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Milestones Review 2
Test Description: Econ EOC
Instructions: Answer all questions to get your test result.
1) 15 year old Calvin inherited $3,000 from an aunt. He wants to create an investment plan that has a very low risk but still increases the money he will have for college. Based on Calvin’s requirements, in which option should he MOST LIKELY invest?
A
a bond
B
precious metals
C
corporate stocks
D
a savings account
2) Which of these is measured by price elasticity of demand?
A
the effect of raising the prices of products on reducing the quantity supplied
B
how the supply cycle of a product affects the price of a product
C
the difference between price demanded and the sales tax on a product
D
how the price changes the quantity demanded of that product
3) In the U.S. economy, a few firms dominate the wireless telephone provider industry. Which type of market structure does that represent?
A
pure competition
B
oligopoly
C
monopoly
D
monopolistic competition
4) Which statement BEST describes the role of the government in a mixed-market economic system?
A
It restricts the industrial purchases of raw materials.
B
It dictates what is to be produced.
C
It monitors the safety of goods and services through regulatory agencies.
D
It determines for whom goods are to be produced.
5) If the Federal Reserve System wanted to stimulate the U.S. economy and reduce unemployment, it would
A
increase consumer spending by reducing the money supply
B
cause interest rates to rise because high interest rates encourage business growth and expansion
C
increase the discount rate it charges banks, which would increase the money supply
D
cause interest rates to decrease because low interest rates encourage business growth and expansion
6) If the U.S. government disagrees with a foreign country’s politics and wants to prevent trading with that country, the MOST effective action the U.S. government can take is to
A
place an embargo on all goods from that country
B
enforce safety standards on all goods from that country
C
enforce a quota on all goods shipped from that country
D
place high tariffs on all goods from that country
7) What is the MOST LIKELY result of an increase in the value of the U.S. dollar against the Chinese renminbi?
A
Chinese consumers of Chinese goods would probably benefit.
B
U.S. workers in the United States would probably benefit.
C
U.S. consumers of Chinese goods would probably benefit.
D
Chinese importers of U.S. goods would probably benefit.
8) In the twenty-first century, which skills are MOST LIKELY to lead to success in the workplace in the United States?
A
technology skills
B
telephone switchboard skills
C
assembly line skills
D
blacksmithing skills
9) When Jason bought a car and went to register it with the state Department of Motor Vehicles, he needed to show proof of insurance. What kind of insurance did Jason need to have?
A
automobile insurance
B
life insurance
C
disability insurance
D
health insurance
10) Which of these BEST defines the term balance of trade?
A
the difference between the yearly value of a country’s exports and the yearly value of goods it produces
B
the value of a country’s goods and services that are exported divided by its per capita income
C
the difference between a country’s exchange rate and the value of a country’s imports
D
the value of a country’s exported goods and services minus the value of goods and services a country imports
*select an answer for all questions
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