Cumulative Exam Answers

The graph shows a point of equilibrium.What is the price at which equilibrium is achieved?

worthlessplentifulelasticinelastic

How does a socialist government with a command economy manage its economy?

The law of supply states that as the price of a good declines, the quantity supplied of that good

Which statement is most accurate about the hourly pay a worker receives?

What is a state source of revenue?

What is an example of scarcity

If Country A is an agricultural country and Country B has many cities and factories, it would make sense for

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

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

Adam Smith believed the government’s role in laissez-faire capitalism was

If it becomes less expensive to travel overseas from the United States, American tourists will benefit from the fact that

People who oppose labor unions believe that unions

In a free market system, price control can include both a floor and a .

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

Who was Adam Smith?

Economists can use new technology to

What is one way that technology can improve the production of goods?

Which occurs during disequilibrium? Check all that apply.Supply and demand meet.Supply is less than demand.Supply and demand set prices.Supply is greater than demand.Supply and demand set production.

The graph shows a point of equilibrium.What is the price at which equilibrium is achieved?

Banks that offer low interest rates to people with good credit

What are the two steps a producer can take to gain an absolute advantage?Produce more goods.Use high-quality resources.Produce more expensive goods.Use fewer resources.Produce high-quality goods.Use local resources.

What is one way that technology can improve the production of goods?

Which occurs during disequilibrium? Check all that apply.Supply and demand meet.Supply is less than demand.Supply and demand set prices.Supply is greater than demand.Supply and demand set production.

John Maynard Keynes developed new economic theories in response to the

What is the best definition of profit?

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

When entrepreneurs develop new products, other companies also experience growth because they

The chart shows the marginal cost of producing apple pies.This chart demonstrates that the marginal cost

In a competitive market, a computer store offers customers a warranty to help pay for any future damages. This is an example of

In a mixed market economy, what is a typical way the government can reduce unemployment?

worthlessplentifulelasticinelastic

Which best describes an opportunity cost?

indexesquotesfuturestrades

Corporate taxes are a type of

How does a socialist government with a command economy manage its economy?

Demand-pull inflation occurs when

What is one reason why the government would provide financial assistance to an entrepreneur?

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 __________.

According to the law of demand, as prices increase, quantity demanded

The graph shows the marginal cost of producing soccer cleats for Sabrina’s Soccer. At which level of production does the company make the most profit?

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

What is one example of a closed economy?

Adam Smith believed the government’s role in laissez-faire capitalism was

Read the charts.

According to the law of demand, as prices increase, quantity demanded

The chart shows the marginal cost of producing apple pies.This chart demonstrates that the marginal cost

The graph shows a demand curve with the price of a good compared to the quantity demanded.What does this graph demonstrate?

Supporters of a communist revolution hoped it would lead to a government in which workers were

Supporters of a communist revolution hoped it would lead to a government in which workers were

The factors of production include the number of

The graph below shows the value of the US dollar versus the Canadian dollar.

Which services would an organization accepting charitable donations provide? Choose three answers.planning a blood driveproviding financial aid for college studentsgiving payouts from increased sales to ownerssponsoring animal rescue efforts after firesincreasing investment values for shareholders

A certificate of deposit pays a higher interest rate than a savings account because the money is

Based on this paragraph, what factors can influence a person to donate? Choose two answers.

The graph shows a demand curve with the price of a good compared to the quantity demanded.What does this graph demonstrate?

In a competitive market, a computer store offers customers a warranty to help pay for any future damages. This is an example of

When the government injects money into the economy, consumers may have more disposable income, which may lead to

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

Hayek believed that the economy could be hard to measure because

Economists can use new technology to

Who was Adam Smith?

Which best describes how advertising influences consumer choice in an oligopoly?

The Fed may respond to a recession by

Which best describes why a company issues stocks?

In a mixed market economy, what is a typical way the government can reduce unemployment?

Look at the following chart.

Which best describes why governments enact tariffs?

Which factors influence changes in consumer demand? Check all that apply.market shareelasticityinternational tradeclearance salesincome

President Roslin of Country XYZ knows that a new policy is needed to help solve the problem of rising unemployment in her nation. Her next step is to

What is the role of the three questions of economics?

Which statement best describes on-the-job training?

Error

How do trade agreements help the countries involved?

The law of supply states that as the price of a good declines, the quantity supplied of that good

What is the role of the three questions of economics?

Public property is land or goods

Which is the best definition of hyperinflation?

Which situation is an example of comparative advantage in an international market?

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 __________.

indexesquotesfuturestrades

Which best describes why a company issues stocks?

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

Read the charts.

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

Look at the following chart.

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

Economic policy must strike a balance between ideals and

When it spends money on education, a government is trying to

If expansionary taxation policies are left unchecked, which is the most likely result?