Final Exam Review 11th Grade Economics

Question 1

Which of the following is an example of M1 money?

Accepted Answer

Checking Account

Question 2

Which of the following is an example of a luxury good?

Accepted Answer

2017 Cadillac DeVille

Question 3

This is the dollar amount assigned to a stock when it is first issued.

Accepted Answer

par value

Question 4

Why should you diversify your investments?

Accepted Answer

to lower risk of losing your money

Question 5

What is liquidity?

Accepted Answer

Turning something into cash

Question 6

Where as one gains more education, he/she is paid more

Accepted Answer

Learning Effect

Question 7

What is a general partnership?

Accepted Answer

where both people share equal liability and responsibility

Question 8

Which of the following is likely to have a low elasticity of demand?

Accepted Answer

Medication

Question 9

What is an advantage of a sole proprietorship?

Accepted Answer

Ease of startup

Question 10

The value of this form of currency depends on the material with which it is made.

Accepted Answer

commodity currency

Question 11

Which one of these creates a right shift in demand for black leather shoes?

Accepted Answer

Price of brown leather shoes increases

Question 12

Which of the following allows money to be put in a bank?

Accepted Answer

Store of Value

Question 13

Which is the biggest problem with GDP Per Capita in measuring standard of living?

Accepted Answer

It leaves out too many other factors, People don't like being told how they feel

Question 14

Which of the following is a public good?

Accepted Answer

Parks

Question 15

Which of these goods is likely to have a higher elasticity of demand?

Accepted Answer

new cars

Question 16

Which of the following is an example of a charge card?

Accepted Answer

American Express

Question 17

current (stock) price as determined by supply & demand

Accepted Answer

market value

Question 18

This form of currency declared legal tender, but not backed by a precious material

Accepted Answer

fiat currency

Question 19

The inverse relationship between price and quantity demanded

Accepted Answer

Law of Demand

Question 20

What is the best way to measure an economy's size and health?

Accepted Answer

GDP

Question 21

Companies usually sell stock in order to:

Accepted Answer

raise money

Question 22

What is GDP made up of?

Accepted Answer

G + I + C + (NX)

Question 23

Which is an example of an inferior good?

Accepted Answer

Great Value Twist and Shout

Question 24

Which is a disadvantage of a corporation?

Accepted Answer

More paperwork and legal fees

Question 25

An advantage of this form of business is that there is limited liability for stockholders.

Accepted Answer

corporation

Question 26

Relationship between price and Quantity Supplied

Accepted Answer

increase and decrease together, move in opposite directions

Question 27

What is the most common business type in the United States?

Accepted Answer

sole proprietorship

Question 28

An employer sees higher education as a symbol of dedication and intelligence

Accepted Answer

Screening Effect

Question 29

Type of risk based on a persons/firms history of paying back loans.

Accepted Answer

credit

Question 30

Which of these creates a left shift in supply for black leather shoes?

Accepted Answer

Price of leather increases

Question 31

This type of card allows you to withdraw money from your checking account

Accepted Answer

debit card

Question 32

What is the money called when you make a profit from an investment?

Accepted Answer

Returns

Question 33

What is a fringe benefit?

Accepted Answer

Benefits other than an employees salary

Question 34

This form of currency is backed up by a set amount of a precious metal held in reserve

Accepted Answer

representative currency

Question 35

Which of the following is a maximum price set on a good or service?

Accepted Answer

Price Ceiling

Question 36

Which organization has the responsibility of protecting workers and setting safety standards?

Accepted Answer

OSHA

Final Exam Review 11th Grade Economics

Questions 36

Final Exam Review 11th Grade Economics

Questions 36