AnswersFinancial Literacy WMHS - Semester 1Introduction to Economics

Introduction to Economics — Cumulative exam Answers

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Which of these is not a main advantage for a business joining a cooperative?

A
Lower costs for purchasing supplies
B
Pooling products for better selling prices
C
Sharing costs for needed services
D
Having a larger vote than smaller companies
43
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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
44

Jan went grocery shopping and only bought items which had been marked down. The items she bought, along with their prices, can be seen below. Item Final Price Markdown Chicken $8.47 15% Milk $2.16 20% Onions $0.89 10% Potato chips $1.45 12% Oranges $1.36 25% Flour $4.39 18% What would be the total of Jan's grocery bill if she purchased all of the items before they were marked down? a. $15.85 b. $16.50 c. $22.46 d. $24.66 Please select the best answer from the choices provided

A
A
B
B
C
C
D
D
45

A company that makes mobile phones introduces a new, faster model that has strong consumer interest. However, the old model is still available. What will most likely happen to the price of the old model, and why?

A
The price will fall to encourage consumers to continue to purchase it.
B
The price will rise to encourage the producer to make more old models.
C
The price will fall to discourage the producer from making more old models.
D
The price will rise to encourage consumers to buy both models in equal amounts.
46

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.
47

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.
48

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
49

Which are affected by the factors of production? Choose three answers.

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
50

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

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