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Economics Final Exam Review (Part 2)
Test Description: Economics final exam review
Instructions: Answer all questions to get your test result.
1) ________________ are collected to help operate the government and better society.
A
Taxes
B
None of the answers
C
Funds
2) Land, labor, and _______________are three factors of production
A
capital
B
machinery
C
none of the answers
3) A production possibilities graph can show the effects of industrialization on the environment.
A
False
B
True
C
None of the answers
4) Any intersection of points inside the line (to the left of the line) on a production possibilities graph shows that the economy is not growing.
A
None of the answers
B
False
C
True
5) Choosing one product over another due to resources being limited is called...
A
none of the answers
B
law of opporunity
C
trade off
6) Consumers will be able to purchase products at the lowest possible price due to...
A
competition
B
none of the answers
C
government regulations
7) In free market economies, the people own most of the factors of production.
A
True
B
None of the answers
C
False
8) In a circular flow of money of a mixed economy, the _______________ puts money into the economy by purchasing goods and services that are needed to run the government and help society.
A
none of the answers
B
businesses
C
government
9) Producers take the money they earn from selling products and use it to buy the things they want and need. This describes a ________________ economy
A
free market
B
none of the answers
C
command
10) When there is a _________________, producers raise the price of the good so that demand will be lowered.
A
surplus
B
shortage
C
none of the answers
11) ______________ is one redistribution program.
A
Medicare
B
None of the answers
C
Federal Advisory Council
12) The _____________________ conducts check clearing services for all banks in the country
A
U.S. Treasury
B
Federal Reserve
C
none of the answers
13) _______________ polices involve increasing spending and cutting taxes.
A
Expansionary
B
None of the answers
C
Contractionary
14) When a market is in _________________ , the quantity demanded and the quantity supplied is equal.
A
equilibrium
B
disequilibrium
C
none of the answers
15) When the quantity demanded for a good is ________________, it means the demand for the product is not influenced by price changes.
A
inelastic
B
none of the answers
C
elastic
16) The law of _____________ states prices increases, demand decreases and vice versa.
A
supply
B
none of the answers
C
demand
17) The law of _____________ states prices increases, supply increases and vice versa.
A
none of the answers
B
demand
C
supply
18) Price in the market is determined by _________________.
A
government regulation
B
none of the answers
C
consumer demand at a given price.
19) Which of the following protects Americans economic rights?
A
OSHA
B
Environmental Protection Agency
C
All of the answers
D
Product labeling
20) _________________is important because we can not provide all that we need to survive on our own.
A
Specialization
B
Government
C
None of the answers
*select an answer for all questions
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