AnswersPersonal Finance and EconomicsN/A

N/A — Exam Answers

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22
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A commodity in which someone invests might include a

A
thriving company.
B
natural resource.
C
certificate of deposit.
D
mutual fund.
23
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What role do special government agencies play in protecting buyers? Choose three correct answers.

A
They dictate marketing strategies to companies.
B
They provide information about products.
C
They collect customer fraud complaints.
D
They help consumers determine marginal cost.
E
They create regulations to ensure safe products.
F
They promote certain products for companies.
24

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

A
Automation can create goods more cheaply and easily.
B
Websites can allow consumers to purchase goods online.
C
Airlines can send goods from one place to another.
D
Container ships can transport a number of goods at once.
25

Davis is planning to buy a bike. He has the full amount in his bank account. He does not want to pay any interest on his purchase. Which option(s) can Davis use when making the purchase?

A
Use a debit card only.
B
Use a credit card only.
C
Use a debit card, or use a credit card and pay the balance in full when the bill arrives.
D
Use a debit card, or use a credit card and make payments over the next few months.
26

What is one example of a closed economy?

A
a trade-based system that encourages the flow of goods and services
B
a barter system that does not rely on money or other currency
C
a restricted system that blocks trade with international partners
D
an old-fashioned system that preserves traditional choices and customs
27

Economists use changes in GDP to measure

A
the distances between cities.
B
the balance of trade with other countries.
C
any economic growth or shrinkage.
D
the causes of unemployment.
28

If a computer costs 600 point 0 0 dollars and the sales tax rate is 7 point 5 percent, what is the total cost of the computer?

A
622 point 5 0 dollars
B
615 point 0 0 dollars
C
645 point 0 0 dollars
D
607 point 5 0 dollars
29

What is the best definition of profit?

A
Profit is the additional income gained from selling an additional good.
B
Profit is the price of producing one additional unit of a good.
C
Profit is the possible income from producing an additional item.
D
Profit is the financial gain from business activity minus expenses.
30

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
production cost; opportunity cost
B
production cost; resource cost
C
opportunity cost; production cost
D
resource cost; production cost
31

An effective claim in an argumentative essay

A
tends to be nonspecific and undefined.
B
is an idea that anyone would support.
C
establishes a focus for the reader.
D
offers a very passionate viewpoint.
32

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

A
It shuts down operations.
B
It transfers to new owners.
C
It continues in business.
D
It sells out to shareholders.
33

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

A
find a way to spend budget surpluses.
B
find a way to meet a social need.
C
encourage immediate economic growth.
D
meet a social need and improve the economy.
34

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

A
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.
B
Country A invests in a new technology while Country B chooses to invest in education.
C
Country A decides to grow extra potatoes so they have more to export, while Country B does not grow potatoes to export.
D
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.
35

Aggregate supply is best described as the

A
point of equilibrium.
B
excess supply in the market.
C
nation’s real gross national product.
D
total output of all products and services.
36

Read the format of an outline for an informative essay. 1. _____________________ A. Thesis statement 2. Subtopic body sentence A. Evidence B. Evidence 3. Subtopic body sentence A. Evidence B. Evidence Which item would best fill in the blank space?

A
Evidence
B
Conclusion
C
Introduction
D
Subtopic
38

To create the proper style for an argumentative essay, a writer should

A
add personal statements.
B
include vague language.
C
incorporate slang words.
D
provide clear statements.
39

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 input.
B
total product.
C
total output.
D
total demand.
40

How do trade agreements help the countries involved?

A
by accelerating production
B
by expanding tax revenues
C
by decreasing trade barriers
D
by restricting imports
41

Savings should be treated as another type of

A
gross income.
B
net income.
C
expenditure.
D
tax.
42

Economic policy must strike a balance between ideals and

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

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