Economics Final Review
Quiz by Mark Stegall
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60 questions
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- Q1Which of the following determines how prices are established in a free enterprise system?decree or rule of the governmentsonsumers and labor unionsbusinesses which produce and sell productsinteraction of supply and demand30s
- Q2Mary does not like to make choices. She like to be told what is expected of her. She really does not like it when others have more than she has. She thinks everyone should be rewarded equally. People with values like Mary's are happiest living in and maintaining which type of economic system?utopianfree enterprisecommunistsocialist30s
- Q3Which of the following is the BEST title for the graphic organizer above?Characteristics of Sole ProprietorshipsCharacteristics of a PartnershipCharacteristics of Free EnterpriseCharacteristics of Corporations30s
- Q4How does a corporation raise capital?donationssale of productsinvestmentsselling stock30s
- Q5The Nifty Toy Company has decided to incorporate and sell stock in its corporation. Which of the following with this action accomplish?Selling stocks will lower consumer interest in the toys.Selling stock will put the corporation on the road to bankruptcySelling stocks will raise money enabling the corporation to growSelling stocks will raise expectations for more electronic toys30s
- Q6Andrew values where he lives. He likes to make decisions about his job and his ability to acquire wealth. He also wants to be the one to decide what producers would produce and what he is able to purchase. In which type of economy does Andrew live?socialistcommunistsubsistenceFree enterpruse30s
- Q7All of the following are benefits of the US free enterprise system EXCEPTresponsive pricesinvestment opportunitiesfreedom of consumersabsence of laws30s
- Q8May applies for an after school job at a department store which is the supplier of labor in the _____________ market. Her salary will be a __________ to the business and a(n) _____________ to her household. Mary decides to spend some of her salary on clothing at the mall. Her purchase of goods in the ___________ market is a revenue to a business and _________ spending for a household.product...consumption...factor...income...costconsumption...factor...product...cost...incomeincome...product...consumption...cost...factorfactor...cost...income...product...consumption30s
- Q9Our _______ are limited, yet our wants and needs are _______. We have to weigh all ______.opportunities...short...possibilitiesresources...undefined...salesresources...unlimited...opportunitiesopportunities...limited...resources30s
- Q10Which type of economic system was created under Mao Zedong?businesscommunistfree enterprisesocialist30s
- Q11In the scenario above, China increased its economic development and moved closer to which of the followingbusiness economycommunist economyfree enterprise economysocialist economy30s
- Q12With regard to food and clothing in the production-possibilities curve above, what does point B representa combination that is impossible for this country to attain under current conditionsa combination that can be attained only if a technological advance occursa combination that can be attained only if all resources are useda combination that can be attained without using all the country's resources30s
- Q13Comparative advantage : ______ :: absolute advantage : _____.more sales ... lower saleslower opportunity cost ... more productionlower sales ... more salesmore production ... lower opportunity cost30s
- Q14Stong dollar : _________ imports :: weak dollar : _______ exportsdecreased ... increasedincreased ... decreasedincreased ... increaseddecreased ... decreased30s
- Q15_________ distribution of resources among nations leads countries to _______ in products that require the use of their available resources. Countries may then ______ with other countries for the products that they cannot produce.unequal...trade...shopequal...specialize...tradeunequal...specialize...tradeequal...trade...shop30s
