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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 pair of shoes
B
a Hot 'n' Ready pizza
C
an automobile
D
a bag of chips
2) Which of these does NOT explain why a worker may get paid more than others?
A
more experience
B
more physically fit
C
more skilled
D
better training
3) This market structure has one firm that controls the prices of goods.
A
Perfect Competition
B
Monopolistic Competion
C
Oligopoly
D
Monopoly
4) This market structure has products that are not differentiated from each other.
A
Monopoly
B
Perfectly Competitive
C
Oligopoly
D
Monopolistic Competiont
5) Collusion is illegal because:
A
it distorts market prices
B
It gives colluding firms an unfair advantage
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
elitist
D
proportional
7) A tax that collects a higher percentage from low-income earners than high-income earners is
A
regresssive
B
proportional
C
elitist
D
progressive
8) Which of these is NOT a public good?
A
interstate highways
B
an automobile
C
state parks
D
the armed forces
9) The goals of the Federal Reserve are to:
A
ensure stable prices
B
ensure full employment
C
promote economic growth
D
encourage depressions
10) Money serves as a MEASURE of value in which case?
A
opening a savings acount
B
exchanging money for a service
C
opening a checking account
D
a price tag on a good
11) Each American dollar is backed by:
A
gold in Fort Knox
B
none of these
C
the full faith and credit of the United States
D
silver 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 percentage of people unable to find a job
D
the total value of all intermediate goods produced in a a country in one year
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
government Taxation
B
business Investment
C
Government spending
D
Consumer spending
15) An economist would most likely define economic growth as:
A
An increase in Gross Domestic Product
B
An increase in inflation
C
An increase in deflation
D
An increase in unemployment rate
16) Which of the following describes a complete ban on trade with another country?
A
tariff
B
embargo
C
quota
D
duty
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
you can produce a good using fewer resources
C
both of these
D
none of these
19) Which of the following BEST describes globalization
A
increased trade among countries
B
an increase in exports
C
decreased trade among countries
D
an increase in consumer spending
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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