The three economic questions are,

what to produce, how to produce and for who to produce

lowers prices and increases quality

An entrepreneur is someone

who combines the three factors of production

A negativity externality is,

a unwanted side effect of a market transaction that harms someone

"Open Market Operations" means

the buying and selling of government bonds

The federal funds rate

is the interest rate that banks charge one another for a loan

The Opportunity Cost of a decision is

the second best choice that was not undertaken

The North American Free Trade Agreement (NAFTA)

led to job losses in the American auto sector

The free rider problem

is when someone may benefit by enjoying the use without paying

Thinking at the margin means

whether or not to add or subtract a unit

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The Ultimate Review for the 2022 Comprehensive Test

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Questions 33

Answers

1
The three factors of production are,
land, labor and capital
land, labor and investments
investments, capital and inflation
land, ppf and capital
2
The United States has a ? economy
command
traditional
mixed
laisezz faire
3
A point underneath the PPF is
a future production possibilities point
an indicator that there is too many factors of production being utilized
inefficient
efficient
4
Expansionary fiscal policies are implemented when
the economy is siffering from inflation
banks are deregultaed
the economy is in a recession
the economy is very strong
5
The three economic questions are,
if to produce, how much to charge and what style
how much to charge, when to produce and how much to produce
what to produce, how to produce and for who to produce
if to produce, what color to produce and how much to charge
6
The Office of Management and Budget,
is part of the executive branch
Both Red and Brown are True
develops the presient's budget
is part of the legislative branch
7
Title ? outlawed discrimination in employment
V
VI
VII
X
8
A major and significant cause of poverty is,
a lack of education
expansionary fiscal policies
high reserve requirements for banks
de-regulation ofthe economy
9
Corporations raise money by
merging wih another corporation
buying stocks
taking out loans
selling stocks
10
The money multiplier formula is
Initial deposit x the federal funds rate
Initial deposit x the discount rate
Initil deposit x RRR/100
Initial deposit x 1/RRR
11
Raising taxes is an example of,
contractionary monetary policy
contractionay fiscal policy
expansionary fiscal policy
expansionary monetary policy
12
Which indicator is the most accurate indicator of economic growth ?
SEC
Real GDP
Nominal GDP
CPI
13
Economic competition
is supported by the government to cause bankruptcies
causes the marketplace to be inefficient
is bad
lowers prices and increases quality
14
A government payment in support of a business within a particular industry is,
an excise tax
a price ceiling
a subsidy
a tariff
15
An entrepreneur is someone
who combines the three factors of production
who has failed in business
who invents a new technolgy
who is a paid executive in a corporation
16
As one moves farther in one direction along the PPF the opportunity cost,
doesn't change due to the equailbrium principle
increases
decreases
is inversely related to the starting point
17
A negativity externality is,
an economic indicator about how the stock market is performing
when there is a trade deficit
a wanted side effect of a market transaction
a unwanted side effect of a market transaction that harms someone
18
Public Goods are provided when,
the private sector would be less efficient than the public sector
it is difficult to exclude non-payers
there is a free rider problem
All of the aforementioned
19
The author of the Wealth of Nations is,
John Maynard Keynes
Milton Friedman
Paul Krugman
Adam Smith
20
"Open Market Operations" means
the level of employment
adjusting interest rates up or down
the buying and selling of government bonds
that the stock market has crashed
21
The federal funds rate
is the interest rate that banks charge one another for a loan
is the interest rate that cinsumers pay at banks
is the interest rate that the federal reserve charges banks
is the interest rate that consumers pay at credit unions
22
The Opportunity Cost of a decision is
the second best choice that was not undertaken
what was gained by the decision
None of the aforementioned
the decision that was undertaken
23
A major economic loss of thousands of jobs leadingto massive unemployment is known as what type of unemployment?
Cyclical
Frictional
Structural
Seasonal
24
The North American Free Trade Agreement (NAFTA)
was abolished in 2021
led to job losses in the American auto sector
only had negative impacts on the American economy
only had positive economic effects on America
25
Real GDP unlike nominal GDP includes
the balance of trade in its determination
the federal funds rate in its determination
inflation in its determination
interest rates in its determination
26
GDP measures
inflation
economic growth
international trade
employment
27
Labor unions were strenthened during the New Deal by which piece of legislation?
DOMA (1996)
The Boland Act (1986)
Taft-Hartley Act (1947)
The Wagner Act (1935)
28
The free rider problem
has not occured since the Great Depression of 1929
never occurs in a free market economy
is resolved by the market forces of a market economy
is when someone may benefit by enjoying the use without paying
29
If the percentage paid in taxes increases as ones income increases then this is ? tax
regressive
progressive
flat
excise
30
Thinking at the margin means
whether or not to add or subtract a unit
to calculate the rate of employment
to calculate inflation
to calculate interest rates
31
Individuals appointed to the Federal Reserve serve a term of how many years?
14
10
12
6
32
An example of a technological monopoly is
patents and copyrights
the NFL
a franchise
public water
33
Inflation for consumers is measured by
GNP
CPI
GDP
SEC

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