AnswersOC27 Economics-2102310-Sem-MeadowsEconomic Development

Economic Development — Cumulative exam Answers

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Public property is land or goods

A
owned by an individual.
B
owned by the government.
C
used for private businesses.
D
used to gain personal wealth.
42
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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
43

Which occurs during disequilibrium? Check all that apply.

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.
44

People who oppose labor unions believe that unions

A
keep more qualified workers from being hired.
B
create more new jobs than workers can fill.
C
make many businesses more competitive.
D
encourage employers to reduce salaries.
45

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.
46

Which economic indicators are used to measure the global economy? Choose four answers.

A
purchasing power parity
B
trade volumes
C
spending power parity
D
labor market data
E
gross domestic product
F
trade deficits and surpluses
47

What new laws did the New York Factory Investigating Commission request? Check all that apply.

A
no factory workers under age ten
B
use of central air-conditioning systems
C
a minimum wage for all workers
D
increased sanitation standards
E
fire alarms and sprinkler systems
48

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.
49

What is one example of a closed economy?

A
a barter system that does not rely on money or other currency
B
a restricted system that blocks trade with international partners
C
a trade-based system that encourages the flow of goods and services
D
an old-fashioned system that preserves traditional choices and customs
50

Which best describes what happens to a corporation after its founders retire?

A
It shuts down operations.
B
It transfers to new owners.
C
It continues in business.
D
It sells out to shareholders.

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