Economics Final Exam Review (Part 3) Question Preview (ID: 34657)


Final Exam Review Day 3. TEACHERS: click here for quick copy question ID numbers.

Which of the following is a purpose of collecting taxes?
a) Social Security
b) Medicare
c) Medicaid
d) All of the answers

Recreation centers and public parks are examples of ....
a) Public goods
b) Private goods
c) none of the answers
d)

Bread and water are considered to have an _____________ demand.
a) elastic
b) inelastic
c) none of the answers
d)

_______________ economies the government owns the factors of production.
a) command
b) traditional
c) free market
d)

Law of supply states as prices increase, supply decrease. Is the statement true or false?
a) True
b) False
c) none of the answers
d)

Establishment of new companies and production increase will ________________supply.
a) decrease
b) increase
c) none of the answers
d)

Which of the following is a disadvantage of free market economies?
a) Not everyone has their needs or wants met.
b) Government creates social programs.
c) None of the answers
d)

Shortage is the basic economic problem. Is this statement true or false?
a) False
b) True
c) none of the answers
d)

Government uses ________________ policies to help the economy grow.
a) Contractionary
b) Expansionary
c) none of the answers
d)

Redistribution programs are when the government allocates money back to citizens. Which of the following is a redistribution program?
a) Medicaid
b) Medicare
c) Food Stamps
d) All of the answers

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