AnswersKISD SS-3391B-Algebra II Honors B Exam OnlyCumulative Exam

Cumulative Exam — Cumulative exam Answers

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1
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Banks that offer low interest rates to people with good credit

A
maximize profits at little risk.
B
sacrifice profits for less risk.
C
maximize profits at great risk.
D
sacrifice profits for more risk.
2
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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
3

The Fed may respond to a recession by

A
discouraging consumer borrowing.
B
decreasing interest rates.
C
decreasing government spending.
D
decreasing available credit.
4

Why is the slow growth that can result from a contractionary policy a positive effect?

A
It can increase loan interest rates.
B
It can decrease available credit.
C
It can increase the money supply.
D
It can decrease inflation.
5

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

A
tourist sites are getting crowded and dirty.
B
the US dollar has become stronger.
C
prices of foreign goods are rising.
D
the US dollar has declined in value.
6

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

A
by keeping prices low
B
by offering promotions
C
by advertising
D
by cultivating brand loyalty
E
by overcoming barriers to entry
F
by developing a specific image
7

Economic policy must strike a balance between ideals and

A
freedom.
B
needs.
C
supply and demand.
D
private property.
8

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

A
market share
B
elasticity
C
international trade
D
clearance sales
E
income
9

Why do most nations use fiat money today?

A
Governments are able to exert control over the value of fiat money.
B
Fiat money is stable and will not lose value during economic downturns.
C
Fiat money will maintain its value despite fluctuating exchange rates.
D
Governments know that fiat money derives its value from gold and silver.
10

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
11

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

A
reduced profits
B
high inflation
C
reduced production
D
reduced disposable income
12

Which best describes why governments enact tariffs?

A
to reduce the price of domestic products
B
to discourage consumers from purchasing foreign goods
C
to limit the sale of foreign goods
D
to ensure that domestic producers make a profit
13

Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy’s

A
total product.
B
total demand.
C
total input.
D
total output.
14

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

A
guaranteed by the government.
B
kept by banks for a longer time period.
C
loaned to banks by consumers.
D
immediately available to consumers.
15

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

A
Country A decides to grow extra potatoes so they have more to export, while Country B does not grow potatoes to export.
B
Factories in Country A and Country B produce the same number of tablet computers. Country A’s factories could be used instead to build more laptops than the factories in Country B.
C
Country A invests in a new technology while Country B chooses to invest in education.
D
Country A can produce 100 units of rice per acre of farmland, while Country B can only produce 70 units of rice per acre of farmland using the same resources.
16

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.

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.
17

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
18

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

A
higher unemployment.
B
higher production.
C
lower production.
D
increases in taxes.
19

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

A
Websites can allow consumers to purchase goods online.
B
Container ships can transport a number of goods at once.
C
Automation can create goods more cheaply and easily.
D
Airlines can send goods from one place to another.
20

What is one main objective in the study of economics?

A
recognizing the types of services available to everyone
B
recognizing the relationship between producers and consumers
C
recognizing the reasons why consumers supply services
D
recognizing the difference between producers and consumers

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