
factories that are available but idle
economic growth
6
What type of merger created Mega Corporation in the illustration
horizontal merger
vertical merger
conglomerate
7
land, labor, capital, entrepreneurs are the
factors of production
results of production
results of supply and demand
8
the comm. that advises the Fed on the growth of the money supply and the level of int. rates
federal advisory counsil
consumer advisory council
federal open market committee
9
Which of the following conditions is characteristic of a healthy market?
resources are immobile
buys and sellers lack information
adequate competition exists in all markets
10
Economics may best be defined as a(an)
study of supply and demand
efforts to satisfy unlimited wants w/ limited resources
limited description of economic activities
11
Protectionists justify high tariffs because they
protect established industries
protect foreign jobs
help the balance of payments
12
The profit-maximizing quantity of output is found where
marginal costs equals marginal revenue
total production is maximized
total cost equals total revenue
13
Market failure can occur when
buyers and sellers are well informed
adequate competition exists in all markets
resources do not move from industry to industry
14
Which term best describes the consumer act of replacing one item with another less costly item
effect of complements
income effect
substitution effect
15
Which letter on the graph represents a recession in the business cycle?
y
z
x
16
What letter on the graph represents the proper location for the market structure "monopoly"?
y
z
x
17
After passing through a trough, the business cycle enters a period of
recession
expansion
peak
18
Today, the American economy is an example of
modified free enterprise
pure capitalism
laissez-faire capitalism
19
Which of the following events could cause aggregate supply curve AS1 to shift to AS0
lower taxes
higher labor costs
higher interest rates
20
Supply-side policies attempt to stimulate output and lower unemployment by
increasing government spending on public works projects
reducing taxes to stimulate investment
increasing government spending during time of high employ.
21
when two corporations that produce the same kind of product merge, it is
horizontal merger
vertical merger
cooperative
22
a risk-taker in search of profits is known as a(an)
consumer
entrepreneur
proprietor
23
When corporations involved in different steps of manufacturing merge, it is known as,
multinational merger
horizontal merger
vertical merger
24
In a market economy, a high price is a signal for
government to enact price control
producer to offer less and consumers to by more
producers to offer more and consumers to buy less
25
According to this supply curve, 400 t-shirts will be supplied at what price?
12
10
14
26
Which of the following is a characteristic of a command economy?
can change direction quickly
decentralized decision making
individual freedom
27
Multinational corporations
have operations in several different coutnries
pay few corporate taxes.
have only overseas markets
28
a popular model used to show the concept of opportunity cost is the
supply and demand
production possibilities curve
paradox of value
entreprenuership
29
The flat tax
shifts the burden of taxes from businesses to individuals
closes or minimizes most tax loopholes
would complicate tax filing for most individuals
30
An advantage of a mutual fund for a small investor is the
ability to diversity an investment
fixed return on the investment
ability to choose one's own stocks
31
When the government borrows so much that it competes with bus. and individuals for avail. money
causes the crowding-out effect
results in the redistribution of income
lowers interest rates
32
Examples of automatic stabilizers are
unemployment insurance and entitlement programs
highway programs and job training
taxes and subsidies
33
Absolute advantage and comparative advantage are terms related to
policies of the dual banking system
nations engaged in trade
comparative standard of living
34
The unemployment rate is not a completely accurate measure of how many people are out of work
b/c it counts part-time workers as employed
b/c it doesn't include dropouts
b/c it only counts urban unemploynment
35
Perestroika was introduced to the Soviet Union by
Mikhail Gorbachev
Joseph Stalin
Boris Yeltsin
36
What does the movement shown on this graph represent?
the inverse relationship b/w price and marginal utility
the inverse relationship b/w price and quantity demanded
a change in demand
37
Which of the following choices could cause the movement shown in this graph?
a decrease in income
a substitute complement
an increase in population
38
which of the following is an important characteristic of the free enterprise economy
lack of individual initiative
competition
limits on private property
39
Which of the following choices could cause the movement shown in this graph?
an increase in the price of blue rays
a decrease in the price of blue ray players
a decrease in the price of blue rays
40
Which of the following situations could cause aggregate demand curve AD1 to shift to AD0
higher transfer payments
a decrease in the personal income tax rate
an increase in consumer saving
41
Costs of electricity, shipping and labor are example of
variable costs
marginal costs
fixed costs
42
An example of resource immobility is
building an office park at a former military base
a delay in the delivery of overnight packages
an employee leaving town for a higher paying job
43
The market basket is a method of
regulating the stock exchange
tracking prices of consumer items
creating national grain surplusses
44
Which of the following choices describes what this prod. possibilities frontier is depicting
alternative possibilities
opportunity cost
economic growth
45
laborers who work primarily with their hands because they lack training and skills is called
skilled labor
semiskilled labor
unskilled labor
46
A condition of acute shortages, high unemployment, and excess capacity at manufac. facilities
recession
expansion
depression
47
Trade barriers are enacted to
create competition
encourage trade
discourage trade
