APEX FINAL 1 LATEST 2024 ACTUAL EXAM 1000+
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED
A+
Economics is about allocating resources to produce... - ANSWER: Good and Services
What is an exaple of an allocation decision - ANSWER: coal is set aside to burn as
heating fuel
What best explaing why the game of economics cannot eliminate scarcity? -
ANSWER: No matter how much supply is produced, people's demands will alwasy
increase to exceed supply
A. Social Country
B. Planned Economy
c. Free - market system - ANSWER: A. Providing eqaulity of wealth
B. Making allocation decisions
C. Protecting Freedom of choice
Because the choices of consumers influence producers and the chouices of
profducers also influence consumers, the free makret system has what? - ANSWER:
A circular flow onf influences
What best describes a situation where the goal of security is being pursued? -
ANSWER: A company opens a new factory and employs more workers.
The GDP would increase significantly if which of the following occurred? - ANSWER:
Consumption doubled.
Which of the following describes the purpose of doing a cost benefit analysis? -
ANSWER: To make a decision that maximizes benefits
The practice of buying and selling goods and services over the internet is known as -
ANSWER: E-Commerce
Which of the following is not a goal pursued in the game of economics? - ANSWER:
Inflation
Which of the following is another term for a planned economy? - ANSWER: Socialist
system
Calculation of cost and benefit are always ... - ANSWER: subjective
, When the GDP is neither growing nor shrinking, a country's economy is... - ANSWER:
Stagnating
Which of the following best explains vwhy players in the game of economics are
often in confict with each other - ANSWER: Some economic goals are incompatible
with each other
The internet influences the economic decisions people make because of which of the
following... - ANSWER: The info available hat is accessible allows consuemers to
consider every available option
Which of the following economic indicators would be most useful for figuring out
whether the economy is growing quickly or slowly - ANSWER: GDP
A. Improved Resolution
B. Instant Communication
C. Efficient Production - ANSWER: A. HDTV
B.Internet
C.Assembly line
Which of the following is not a feature common to all games? - ANSWER: Teams
Which of the following does the government do in a socialist country? - ANSWER: Set
prices for goods and services
The two forms of technology are better devices and improved - ANSWER: method
Technological advancements can improve productivity by doing which of the
following - ANSWER: Developing machines that reduce the human effort needed to
produce goods and services
Which of the following is one of the benefits of e-commerce brings to consumers -
ANSWER: shipping gifts is easy
Which of the following question must be answered in order to turn resources into
products? - ANSWER: How should production be organized?
Which of the following best explains why the gov't makes and enforces laws in a free
market system - ANSWER: Laws against theft, fraud, and coercion are needed to
protect free choice
Which of the following best explains why minimizing costs is a rational way to make
decisions? - ANSWER: Paying a cost means doing without something good or
accepting something bad.
In a free market system, the profit motive motivatesd producers to do which of the
following? - ANSWER: Minimize costs and maximizes revenues
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED
A+
Economics is about allocating resources to produce... - ANSWER: Good and Services
What is an exaple of an allocation decision - ANSWER: coal is set aside to burn as
heating fuel
What best explaing why the game of economics cannot eliminate scarcity? -
ANSWER: No matter how much supply is produced, people's demands will alwasy
increase to exceed supply
A. Social Country
B. Planned Economy
c. Free - market system - ANSWER: A. Providing eqaulity of wealth
B. Making allocation decisions
C. Protecting Freedom of choice
Because the choices of consumers influence producers and the chouices of
profducers also influence consumers, the free makret system has what? - ANSWER:
A circular flow onf influences
What best describes a situation where the goal of security is being pursued? -
ANSWER: A company opens a new factory and employs more workers.
The GDP would increase significantly if which of the following occurred? - ANSWER:
Consumption doubled.
Which of the following describes the purpose of doing a cost benefit analysis? -
ANSWER: To make a decision that maximizes benefits
The practice of buying and selling goods and services over the internet is known as -
ANSWER: E-Commerce
Which of the following is not a goal pursued in the game of economics? - ANSWER:
Inflation
Which of the following is another term for a planned economy? - ANSWER: Socialist
system
Calculation of cost and benefit are always ... - ANSWER: subjective
, When the GDP is neither growing nor shrinking, a country's economy is... - ANSWER:
Stagnating
Which of the following best explains vwhy players in the game of economics are
often in confict with each other - ANSWER: Some economic goals are incompatible
with each other
The internet influences the economic decisions people make because of which of the
following... - ANSWER: The info available hat is accessible allows consuemers to
consider every available option
Which of the following economic indicators would be most useful for figuring out
whether the economy is growing quickly or slowly - ANSWER: GDP
A. Improved Resolution
B. Instant Communication
C. Efficient Production - ANSWER: A. HDTV
B.Internet
C.Assembly line
Which of the following is not a feature common to all games? - ANSWER: Teams
Which of the following does the government do in a socialist country? - ANSWER: Set
prices for goods and services
The two forms of technology are better devices and improved - ANSWER: method
Technological advancements can improve productivity by doing which of the
following - ANSWER: Developing machines that reduce the human effort needed to
produce goods and services
Which of the following is one of the benefits of e-commerce brings to consumers -
ANSWER: shipping gifts is easy
Which of the following question must be answered in order to turn resources into
products? - ANSWER: How should production be organized?
Which of the following best explains why the gov't makes and enforces laws in a free
market system - ANSWER: Laws against theft, fraud, and coercion are needed to
protect free choice
Which of the following best explains why minimizing costs is a rational way to make
decisions? - ANSWER: Paying a cost means doing without something good or
accepting something bad.
In a free market system, the profit motive motivatesd producers to do which of the
following? - ANSWER: Minimize costs and maximizes revenues
