Cumulative Exam Answers

What type of economic growth do most developed economies experience?

A chart that shows the connection between consumer demand and price is a

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.

What is one purpose of studying economics?

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.

Land is considered a resource because it

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

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.

What is an example of goods?

Which is the best title for this diagram?

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

private closefactor

Opportunity cost means that something needs to be

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

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

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

Both a demand curve and a demand schedule show how

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

increasesdecreasesstays the same

Cost-push inflation occurs when

Which of the following is influenced by personal economic choices? Choose four answers.the cost of your rent and utilitiesthe resources you have availablethe amount of money you spend on a bus passthe money you decide to spend on leisure productsthe amount of money you put into your savings accountthe manner in which you balance your time between work and leisure

What type of school does the term “higher education” refer to?

In a republic, elected officials create laws to regulate the economy.

The concept of the Great Society was created by which president?

What are the factors of production in business?