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Practice Exam Answers

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23
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Which describes the difference between a trade surplus and a trade deficit?

A
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
B
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
C
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
D
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
24
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A possible result of disequilibrium is

A
excess demand.
B
lower demand.
C
stable availability.
D
fixed prices.
26

Which of these are considered needs? Choose three correct answers.

A
television
B
water
C
cell phone
D
residence
E
food
F
Internet
27

Motherboards, Inc., manufactures computer parts. The company’s total revenue is

A
the amount the company receives from the sale of all of its computer parts.
B
the money the company earns after paying all of its production costs.
C
the total wages the company pays workers in its factories and stores.
D
the amount of money the company earns from selling an individual part.
28

Which is the best solution for her dilemma? Tamara has a hard time remembering pin numbers for her credit cards, but she wants to keep the information secure.

A
typing them into an e-mail and sending it to her personal e-mail account
B
writing them down on one list and keeping them in her wallet
C
writing them down on one list and keeping them in a safe place at home
D
typing them into her smartphone so they are easily accessible
29

Which is a kind of federal payroll tax?

A
sales tax
B
property tax
C
progressive tax
D
medicare tax
34

In the circular flow model, factors of production flow to firms. Which are the primary factors of production? Choose three correct answers.

A
services
B
capital
C
land
D
labor
E
goods

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