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Milestone Review 1
Test Description: Econ EOC review
Instructions: Answer all questions to get your test result.
1) Which factor MOST directly affects the amount of money borrowers must repay to lenders?
A
the currency exchange rate
B
the annual percentage rate
C
the inflation rate
D
the employment rate
2) In a market economy, if the price of a good increases, the quantity demanded by consumers and the quantity supplied by producers will change in which of the following ways?
A
demand increase, supply decrease
B
demand decrease, supply increase
C
demand decrease, supply decrease
D
demand increase, supply increase
3) Mary decides to produce and sell apple juice. She leases an apple orchard and plans to bottle the apple juice. Mary hires three employees. What factor of production does Mary represent?
A
human resource
B
capital resource
C
entrepreneurship
D
natural resource
4) The economic term “scarcity” relates MOST directly to a situation in which
A
manufacturers lack raw materials needed to satisfy demand
B
businesses lack customers needed to make a profit
C
individuals lack money needed to purchase goods
D
employees lack experience needed to earn a promotion
5) Which role does money have in economic systems?
A
a resource for production
B
a medium of exchange
C
a good to consume
D
a measure of satisfaction
6) What MOST often happens when demand for a product is highly elastic?
A
Substitution occurs when its price rises.
B
Supply of the product increases to establish its equilibrium
C
Higher productivity does not always reduce the product’s price.
D
Demand for the product increases even when its price rises.
7) A recent high school graduate has never searched for a job before. He does not know what he is qualified to do. He turns down a job at a factory, hoping for better-paying work. What kind of unemployment is he experiencing?
A
seasonal
B
structural
C
frictional
D
cyclical
8) Which monetary policy decision is meant to increase the U.S. money supply?
A
Congress passes a bill to reduce regulations on business monopolies.
B
The Federal Reserve borrows money from a foreign bank to cover a budget deficit.
C
Congress passes a bill to reduce personal income taxes.
D
The Federal Reserve buys treasury bonds in the open market.
9) The calculation of a country’s balance of trade involves the value of its
A
foreign investments and investments by foreigners
B
net exports and gross domestic product
C
exports and imports
D
foreign exchange rate and discount rate
10) Which statement BEST supports the argument that countries should engage in free trade?
A
Free trade eliminates the need for importers to rely on absolute advantages.
B
Free trade eliminates the need for exporters to pursue greater comparative advantages.
C
Free trade encourages countries to allocate their resources more efficiently.
D
Free trade encourages less wealthy countries to develop mixed market economies.
11) A woman recently took time off from work while recovering from a car accident. Which insurance provided her with financial support while she recovered?
A
disability
B
life
C
health
D
property
12) To maximize profits, a bank would charge
A
a higher rate of interest on loans and pay lower interest rates on deposits
B
a lower rate of interest on loans and pay higher interest rates on deposits
C
a higher rate of interest for large corporations than for small businesses
D
a rate of interest that is the same for deposits and loans
13) Which factor is used to determine a person’s credit worthiness?
A
religious affiliation
B
yearly income
C
ethnicity
D
gender
14) Opportunity cost means individuals
A
consider the environmental impact of purchases.
B
pay sales taxes to make a purchase.
C
make decisions that require them to give up the next best alternative.
D
replace land and labor with capital resources.
*select an answer for all questions
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