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Economics Final Exam Review (Part 3)
Test Description: Final Exam Review Day 3
Instructions: Answer all questions to get your test result.
1) Which of the following is a purpose of collecting taxes?
A
All of the answers
B
Medicare
C
Medicaid
D
Social Security
2) Recreation centers and public parks are examples of ....
A
Private goods
B
none of the answers
C
Public goods
3) Bread and water are considered to have an _____________ demand.
A
elastic
B
inelastic
C
none of the answers
4) _______________ economies the government owns the factors of production.
A
free market
B
traditional
C
command
5) Law of supply states as prices increase, supply decrease. Is the statement true or false?
A
False
B
True
C
none of the answers
6) Establishment of new companies and production increase will ________________supply.
A
none of the answers
B
decrease
C
increase
7) Which of the following is a disadvantage of free market economies?
A
Government creates social programs.
B
None of the answers
C
Not everyone has their needs or wants met.
8) Shortage is the basic economic problem. Is this statement true or false?
A
none of the answers
B
True
C
False
9) Government uses ________________ policies to help the economy grow.
A
Expansionary
B
none of the answers
C
Contractionary
10) Redistribution programs are when the government allocates money back to citizens. Which of the following is a redistribution program?
A
All of the answers
B
Medicaid
C
Food Stamps
D
Medicare
*select an answer for all questions
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