Economics Final Exam Review (Part 2): Question Preview (ID: 32882)


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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) command b) free market c) none of the answers d)
In free market economies, the people own most of the factors of production.
a) True b) False c) None of the answers d)
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) businesses b) government c) none of the answers d)
Consumers will be able to purchase products at the lowest possible price due to...
a) government regulations b) competition c) none of the answers d)
Choosing one product over another due to resources being limited is called...
a) law of opporunity b) trade off c) none of the answers d)
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) False b) True c) None of the answers d)
Land, labor, and _______________are three factors of production
a) machinery b) capital c) none of the answers d)
A production possibilities graph can show the effects of industrialization on the environment.
a) False b) True c) None of the answers d)
________________ are collected to help operate the government and better society.
a) Taxes b) Funds c) None of the answers d)
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 d)
______________ is one redistribution program.
a) Medicare b) Federal Advisory Council c) None of the answers d)
The _____________________ conducts check clearing services for all banks in the country
a) Federal Reserve b) U.S. Treasury c) none of the answers d)
_______________ polices involve increasing spending and cutting taxes.
a) Contractionary b) Expansionary c) None of the answers d)
When a market is in _________________ , the quantity demanded and the quantity supplied is equal.
a) equilibrium b) disequilibrium c) none of the answers d)
When the quantity demanded for a good is ________________, it means the demand for the product is not influenced by price changes.
a) elastic b) inelastic c) none of the answers d)
The law of _____________ states prices increases, demand decreses and vice versa.
a) supply b) demand c) none of the answers d)
The law of _____________ states prices increases, supply increases and vice versa.
a) demand b) supply c) none of the answers d)
Price in the market is determined by _________________.
a) consumer demand at a given price. b) government regulation c) none of the answers d)
Which of the following protects Americans economic rights?
a) Product labeling b) Environmental Protection Agency c) OSHA d) All of the answers
_________________is important because we can not provide all that we need to survive on our own.
a) Government b) Specialization c) None of the answers d)
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