ECO 2013 Final exam UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS
Theme parks operate privately but must follow D) Mixed economy
government rules on safety, labor laws, and minimum 3 multiple choice options
wages.
Question: This best describes which type of economic
system?
A) Market economy
B) Command economy
C) Traditional economy
D) Mixed economy
Economists want to understand how money flows from B) To show how money and resources move between households and businesses
guests to businesses and then back to workers in the
3 multiple choice options
tourism industry.
Question: What is the main purpose of the circular flow
model?
A) To predict park attendance
B) To show how money and resources move between
households and businesses
C) To explain how credit cards work
D) To calculate inflation
At a theme park restaurant, one worker focuses on food C) Specialization and division of labor
prep, another on cooking, and another on guest service.
3 multiple choice options
Question: This setup is an example of:
A) Inflation
B) Globalization
C) Specialization and division of labor
D) Command economy
,Jamal is a college student with a part-time job. He wants scarce for households and scarce for economies
to buy a new laptop, pay his rent, and take a weekend 3 multiple choice options
trip with friends—but he only has $600 for the month.
Meanwhile, the university has to decide how to spend
its limited budget across faculty salaries, student
services, and campus maintenance.
What does this scenario illustrate about resources?
Resources are ______
According to the video *"What Questions Can B. Why can't we just print more money
Economists Help Us Answer?", which of the following is a 3 multiple choice options
question that economics can help us answer?
A. What makes people enjoy certain brands more than
others?
B. Why can’t we just print more money?
C. What motivates people to vote in elections?
D. How do emotions influence personal relationships?
Microeconomics is the study of how households and firms make decisions and how they interact in
markets
2 multiple choice options
Macroeconomics is the study of economy-wide phenomena, including inflation, unemployment,
and economic growth
3 multiple choice options
In Country Z, the government controls the production of C. Command economy
basic goods like soap, cars, and food. Citizens receive 3 multiple choice options
monthly packages with these essentials, and they have
little to no say in brand choice or variety. If someone
wants a different kind of soap, they must find someone
willing to trade informally, often through unofficial
channels. Private businesses have no authority to decide
what to produce, and all economic decisions come from
central planning.
According to the video "How Economies Can Be
Organized: An Overview of Economic Systems", which
type of economy does Country Z most closely
represent?
A. Traditional economy
B. Market economy
C. Command economy
D. Mixed economy
fiscal policy economic policies that involve government spending and taxes
3 multiple choice options
, According to the textbook, why can a group of workers B. Specialization increases productivity by allowing workers to focus on what they
produce more when each specializes in a specific task do best.
rather than producing the entire good themselves? 3 multiple choice options
A. Specialized workers tend to demand lower wages.
B. Specialization increases productivity by allowing
workers to focus on what they do best.
C. Workers are happier when they work alone.
D. It prevents workers from becoming too skilled in one
task.
An economic outcome is said to be efficient if the getting all it can from the scarce resources it has available
economy is 3 multiple choice options
production is efficient if the economy is producing on the production possibilities frontier
3 multiple choice options
The economy has the ability to produce at which point or B,D,E
points?
3 multiple choice options
Which point represents the situation in which the E
economy is producing its maximum quantity of tubas?
3 multiple choice options
At which point or points can the economy not currently A, C
produce?
Theme parks operate privately but must follow D) Mixed economy
government rules on safety, labor laws, and minimum 3 multiple choice options
wages.
Question: This best describes which type of economic
system?
A) Market economy
B) Command economy
C) Traditional economy
D) Mixed economy
Economists want to understand how money flows from B) To show how money and resources move between households and businesses
guests to businesses and then back to workers in the
3 multiple choice options
tourism industry.
Question: What is the main purpose of the circular flow
model?
A) To predict park attendance
B) To show how money and resources move between
households and businesses
C) To explain how credit cards work
D) To calculate inflation
At a theme park restaurant, one worker focuses on food C) Specialization and division of labor
prep, another on cooking, and another on guest service.
3 multiple choice options
Question: This setup is an example of:
A) Inflation
B) Globalization
C) Specialization and division of labor
D) Command economy
,Jamal is a college student with a part-time job. He wants scarce for households and scarce for economies
to buy a new laptop, pay his rent, and take a weekend 3 multiple choice options
trip with friends—but he only has $600 for the month.
Meanwhile, the university has to decide how to spend
its limited budget across faculty salaries, student
services, and campus maintenance.
What does this scenario illustrate about resources?
Resources are ______
According to the video *"What Questions Can B. Why can't we just print more money
Economists Help Us Answer?", which of the following is a 3 multiple choice options
question that economics can help us answer?
A. What makes people enjoy certain brands more than
others?
B. Why can’t we just print more money?
C. What motivates people to vote in elections?
D. How do emotions influence personal relationships?
Microeconomics is the study of how households and firms make decisions and how they interact in
markets
2 multiple choice options
Macroeconomics is the study of economy-wide phenomena, including inflation, unemployment,
and economic growth
3 multiple choice options
In Country Z, the government controls the production of C. Command economy
basic goods like soap, cars, and food. Citizens receive 3 multiple choice options
monthly packages with these essentials, and they have
little to no say in brand choice or variety. If someone
wants a different kind of soap, they must find someone
willing to trade informally, often through unofficial
channels. Private businesses have no authority to decide
what to produce, and all economic decisions come from
central planning.
According to the video "How Economies Can Be
Organized: An Overview of Economic Systems", which
type of economy does Country Z most closely
represent?
A. Traditional economy
B. Market economy
C. Command economy
D. Mixed economy
fiscal policy economic policies that involve government spending and taxes
3 multiple choice options
, According to the textbook, why can a group of workers B. Specialization increases productivity by allowing workers to focus on what they
produce more when each specializes in a specific task do best.
rather than producing the entire good themselves? 3 multiple choice options
A. Specialized workers tend to demand lower wages.
B. Specialization increases productivity by allowing
workers to focus on what they do best.
C. Workers are happier when they work alone.
D. It prevents workers from becoming too skilled in one
task.
An economic outcome is said to be efficient if the getting all it can from the scarce resources it has available
economy is 3 multiple choice options
production is efficient if the economy is producing on the production possibilities frontier
3 multiple choice options
The economy has the ability to produce at which point or B,D,E
points?
3 multiple choice options
Which point represents the situation in which the E
economy is producing its maximum quantity of tubas?
3 multiple choice options
At which point or points can the economy not currently A, C
produce?
