AnswersEAP-Economics and Personal Finance BCumulative Exam

Cumulative Exam — Cumulative exam Answers

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1
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What type of economic growth do most developed economies experience?

A
rapid growth
B
unpredictable growth
C
moderate growth
D
slow growth
2
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A chart that shows the connection between consumer demand and price is a

A
market schedule.
B
market curve.
C
demand curve.
D
demand schedule.
3

Which statements correctly explain price floors and price ceilings? Choose four answers.Ineffective price floors tend to be too high.Ineffective price ceilings tend to be too low.Price floors help producers by raising prices.Price ceilings help consumers by lowering prices.Effective price floors are set above equilibrium.Effective price ceilings are set below equilibrium.

A
Ineffective price floors tend to be too high.
B
Ineffective price ceilings tend to be too low.
C
Price floors help producers by raising prices.
D
Price ceilings help consumers by lowering prices.
E
Effective price floors are set above equilibrium.
F
Effective price ceilings are set below equilibrium.
4

What is one purpose of studying economics?

A
to understand the reasons why people purchase certain goods
B
to find reasons why some resources become scarce
C
to determine the principles that explain why consumers buy services
D
to examine principles that influence the production of goods and services
5

Which statements best explain how globalization offers an advantage to businesses? Choose four answers.Businesses can take advantage of favorable laws to make products cheaply.Businesses can take advantage of favorable taxes to make products cheaply.Businesses can take advantage of new forms of technology to make products cheaply.Businesses can take advantage of new forms of democracy to make products cheaply.Businesses can take advantage of faster technology to make products faster.

A
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
C
Businesses can take advantage of new forms of technology to make products cheaply.
D
Businesses can take advantage of new forms of democracy to make products cheaply.
E
Businesses can take advantage of faster technology to make products faster.
6

Land is considered a resource because it

A
is always available to use.
B
is used to produce things.
C
costs little or nothing to use.
D
requires labor to be useful.
7

Which form of transportation has led to more efficient business in a global market?

A
helicopters
B
high-speed trains
C
tractor trailers
D
cargo ships
8

What are the signs of low inflation? Check all that apply.Demand steadily rises.Demand steadily falls.Prices continue to increase.Prices continue to decrease.The economy grows in a healthy way.The economy stagnates and struggles.

A
Demand steadily rises.
B
Demand steadily falls.
C
Prices continue to increase.
D
Prices continue to decrease.
E
The economy grows in a healthy way.
F
The economy stagnates and struggles.
9

What is an example of goods?

A
a hotel room
B
a good haircut
C
a car wash
D
a hard cover book
10

Which is the best title for this diagram?

Question illustration
A
The Definition of Supply
B
Factors That Affect Supply
C
Elasticity and Competition
D
The Law of Supply
11

Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws?

A
the SEC
B
the FDA
C
OSHA
D
the FDIC
12

private closefactor

A
private
B
close
C
factor
13

Opportunity cost means that something needs to be

A
replenished.
B
given up.
C
ignored.
D
paid for.
14

The highest amount a landlord can charge for rent is an example of

A
an incentive.
B
a price floor.
C
a price ceiling.
D
an elastic service.
15

The graph shows US trade with China from 1990 to 2018.

Question illustration
A
The United States has a trade surplus with China.
B
China’s economy is declining, which has harmed trade.
C
The United States has a trade deficit with China.
D
China’s economy is improving, which has helped trade.
16

This graph shows the US unemployment rate from August 2010 to November 2011. This graph could help the US government

Question illustration
A
allocate natural resources.
B
limit production nationwide.
C
make an economic prediction.
D
address a shortage emergency.
17

Both a demand curve and a demand schedule show how

A
prices affect consumer demand.
B
consumer demand affects income.
C
prices affect complementary goods.
D
consumer demand affects substitute goods.
18

When individuals are looking for jobs but are unable to find work, they are said to be .

Answer not available
19

increasesdecreasesstays the same

A
increases
B
decreases
C
stays the same
20

Cost-push inflation occurs when

A
consumers begin purchasing more goods.
B
producers need more money to make and distribute goods.
C
the government prints more money and pushes prices up.
D
consumers have more money to spend on goods and services.

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