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Economics Final Exam Review (Part 2)
Test Description: Economics final exam review
Instructions: Answer all questions to get your test result.
1) ________________ are collected to help operate the government and better society.
A
None of the answers
B
Funds
C
Taxes
2) Land, labor, and _______________are three factors of production
A
machinery
B
capital
C
none of the answers
3) A production possibilities graph can show the effects of industrialization on the environment.
A
False
B
None of the answers
C
True
4) Any intersection of points inside the line (to the left of the line) on a production possibilities graph shows that the economy is not growing.
A
True
B
False
C
None of the answers
5) Choosing one product over another due to resources being limited is called...
A
none of the answers
B
law of opporunity
C
trade off
6) Consumers will be able to purchase products at the lowest possible price due to...
A
none of the answers
B
competition
C
government regulations
7) In free market economies, the people own most of the factors of production.
A
False
B
True
C
None of the answers
8) In a circular flow of money of a mixed economy, the _______________ puts money into the economy by purchasing goods and services that are needed to run the government and help society.
A
businesses
B
government
C
none of the answers
9) Producers take the money they earn from selling products and use it to buy the things they want and need. This describes a ________________ economy
A
command
B
free market
C
none of the answers
10) When there is a _________________, producers raise the price of the good so that demand will be lowered.
A
none of the answers
B
shortage
C
surplus
11) ______________ is one redistribution program.
A
Federal Advisory Council
B
None of the answers
C
Medicare
12) The _____________________ conducts check clearing services for all banks in the country
A
none of the answers
B
U.S. Treasury
C
Federal Reserve
13) _______________ polices involve increasing spending and cutting taxes.
A
Contractionary
B
None of the answers
C
Expansionary
14) When a market is in _________________ , the quantity demanded and the quantity supplied is equal.
A
disequilibrium
B
none of the answers
C
equilibrium
15) When the quantity demanded for a good is ________________, it means the demand for the product is not influenced by price changes.
A
none of the answers
B
inelastic
C
elastic
16) The law of _____________ states prices increases, demand decreases and vice versa.
A
supply
B
none of the answers
C
demand
17) The law of _____________ states prices increases, supply increases and vice versa.
A
supply
B
none of the answers
C
demand
18) Price in the market is determined by _________________.
A
none of the answers
B
consumer demand at a given price.
C
government regulation
19) Which of the following protects Americans economic rights?
A
Environmental Protection Agency
B
All of the answers
C
OSHA
D
Product labeling
20) _________________is important because we can not provide all that we need to survive on our own.
A
Government
B
None of the answers
C
Specialization
*select an answer for all questions
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