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Cumulative Exam — Cumulative exam Answers

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Which statement best explains why it can be difficult to identify a problem?

A
A problem can be simple or complicated.
B
A problem can be personal or emotional.
C
A problem can be large or small.
D
A problem can affect people or places.
42
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What are the two steps a producer can take to gain an absolute advantage?Produce more goods.Use high-quality resources.Produce more expensive goods.Use fewer resources.Produce high-quality goods.Use local resources.

A
Produce more goods.
B
Use high-quality resources.
C
Produce more expensive goods.
D
Use fewer resources.
E
Produce high-quality goods.
F
Use local resources.
43

In a competitive market, a computer store offers customers a warranty to help pay for any future damages. This is an example of

A
following a federal regulation.
B
lowering prices for customers.
C
reducing the risk for consumers.
D
creating a new or better product.
44

If it becomes less expensive to travel overseas from the United States, American tourists will benefit from the fact that

A
tourist sites are getting crowded and dirty.
B
the US dollar has become stronger.
C
prices of foreign goods are rising.
D
the US dollar has declined in value.
45

Demand-pull inflation occurs when

A
the price of goods rises suddenly and extremely fast.
B
consumers begin purchasing more goods.
C
producers need more money to make and distribute goods.
D
the government prints more money and pushes prices up.
46

Which is the best definition of hyperinflation?

A
a gradual decrease in the price of goods and services
B
a gradual increase in the price of goods and services
C
an exponential decrease in the price of goods and services
D
an exponential increase in the price of goods and services
47

indexesquotesfuturestrades

A
indexes
B
quotes
C
futures
D
trades
48

Economists use changes in GDP to measure

A
the balance of trade with other countries.
B
any economic growth or shrinkage.
C
the causes of unemployment.
D
the distances between cities.
49

In which situation would a savings account be the best investment to earn interest?

A
when you need to make frequent payments for bills
B
when you have to pay monthly installments for a loan
C
when you need immediate access to cash
D
when you want to buy a new car in 3 years
50

What is one example of a closed economy?

A
a barter system that does not rely on money or other currency
B
a restricted system that blocks trade with international partners
C
a trade-based system that encourages the flow of goods and services
D
an old-fashioned system that preserves traditional choices and customs

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