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Final Part B
Test Description: Final
Instructions: Answer all questions to get your test result.
1) An example of a durable good is:
A
a Hot 'n' Ready pizza
B
an automobile
C
a pair of shoes
D
a bag of chips
2) Which of these does NOT explain why a worker may get paid more than others?
A
more physically fit
B
more experience
C
more skilled
D
better training
3) This market structure has one firm that controls the prices of goods.
A
Monopoly
B
Oligopoly
C
Monopolistic Competion
D
Perfect Competition
4) This market structure has products that are not differentiated from each other.
A
Perfectly Competitive
B
Monopolistic Competiont
C
Oligopoly
D
Monopoly
5) Collusion is illegal because:
A
It gives colluding firms an unfair advantage
B
it distorts market prices
C
all of these
D
it takes advantage of consumers
6) A tax that takes the same percentage of income from both high-income and low-income earners is
A
progressive
B
regressive
C
proportional
D
elitist
7) A tax that collects a higher percentage from low-income earners than high-income earners is
A
progressive
B
proportional
C
elitist
D
regresssive
8) Which of these is NOT a public good?
A
state parks
B
the armed forces
C
interstate highways
D
an automobile
9) The goals of the Federal Reserve are to:
A
promote economic growth
B
ensure stable prices
C
encourage depressions
D
ensure full employment
10) Money serves as a MEASURE of value in which case?
A
opening a savings acount
B
opening a checking account
C
a price tag on a good
D
exchanging money for a service
11) Each American dollar is backed by:
A
the full faith and credit of the United States
B
silver in Fort Knox
C
none of these
D
gold in Fort Knox
12) GDP can BEST be described as:
A
the purchasing power of a dollar from year to year
B
the total value of all final goods produced in a country in one year
C
the total value of all intermediate goods produced in a a country in one year
D
the percentage of people unable to find a job
13) The tendency of our economy to experience alternating periods of growth and contraction is called:
A
the tricycle
B
the water cycle
C
the bicycle
D
the business cycle
14) Which of the following is NOT a part of the Output-Expenditure Model of GDP?
A
business Investment
B
government Taxation
C
Consumer spending
D
Government spending
15) An economist would most likely define economic growth as:
A
An increase in unemployment rate
B
An increase in deflation
C
An increase in inflation
D
An increase in Gross Domestic Product
16) Which of the following describes a complete ban on trade with another country?
A
embargo
B
quota
C
duty
D
tariff
17) Absolute advantage occurs when
A
none of these
B
you can produce a good using fewer resources than others
C
both of these
D
you have a lower opportunity cost of producing a good
18) Comparative advantage occurs when:
A
you have a lower opportunity cost of producing a good
B
both of these
C
you can produce a good using fewer resources
D
none of these
19) Which of the following BEST describes globalization
A
an increase in consumer spending
B
an increase in exports
C
increased trade among countries
D
decreased trade among countries
20) Which of the following is NOT a basic economic question?
A
Where should we make it?
B
Who should get what is produced?
C
What should we produce?
D
How should we produce it?
*select an answer for all questions
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