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EPF Review 3
Test Description: Economics and Personal Finance
Instructions: Answer all questions to get your test result.
1) ___________ is the study of how we make use of our resources.
A
Supply
B
Economics
C
Demand
D
Finance
2) The quantity of a product that producers are willing and able to make available for sale at various prices over a given period of time is said to be
A
shortage
B
surplus
C
demand
D
supply
3) When the quantity demanded and quantity supplied is equal, what is the result?
A
surplus
B
equilibrium price
C
shortage
D
none of these
4) The law of supply states that (all other things being equal) as the price of a good or service increases
A
quantity demanded increases
B
quantity supplied increases
C
quantity demanded decreases
D
quantity supplied decreases
5) A demand curve:
A
shows the relationship between price and quantity demanded.
B
has all of the above characteristics.
C
indicates the quantity demanded at each price.
D
graphs as a downward-sloping line.
6) Productivity increases at a steel mill due to technological improvement. What will happen to the price of steel?
A
not enough information to answer the question
B
decrease
C
stay the same
D
increase
7) If Spam is an inferior good, an increase in income will shift the:
A
supply curve for Spam to the left.
B
demand curve for Spam to the right.
C
supply curve for Spam to the right.
D
demand curve for Spam to the left.
8) Which of the following is NOT an example of an economic indicator?
A
gross domestic product
B
the retail sales report
C
consumer continuous index
D
consumer price index
9) An unexpected spurt in GDP may indicate that the economy is overheating and __________ could result.
A
recession
B
depression
C
inflation
D
stagflation
10) An “increase in quantity demanded” means that:
A
given supply, the price of the product can be expected to decline.
B
price has declined and consumers will therefore wants to purchase more of the product.
C
the demand curve has shifted to the left.
D
the demand curve has shifted to the right.
11) When the reserve requirement is low, banks have ______________ money to lend to customers.
A
the same amount of
B
less
C
more
D
no
12) How would the government most likely respond to a period of rapid inflation?
A
lower taxes and decrease interest rates
B
increase taxes and lower interest rates
C
lower taxes and increase interest rates
D
increase taxes and increase interest rates
13) Which of the following is a component of GDP?
A
investment spending
B
consumer spending
C
government spending
D
all of the above
14) Early market economists argued that a market economy should be
A
left to adjust by itself.
B
none of the above
C
changed into a central economy, as they benefit the people more.
D
watched closely by governing bodies.
15) Equilibrium is also known as the
A
market clearing price.
B
supply/demand price.
C
equal market price.
D
efficient market price.
16) Cancer researchers have found hair dyes may be a cause of cancer. They found that people who dye their hair have a 50% greater chance of developing brain tumors. What will happen to the price and quantity in the market for hair dyes?
A
price will decrease, quantity will increase
B
price will increase, quantity will increase
C
price will increase, quantity will decrease
D
price will decrease, quantity will decrease
17) Which of the following newspaper headlines would explain a supply curve shift to the left in the market for automobiles?
A
Price of Rubber Expected to Rise in 3 Months
B
ABC Auto Maker Closes It’s Doors After 35 Years
C
National Income Decreases 3%
D
Cost of Steel Decreases
18) “When the price of Milky Ways increase, consumers increase purchases of Three Muskateers whose prices are now relatively lower.” This statement describes:
A
the income effect
B
change in consumer tastes/trends
C
an inferior good
D
the substitution effect
19) Which of the following newspaper headlines would explain a demand curve shift to the right in the market for coffee?
A
New Tax on Imported Coffee Beans from South America
B
Coffee Prices Drop
C
Studies Show That Drinking 2 Cups of Tea Per Day Increases Life Expectancy
D
Studies Show That Drinking 2 Cups of Coffee Per Day Increases Life Expectancy
20) Which of the following should you NOT do during a job interview?
A
Further explain items on your resume.
B
Brag about your accomplishments and why you are right for the job.
C
Be negative in order to tell the truth.
D
Have a set of questions prepared to ask the interviewer.
*select an answer for all questions
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