AnswersAlvirne Pre-Algebra CRPrescriptive Test

Prescriptive Test — Cumulative exam Answers

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21
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If Country A is an agricultural country and Country B has many cities and factories, it would make sense for

A
both countries to set up car manufacturing plants.
B
Country A to specialize in growing corn while Country B specializes in making cars.
C
Country A to specialize in making cars while Country B specializes in growing corn.
D
both countries to compete in growing more corn.
22
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Aggregate supply is best described as the

A
total output of all products and services.
B
point of equilibrium.
C
nation’s real gross national product.
D
excess supply in the market.
23

Which best describes why a company issues stocks?

A
to increase the company’s value
B
to ensure profits
C
to increase dividends
D
to raise capital
24

indexesquotesfuturestrades

A
indexes
B
quotes
C
futures
D
trades
25

W-2 formW-4 form1040 formtax return

A
W-2 form
B
W-4 form
C
1040 form
D
tax return
26

Look at the following chart.

Question illustration
A
analyzing the climate to see which fruit would grow better.
B
studying the profitability of growing apples versus oranges.
C
researching what competitors are doing.
D
choosing to grow both fruit varieties or only apples.
27

The law of supply states that as the price of a good declines, the quantity supplied of that good

A
remains the same.
B
decreases.
C
increases.
D
disappears.
28

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.
29

Which of these practices describe how producers in oligopolies generally try to create competition? Check all that apply.by keeping prices lowby offering promotionsby advertisingby cultivating brand loyaltyby overcoming barriers to entryby developing a specific image

A
by keeping prices low
B
by offering promotions
C
by advertising
D
by cultivating brand loyalty
E
by overcoming barriers to entry
F
by developing a specific image
30

Which occurs during disequilibrium? Check all that apply.Supply and demand meet.Supply is less than demand.Supply and demand set prices.Supply is greater than demand.Supply and demand set production.

A
Supply and demand meet.
B
Supply is less than demand.
C
Supply and demand set prices.
D
Supply is greater than demand.
E
Supply and demand set production.
31

The graph shows a point of equilibrium.What is the price at which equilibrium is achieved?

Question illustration
A
$8
B
$9
C
$10
D
$30
32

According to the law of demand, as prices increase, quantity demanded

A
increases.
B
decreases.
C
stays the same.
D
disappears.
33

The chart shows pricing and payment options for two big-ticket items.

Question illustration
A
rent-to-own; installment
B
installment; rent-to-own
C
rent-to-own; rent-to-own
D
save up and pay cash
34

Who was Adam Smith?

A
He was a philosopher who promoted the idea of free enterprise.
B
He was an economist who spoke against the market economy.
C
He was an official who ran an important government agency.
D
He was a producer who operated a factory in Scotland.
35

What is true of the M1 category of money?

A
It is not usually in circulation.
B
It cannot be quickly exchanged.
C
It can be easily liquidated.
D
It is in investment accounts.
36

Jacob is considering buying a new car. Which nonrenewable resource should influence the decision?

A
labor
B
water
C
minerals
D
petroleum
37

Banks that offer low interest rates to people with good credit

A
maximize profits at little risk.
B
sacrifice profits for less risk.
C
maximize profits at great risk.
D
sacrifice profits for more risk.
38

If a computer costs $600.00 and the sales tax rate is 7.5 percent, what is the total cost of the computer?

A
$607.50
B
$615.00
C
$622.50
D
$645.00
39

When does government regulate producers in a mixed-market economy?

A
always
B
as needed
C
as requested
D
never
40

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.

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