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Economics Final Exam Review (Part 4)
Test Description: Economics Final Exam Preparation
Instructions: Answer all questions to get your test result.
1) _______________ is the study of how people try to satisfy their unlimited wants with limited resources.
A
Psychology
B
Economics
C
none of the answers
2) As prices increases, consumers will buy________ of the good.
A
more
B
none of the answers
C
less
3) Video games and brand name clothes have ________________ demand.
A
elastic
B
none of the answers
C
inelastic
4) Target and Ebay are considered to be markets.
A
none of the answers
B
True
C
False
5) As production increases, prices will_____________. This is called the law of supply.
A
decrease
B
increase
C
none of the answers
6) Expansionary policies are used to...
A
grow the economy
B
none of the answers
C
slow down the economy
7) Contractionary policies are used to slow down the economy.
A
True
B
False
C
none of the answers
8) ______________demand are goods unaffected by price changes.
A
Inelastic
B
none of the answers
C
Elastic
9) Check Clearing services are conducted by the U.S. Treasury.
A
True
B
none of the answers
C
False
10) Scarcity is the basic economic problem.
A
none of the answers
B
False
C
True
*select an answer for all questions
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