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