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Economics Final Exam Review (Part 1)
Test Description: Econ Final
Instructions: Answer all questions to get your test result.
1) Studying how people try to satisfy their unlimited wants with limited resources is called...
A
elastic
B
none of the answers
C
economics
2) Which of the following is the motivation for producing a good and service ?
A
none of the answers
B
satisfaction
C
self interest
3) Bill went to the store to buy skim milk. He went to the aisle and noticed there was no skim milk available at this time. This illustrates the concept called...
A
shortage
B
none of the answers
C
scarcity
4) Individual must make economic choices because resources are...
A
abundant
B
scarce
C
undetermined
5) Which of the following is an economic right or responsibility?
A
selecting a college
B
deciding where to work
C
All of the answers
D
paying taxes
6) _______________________is an item given up as the result of an economic decision.
A
increasing cost
B
none of the answers
C
opportunity cost
7) _________________ presents the final federal budget to Congress at the beginning of the calendar year.
A
Speaker of the House
B
Vice President
C
President
8) Consumers can choose where they want to work is an example of which economic goal?
A
freedom
B
none of the answers
C
innovation
9) Ordering products online is an example of a...
A
both answers
B
market
C
store
10) A ______________ economy is when the government is somewhat involved in the economy.
A
mixed
B
command
C
free market
11) Employees are not paid fairly or equally is a disadvantage of which economic system?
A
free market
B
none of the answers
C
command (central planned)
12) Voluntary exchange is principle of...
A
American Free Enterprise System
B
command economies
C
none of the answers
13) Interstate highway is an example of a...
A
public good
B
none of the answers
C
private good
14) The Board of Governors oversees the_________________.
A
Federal Reserve
B
Congress
C
none of the answers
15) Actions the Federal Reserve takes to manage the money supply is called...
A
Fiscal Policy
B
Monetary Policy
C
None of the answers
16) Production increases and creation of companies will cause an increase of...
A
none of the answers
B
demand
C
supply
17) Walmart decreases its prices on cheerios because demand has decreased. Their reason for this decision is to...
A
stop consumers from buying the good
B
get consumers to purchase the good
C
none of the answers
18) The law of________________ states producers will increase supply as prices increases.
A
none of the answers
B
supply
C
demand
19) As the prices of some goods rise, consumers cut back on the amount of items that they normally purchase and demand for these goods decreases. This describes which concept....
A
none of the answers
B
substitution effect
C
income effect
20) A production possibilities graph can show the effects of industrialization on the environment. Is this statement true or false?
A
False
B
none of the answers
C
True
*select an answer for all questions
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