Which conclusion about sales and excise taxes is supported by the graph?

They follow a regressive pattern

Which of the following reflects the information in thetable?

A.A rise in the cost of an input will cause a fall insupply.

Which statement represents the direct role of the Federal Reserve in this diagram?

The Federal Reserve controls the money supply

Look at the chart. Which scenario best reflects the income effect?

A.Ian cuts back on all of his purchases.

Based on the information in the table, how do state taxes help residents afford college?

in-state public or community college, pay lower rates

Which factor allows firms in an oligopoly to set their ownprices?

A. Only a few firms control the majority of the market.

Why is the object in this photo an example of commodity money?

The coin is valuable separate from being a method ofexchange

When the price of an online subscription rises $10 to $30 per month, what is a likely result?

C. There will be a decrease in the number of subscribers.

What is the result of one firm controlling an entiremarket?

The firm is able to set prices in a noncompetitive manner.

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ECONOMICS FINAL EXAM PRACTICE

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A study guide for economics

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Questions 46

Answers

1
Which conclusion about sales and excise taxes is supported by the graph?
They follow a proportional pattern
They follow a constant pattern.
They follow a progressive pattern.
They follow a regressive pattern
2
?
D
B
C
A
3
Which of the following reflects the information in thetable?
C.Decreasein the costof aninput willcause decrease insupply.
A.A rise in the cost of an input will cause a fall insupply.
B.A rise in cost of an input will cause increase in supply.
D.Increases and decreases in inputcosts do not affectsupply.
4
The photograph best represents the use of
physical capital.
human capital
entrepreneurship.
cost/benefit analysis.
5
?
B
A
D
C
6
?
A
C
B
D
7
What function does money serve to a person who is deciding where to buy a newbike?
B
C
D
A
8
?
D
B
C
A
9
?
B
D
A
C
10
A new company employee is an example of which kind of productive resource?
ENTREPRENEURIAL RESOURCE
HUMAN RESOURCE
CAPITAL RESOURCE
NATURAL RESOURCE
11
Why might a financial planner encourage you to invest your money in mutualfunds?
C
D
B
A
12
?
B
D
C
A
13
?
D
C
A.
B
14
The rights of free contract and voluntary exchange best reflect which goal?
A. economic freedom
B. efficiency
D. legalequality
C. equity
15
?
D
C
A
B
16
?
C
B
D
A
17
?
A
C
D
B
18
?
A
B
D
C
19
?
C
A
B
D
20
?
D
B
A
C
21
?
C
A
D
B
22
Which statement represents the direct role of the Federal Reserve in this diagram?
The Federal Reserve regulates the rate of interests in loans
The Fed provides direct cash withdrawals to individuals.
The Federal Reserve controls the money supply
The Federal Reserve makes loans to business owners.
23
?
C
A
D
B
24
Which of the following is a way the federal government spends taxes in a mandatory manner?
to provide unemployment benefits
to provide for public education
to provide for the national defense
to provide retirement benefits
25
Look at the chart. Which scenario best reflects the income effect?
C.Jed responds by purchasing more in other areas.
B.Holly responds by buying less fruit but more vegetables.
A.Ian cuts back on all of his purchases.
D. Noemi increases her purchases before more priceincreases.
26
Which of the following services might be reduced if local property taxes were reduced?
U.S.military
Social Security
interstate highways
public transportation
27
?
B
C
G
A
28
?
B
C
A
D
29
?
C
D
A
B
30
Based on the information in the table, how do state taxes help residents afford college?
out-of-state public or community college, pay a lower rates
in-state public or community college, pay lower rates
in-state private college, they pay a lower rate of tuition.
out-of-state private college, pay a lower rates of tuition
31
?
B
C
D
A
32
The cartoon illustrates how the U.S. Constitution protects andregulates
D. property rights.
A. taxation.
.C. intellectual property.
B. freedom of movement.
33
?
D
C
B
A
34
The points on the production possibilities frontier in this chart allrepresent
C. efficient use of resources.
B. underutilization of resources.
A. opportunity costs.
D. two different types ofresources.
35
Which of the following countries has the freest market system?
C. China
D. UnitedStates
A. North Korea
B. Singapore
36
?
B
A
D
C
37
Which factor allows firms in an oligopoly to set their ownprices?
D. Government regs allow such firms to set their own prices.
A. Only a few firms control the majority of the market.
.B. Each firm supplies a differentiated product.
C.High barriers keep competitors from entering the market.
38
which statement is a characteristic of partnerships in regard to personal liability?
A
C
B
D
39
Why is the object in this photo an example of commodity money?
The coin is valuable separate from being a method ofexchange
The coin is a reminderof contributions tothe monetarysystem.
The coin is used to purchase goods from other countries
The coin is representative of currency in a barter system
40
When the price of an online subscription rises $10 to $30 per month, what is a likely result?
C. There will be a decrease in the number of subscribers.
B. There will be an increase in employee wages.
D.There will be a decrease in the number of moviesAvailable.
A. There will be an increase in overall profits.
41
.
D
B
A
C
42
Which post- Great Depression economic policies are best represented by the graphs above?
supply-side economics
laissez-faire economics
classical economics
Keynesian economics
43
What is the result of one firm controlling an entiremarket?
IT is able tokeep out competitors by keeping entry costshigh
The firm is able to control regulation of its industry.
The firm is able to set prices in a noncompetitive manner.
The firm is able to controldemand for the products itoffers.
44
?
C
A
D
B
45
?
D
C
B
A
46
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C
D
A
B

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