AnswersSEPHS - SOC240 - Economics FallCumulative Exam

Cumulative Exam — Cumulative exam Answers

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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
42
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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.
43

Which best describes how advertising influences consumer choice in an oligopoly?

A
Advertising coaxes people to buy new products.
B
Advertising alerts consumers to price reductions.
C
Advertising undermines competition.
D
Advertising informs brand knowledge.
44

Which of these practices describe how producers in oligopolies generally try to create competition? Check all that apply.

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
45

Hyperinflation can occur when

A
consumers begin purchasing more goods.
B
producers need more money to make and distribute goods.
C
companies raise prices to pass on costs to consumers.
D
the government prints a ton of money in order to pay off its debt.
46

In a mixed market economy, property owned by the government

A
can be used by many citizens.
B
can cause economic inequality.
C
can help promote personal wealth.
D
can be used for private businesses.
47

The graph shows a point of equilibrium.What does "Q” represent on the graph?

Question illustration
A
the point where equilibrium is achieved
B
the quantity at the equilibrium point
C
the average cost of goods sold
D
the point where supply and demand drop
48

Which best describes how the government sanctions technological monopolies?

A
by creating the technology itself
B
by prohibiting others from entering the market
C
by issuing a patent for the technology
D
by authorizing one producer
49

The circular flow model examines interactions between which sectors of the economy? Select THREE answers.privategovernmentforeigntechhouseholds

A
private
B
government
C
foreign
D
tech
E
households
50

Rabia does not currently have a job, but declined a job offer because she feels her skills merit better pay and a better position. Which terms can be used to describe Rabia? Select two options.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

A
cyclically unemployed
B
domestically unemployed
C
frictionally unemployed
D
structurally unemployed
E
still employed
F
unemployed
51

The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?

Question illustration
A
15
B
20
C
25
D
30
52

The graph shows demand.In order to achieve equilibrium, what else must be included on the graph?

Question illustration
A
disequilibrium
B
supply curve
C
excess supply
D
excess demand
53

The amount of goods and services consumers want is called the

A
count.
B
demand.
C
number.
D
supply.
54

How is using money related to bartering?

A
It is a substitute for bartering.
B
It is the opposite of bartering.
C
It is a newer form of bartering.
D
It is an old form of bartering.
55

Revenue and expenditures are sitting on a balance. Expenditures are lower than revenue.

Question illustration
A
a budget surplus
B
a budget deficit
C
a balanced budget
D
a plan to balance the budget
56

What is the relationship between aggregate demand and the price level?

A
They are inversely related.
B
They are directly related.
C
They are unrelated.
D
They fluctuate randomly.

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