ECONOMICS EXAM||Newest Exam
With Detailed Questions And Correct
Answers||Graded A+
What is one cause of scarcity? -CORRECT ANSWER limited resources
The primary purpose of a conclusion in an informative essay is to -CORRECT
ANSWER refer back to the thesis.
Total output is a synonym for -CORRECT ANSWER Gross Domestic Product
Which economic indicators are used to measure the global economy? Check all that
apply. -CORRECT ANSWER purchasing power parity
trade volumes
gross domestic product
Which organization created a shared economy? -CORRECT ANSWER European
Union
Corporate taxes are a type of -CORRECT ANSWER income tax
Why do most nations use fiat money today? -CORRECT ANSWER Governments are
able to exert control over the value of fiat money.
Demand-pull inflation occurs when -CORRECT ANSWER consumers show an interest
in purchasing more goods.
Economists use GDP to measure -CORRECT ANSWER any economic growth or
shrinkage.
What is true of the M1 category of money? -CORRECT ANSWER It can be easily
liquidated.
Which is an example of comparative advantage? -CORRECT ANSWER A country
decides to grow wheat and when another country raises cattle.
What is one example of a closed economy? -CORRECT ANSWER a restricted system
that blocks trade with international partners
It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to
discontinue production of shirts to focus on jeans. The $15 and discontinuation of shirt
, production are represented by which of the following sets of terms? -CORRECT
ANSWER production cost; opportunity cost
Embargoes, quotas, and standards are tools that countries use -CORRECT ANSWER
to punish other countries.
Gross domestic product (GDP) is the value of goods and services produced in a country
annually. It can best be described as measuring an economy's -CORRECT ANSWER
total output
Jacob is considering buying a new car. Which nonrenewable resource should influence
the decision? -CORRECT ANSWER petroleum
Read the format of an outline for an informative essay.
1. _____________________
A. Thesis statement
2. Subtopic body sentence
A. Evidence
B. Evidence
3. Subtopic body sentence
A. Evidence
B. Evidence
Which item would best fill in the blank space? -CORRECT ANSWER Introduction
A mixed-market economy is one in which -CORRECT ANSWER there is competition
and free enterprise.
Which are indicators that economists use to measure how an economy grows? Select
all that apply. -CORRECT ANSWER monitoring election results
measuring what the economy produces
According to the law of demand, as prices increase, demand -CORRECT ANSWER
decreases
The graph below shows the value of the US dollar versus the Canadian dollar.
According to the graph, the American dollar was the strongest during which month? -
CORRECT ANSWER March 2013.
With Detailed Questions And Correct
Answers||Graded A+
What is one cause of scarcity? -CORRECT ANSWER limited resources
The primary purpose of a conclusion in an informative essay is to -CORRECT
ANSWER refer back to the thesis.
Total output is a synonym for -CORRECT ANSWER Gross Domestic Product
Which economic indicators are used to measure the global economy? Check all that
apply. -CORRECT ANSWER purchasing power parity
trade volumes
gross domestic product
Which organization created a shared economy? -CORRECT ANSWER European
Union
Corporate taxes are a type of -CORRECT ANSWER income tax
Why do most nations use fiat money today? -CORRECT ANSWER Governments are
able to exert control over the value of fiat money.
Demand-pull inflation occurs when -CORRECT ANSWER consumers show an interest
in purchasing more goods.
Economists use GDP to measure -CORRECT ANSWER any economic growth or
shrinkage.
What is true of the M1 category of money? -CORRECT ANSWER It can be easily
liquidated.
Which is an example of comparative advantage? -CORRECT ANSWER A country
decides to grow wheat and when another country raises cattle.
What is one example of a closed economy? -CORRECT ANSWER a restricted system
that blocks trade with international partners
It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to
discontinue production of shirts to focus on jeans. The $15 and discontinuation of shirt
, production are represented by which of the following sets of terms? -CORRECT
ANSWER production cost; opportunity cost
Embargoes, quotas, and standards are tools that countries use -CORRECT ANSWER
to punish other countries.
Gross domestic product (GDP) is the value of goods and services produced in a country
annually. It can best be described as measuring an economy's -CORRECT ANSWER
total output
Jacob is considering buying a new car. Which nonrenewable resource should influence
the decision? -CORRECT ANSWER petroleum
Read the format of an outline for an informative essay.
1. _____________________
A. Thesis statement
2. Subtopic body sentence
A. Evidence
B. Evidence
3. Subtopic body sentence
A. Evidence
B. Evidence
Which item would best fill in the blank space? -CORRECT ANSWER Introduction
A mixed-market economy is one in which -CORRECT ANSWER there is competition
and free enterprise.
Which are indicators that economists use to measure how an economy grows? Select
all that apply. -CORRECT ANSWER monitoring election results
measuring what the economy produces
According to the law of demand, as prices increase, demand -CORRECT ANSWER
decreases
The graph below shows the value of the US dollar versus the Canadian dollar.
According to the graph, the American dollar was the strongest during which month? -
CORRECT ANSWER March 2013.
