Abeka Economics Final Exam 2024 with complete
solution
scarcity
Besides its utility, what else determines the value of a good by a consumer?
property rights
What is basic component of capitalism besides limited government, freedom of
enterprise, and competition?
equilibrium
When supply of good increases, what tends to decrease?
traditional
Which economic system bases production of goods on customs and habits?
command
Which economic system is regulated by the public sector?
free enterprise
Which economic system is guided by the choices made by the private sector?
Sherman Act
What was one of the first antitrust laws enacted in the United States?
total cost
What is the sum cost of all the factors of production used in making goods?
standardized parts
Besides division of labor and automatic conveyance, what composes the "American
system" of mass production?
transaction account
A checking account is what type of account?
CD
What type of account guarantees a certain interest rate and has a specified maturity
date?
measure of value
What function of money allows people to compare the worth of one good with that of
another good?
GDP
What is the value of all finished goods and services produced within a country during
a year's time?
oligopoly
What type of market model is dominated by only a few firms?
monopolistic competition
What type of market model provides differentiated products?
perfect competition
What type of market model results in firms that are price takers?
monopoly
What type of market model results when there is only one supplier of a good for
which there is no substitute?
bonds
What is one of the safest ways to invest in a corporation?
NAFTA
What agreement among the United States, Canada, and Mexico encouraged free
trade encouraged?
, WTO
What organization holds a policy of "most-favoured nation"?
IMF
What was originally established to monitor currency exchange?
legal
What type of monopoly is a copyright on a novel?
capital
What type of good is an oven used to bake bread in a bakery?
demand
What is the relationship between a good's price and the amount that people are
willing to buy?
surplus
What usually results when a government fixes a good's price above its equilibrium
price?
input
What is the total amount invested in the production of a good?
comparative advantage
What is the ability of an entity to produce a good at an opportunity cost that is lower
than that of another producer?
inflation
What is the result when too much money is in circulation?
Federal Reserve
What system controls the money supply of the United States?
economy
What is a system for the production, distribution, and consumption of goods?
amount invested
Besides time and rate of return, what else determines how much and investment
grows?
Adam Smith
Who is the founder of modern economics and author of The Wealth of Nations?
United Nations
What global organization was created to maintain international peace?
physiocrats
What was the name of the French group whose members were some of the earliest
influential advocates of laissez-faire economics
natural resources, labor, capital, entrepreneurship
What are the four factors of production?
bureaucracies
large, complex organizations composed of appointed officials and numerous
departments
service
intangible good produced for which people expect to pay
market
mechanism that allows people to exchange goods
division of labor
separates the work to be performed into individualized tasks
market signal
used to determine how much of a good to buy or sell
geographic specialization
solution
scarcity
Besides its utility, what else determines the value of a good by a consumer?
property rights
What is basic component of capitalism besides limited government, freedom of
enterprise, and competition?
equilibrium
When supply of good increases, what tends to decrease?
traditional
Which economic system bases production of goods on customs and habits?
command
Which economic system is regulated by the public sector?
free enterprise
Which economic system is guided by the choices made by the private sector?
Sherman Act
What was one of the first antitrust laws enacted in the United States?
total cost
What is the sum cost of all the factors of production used in making goods?
standardized parts
Besides division of labor and automatic conveyance, what composes the "American
system" of mass production?
transaction account
A checking account is what type of account?
CD
What type of account guarantees a certain interest rate and has a specified maturity
date?
measure of value
What function of money allows people to compare the worth of one good with that of
another good?
GDP
What is the value of all finished goods and services produced within a country during
a year's time?
oligopoly
What type of market model is dominated by only a few firms?
monopolistic competition
What type of market model provides differentiated products?
perfect competition
What type of market model results in firms that are price takers?
monopoly
What type of market model results when there is only one supplier of a good for
which there is no substitute?
bonds
What is one of the safest ways to invest in a corporation?
NAFTA
What agreement among the United States, Canada, and Mexico encouraged free
trade encouraged?
, WTO
What organization holds a policy of "most-favoured nation"?
IMF
What was originally established to monitor currency exchange?
legal
What type of monopoly is a copyright on a novel?
capital
What type of good is an oven used to bake bread in a bakery?
demand
What is the relationship between a good's price and the amount that people are
willing to buy?
surplus
What usually results when a government fixes a good's price above its equilibrium
price?
input
What is the total amount invested in the production of a good?
comparative advantage
What is the ability of an entity to produce a good at an opportunity cost that is lower
than that of another producer?
inflation
What is the result when too much money is in circulation?
Federal Reserve
What system controls the money supply of the United States?
economy
What is a system for the production, distribution, and consumption of goods?
amount invested
Besides time and rate of return, what else determines how much and investment
grows?
Adam Smith
Who is the founder of modern economics and author of The Wealth of Nations?
United Nations
What global organization was created to maintain international peace?
physiocrats
What was the name of the French group whose members were some of the earliest
influential advocates of laissez-faire economics
natural resources, labor, capital, entrepreneurship
What are the four factors of production?
bureaucracies
large, complex organizations composed of appointed officials and numerous
departments
service
intangible good produced for which people expect to pay
market
mechanism that allows people to exchange goods
division of labor
separates the work to be performed into individualized tasks
market signal
used to determine how much of a good to buy or sell
geographic specialization
