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Econ Final Exam Review
Econ Final Exam Review
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Answers
1
Which best describes an opportunity cost?
giving up an opportunity to do something else
accepting an opportunity to help accomplish something else
giving up an opportunity to increase prices
accepting an opportunity to do something
2
What is one cause of scarcity?
limited resources
choice of resources
renewable resources
lack of resources
3
Government regulation is intended to
encourage producers to take negative actions
encourage producers to follow the Constitution
discourage producers from taking harmful actions
discourage producers from making a profit
4
Put the 4 stages of the business cycle in order.
prosperity, recession, depression, recovery
depression, recession, recovery, prosperity
recession, depression,prosperity, recovery
recovery, prosperity, recession, depression
5
Liquidity refers to
how quickly money can be exchanged
the true monetary value of an investment
how much wealth an individual has
the shifting supply of money in the economy
6
Governments collect taxes to ensure that
there is enough money to meet the needs of all citizens
money is never borrowed by the government
citizens contribute to meeting society's needs
politicians get paid in a timely manner
7
Which best describes what happens to a corporation after its owners retire?
it continues in business
it sells out to shareholders
it transfers to new owners
it shuts down operations
8
In economics, if a good is inelastic,
producers have lost interest in producing
supply or demand is too sensitive to price changes
consumers have lost interest in buying
Supply and demand is not sensitive to price changes
9
Assessing opportunity cost involves
reviewing past decisions and changing them
minimizing profit and loss
choosing consequences over rewards
making choices and dealing with consequences
10
What is the full name for the Central Bank?
The Securities and Exchange Commission
The Federal Deposit Insurance Corporation
The Federal Financial Institution
The Federal Reserve Bank
11
What budget allocation can be changed if you alter your daily spending habits?
insurance
car payment
savings
rent
12
What is macroeconomics?
the economy's behavior
the economy's viability
interactions between consumers and producers
relationship between supply and demand
13
The most common business organizations the U.S. are
sole proprietorship
corporations
partnerships
franchises
14
The government collecting taxes to spend on society is an example of
Fiscal Policy
The Federal Debt
government spending
The National Economy
15
An entrepreneur
works for multiple developing businesses
is an employee of a business
starts and runs a business
invents products for other businesses
16
What is the role of the 3 questions of economics?
to assess product profitability
to aid in production decisons
to offset a poor economy
to determine quality and cost
17
Which best describes the availability of substitutes in a monopoly?
there are different brands
products have diffferent features
there are no substitutes
price points vary
18
Apple comes out with the I-Phone 7, what happens to the price of the I-phone 6?
Price will stay the same
Price will rise
Price will fall
Apple stops making it
19
How are individuals and economies similar?
both choose whether to use renewable resources
both decide how to allocate resources
both recognize issues with resources
both categorize available resources
20
If the govt. injects money into the economy, consumers purchase more, which results in
increase in production
lower production
increase in taxes
higher unemployment
21
What is the most common economic system in the world?
command
traditional
closed
free market
22
If you are on a budget, what are you most concerned with?
needs and wants
needs
limits
wants and limits
23
What role does competition play in international trade?
drives down prices for consumers
does away with the need for investment
results in higher prices
discourages imports
24
One consequence of using automation to improve production is
costs often rise for producers
fewer jobs are available
production can slow down
prices often rise for consumers
25
In a free market system, price controls can include both floors and
penalty
taxes
walls
ceilings
26
A mixed market economy is one in which
govt. has complete control
govt. makes no regulations
there is competition and free enterprise
there are strict limits on economic choice
27
What does GDP measure?
total supply
total demand
total output
total input
28
Where is the point of equilibrium on a graph?
the point where supply and demand rise
the point where supply and demand meet
the point where supply and demand drop
29
Which best explains the Law of Supply?
as price falls, supply rises
as price rises, supply rises
30
All resources are
renewable
limited
non-renewable
allocated
31
Which best explains the Law of Demand?
as price falls, demand rises
as price increases, demand increases
32
What is the government's aim in setting quotas?
to limit export of domestic goods
create competition in the market
to keep tariffs high
increase sales of domestic goods
33
Low inflation is a sign of
a healthy economy, rise in demand
a struggling economy, fall in supply
a healthy economy, rise in supply
a struggling economy, fall in demand
34
The Fed's aim in responding to a recession is to decrease
government spending
available cash
consumer borrowing
interest rates
