AnswersEAP-Economics and Personal Finance BCumulative Exam

Cumulative Exam — Cumulative exam Answers

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21
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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.
22
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Which are affected by the factors of production? Choose three answers.the demand of the itemthe availability of the itemthe cost of the itemthe quality of the itemthe popularity of the item

A
the demand of the item
B
the availability of the item
C
the cost of the item
D
the quality of the item
E
the popularity of the item
23

worthlessplentifulelasticinelastic

A
worthless
B
plentiful
C
elastic
D
inelastic
24

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.
25

The US Department of Education reaches its goals by

A
delegating responsibility to state and local leaders.
B
depending on other organizations to create new policy.
C
supporting the efforts of state and local leaders.
D
overseeing individual districts and schools directly.
26

The factors of production include the number of

A
customers needed to make a profit on a good.
B
consumers who show an interest in a good.
C
employees needed to manufacture a good.
D
producers who supply the same good.
27

President Roosevelt’s New Deal created programs that were

A
administered by the federal government.
B
based on the principles of the Great Society.
C
considered constitutional in their purpose.
D
solely funded by individual state governments.
28

John Maynard Keynes developed new economic theories in response to the

A
stock market crash of 1929.
B
Great Depression of the 1930s.
C
first and second world wars.
D
economic boom of the 1950s.
29

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.
30

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.
31

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

A
always
B
as needed
C
as requested
D
never
32

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.
33

Businesses can use globalization to their advantage by

A
creating trade barriers to other countries.
B
reducing exports to other countries.
C
finding customers in other countries.
D
insourcing jobs in other countries.
34

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

A
labor
B
water
C
minerals
D
petroleum
35

What is an example of scarcity

A
an abundance of resources
B
limited resources
C
renewable resources
D
a choice of resources
36

The higher a country’s gross domestic product (GDP), the more likely it is that the country

A
is wealthy.
B
is developed.
C
has high inflation.
D
has little debt.
37

Which are indicators that economists use to measure how an economy grows? Select two options.monitoring election resultsmeasuring how much the economy producesmonitoring the popularity of different music groupsstudying the economy of another countrytracking the unemployment rate

A
monitoring election results
B
measuring how much the economy produces
C
monitoring the popularity of different music groups
D
studying the economy of another country
E
tracking the unemployment rate
38

It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, and discontinuation of shirt production is considered their __________.

A
opportunity cost; production cost
B
production cost; resource cost
C
production cost; opportunity cost
D
resource cost; production cost
39

A regulatory agency that attempts to limit risk in the banking system is

A
the FDA.
B
the EPA.
C
the OCC.
D
the HHS.
40

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

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