AnswersPISD-Economics CR 2024Cumulative Exam

Cumulative Exam — Cumulative exam Answers

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What is an example of scarcity

A
an abundance of resources
B
limited resources
C
renewable resources
D
a choice of resources
42
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In a mixed market economy, what is a typical way the government can reduce unemployment?

A
The government can pay for projects to create work.
B
The government can control new factories to provide jobs.
C
The government can create new farm fields to hire workers.
D
The government can raise taxes to encourage employment.
43

It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, and discontinuation of shirt production is considered their __________.

A
opportunity cost; production cost
B
production cost; resource cost
C
production cost; opportunity cost
D
resource cost; production cost
44

Which are affected by the factors of production? Choose three answers.the demand of the itemthe availability of the itemthe cost of the itemthe quality of the itemthe popularity of the item

A
the demand of the item
B
the availability of the item
C
the cost of the item
D
the quality of the item
E
the popularity of the item
45

Why do most nations use fiat money today?

A
Governments are able to exert control over the value of fiat money.
B
Fiat money is stable and will not lose value during economic downturns.
C
Fiat money will maintain its value despite fluctuating exchange rates.
D
Governments know that fiat money derives its value from gold and silver.
46

An extended recessionary period is indicative of

A
a depression.
B
the start of a recovery.
C
a growing economy.
D
the end of a recession.
47

Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy’s

A
total product.
B
total demand.
C
total input.
D
total output.
48

Which best describes what happens to a corporation after its founders retire?

A
It shuts down operations.
B
It transfers to new owners.
C
It continues in business.
D
It sells out to shareholders.
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indexesquotesfuturestrades

A
indexes
B
quotes
C
futures
D
trades
50

Economists can use new technology to

A
study data and patterns.
B
create and apply automation.
C
improve production and shipping.
D
increase demand and consumption.

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