AnswersSHS Lifetime Fitness - 2021Cumulative Exam

Cumulative Exam — Cumulative exam Answers

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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.
43
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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.
44

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.
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

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