AnswersSHS Lifetime Fitness - 2021Cumulative Exam

Cumulative Exam — Cumulative exam Answers

0 verified answers1 views
21
Free Preview

When it spends money on education, a government is trying to

A
find a way to meet a social need.
B
encourage immediate economic growth.
C
meet a social need and improve the economy.
D
find a way to spend budget surpluses.
22
Free Preview

What is an example of scarcity

A
an abundance of resources
B
limited resources
C
renewable resources
D
a choice of resources
23

The graph shows a demand curve with the price of a good compared to the quantity demanded.What does this graph demonstrate?

Question illustration
A
the amount of microwaves produced increases the price
B
the amount of microwaves produced decreases the price
C
the price decreases with a larger quantity demanded
D
the price increases with a larger quantity demanded
24

If expansionary taxation policies are left unchecked, which is the most likely result?

A
reduced profits
B
high inflation
C
reduced production
D
reduced disposable income
25

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.
26

Corporate taxes are a type of

A
income tax.
B
property tax.
C
sales tax.
D
excise tax.
27

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.
28

Economic policy must strike a balance between ideals and

A
freedom.
B
needs.
C
supply and demand.
D
private property.
29

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

A
labor
B
water
C
minerals
D
petroleum
30

The chart shows the marginal cost of producing apple pies.This chart demonstrates that the marginal cost

Question illustration
A
initially decreases as production increases.
B
initially increases as production increases.
C
eventually decreases as production increases.
D
eventually increases as production decreases.
31

How does a socialist government with a command economy manage its economy?

A
The government lets producers set wages for workers.
B
The government owns all homes and other forms of housing.
C
The government allows consumers to make their own choices.
D
The government controls factories and other forms of production.
32

The Fed may respond to a recession by

A
discouraging consumer borrowing.
B
decreasing interest rates.
C
decreasing government spending.
D
decreasing available credit.
33

Why is the slow growth that can result from a contractionary policy a positive effect?

A
It can increase loan interest rates.
B
It can decrease available credit.
C
It can increase the money supply.
D
It can decrease inflation.
35

Which best describes an opportunity cost?

A
accepting an opportunity to do something else when making an economic decision
B
giving up an opportunity to do something else when making an economic decision
C
accepting an opportunity to help accomplish something else when making an economic decision
D
giving up an opportunity to increase prices when making an economic decision
36

What is one main objective in the study of economics?

A
recognizing the types of services available to everyone
B
recognizing the relationship between producers and consumers
C
recognizing the reasons why consumers supply services
D
recognizing the difference between producers and consumers
37

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
38

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.
39

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.
40

What is the role of the three questions of economics?

A
to assess product profitability
B
to aid in production decisions
C
to offset a poor economy
D
to determine quality and cost
41

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.

Did you find these answers helpful?

More from this Course

Instruction
3 verified answers

Instruction

Quiz
10 verified answers

Understanding College Savings

Assignment
3 verified answers

Understanding College Savings