AZ035 Arizona Economics
,QUESTIONS
Question 1
Two responsibilities must remain distinct: “International Economics and Trade”
and “Personal and Family Financial Planning”. Which first/second pairing
preserves their roles?
A. First: Setting short-term and long-term financial goals and creating personal budgets;
second: Setting short-term and long-term financial goals and creating personal budgets
B. First: Balance of payments accounts (current account, capital/financial account); second:
Setting short-term and long-term financial goals and creating personal budgets
C. First: Balance of payments accounts (current account, capital/financial account); second:
Balance of payments accounts (current account, capital/financial account)
D. First: Setting short-term and long-term financial goals and creating personal budgets;
second: Balance of payments accounts (current account, capital/financial account)
Correct Answer: B
Full Explanation: International Economics and Trade: Balance of payments accounts (current
account, capital/financial account). Personal and Family Financial Planning: Setting short-term and
long-term financial goals and creating personal budgets. A: Repeating the second assignment does
not address the first requirement. C: Repeating the first assignment leaves the second
requirement without its own matching focus. D: The two roles are reversed: the first assignment
belongs with the second focus, and vice versa.
Question 2
Choose the pair that jointly addresses “Application of Economic Reasoning to
Current Events and Policy Analysis” instead of combining it with “Comparison
of economic systems”. The pair must contain two distinct concerns. One
concern to retain is “Applying economic tools to evaluate public policy
proposals and real-world economic issues”.
A. Applying economic tools to evaluate public policy proposals and real-world economic issues;
Distinguishing between positive economics (factual statements) and normative economics
(value judgments)
B. Applying economic tools to evaluate public policy proposals and real-world economic issues;
traditional, command, market, mixed economies
C. traditional, command, market, mixed economies; traditional, command, market, mixed
economies
D. traditional, command, market, mixed economies; Distinguishing between positive economics
(factual statements) and normative economics (value judgments)
Correct Answer: A
Full Explanation: Application of Economic Reasoning to Current Events and Policy Analysis:
Applying economic tools to evaluate public policy proposals and real-world economic issues.
Application of Economic Reasoning to Current Events and Policy Analysis: Distinguishing between
positive economics (factual statements) and normative economics (value judgments). Comparison
of economic systems: traditional, command, market, mixed economies. B: This describes
“Comparison of economic systems”, rather than the requested focus. C: This repeats a different
focus rather than covering two distinct concerns in the requested area. D: This describes
“Comparison of economic systems”, rather than the requested focus.
2
,QUESTIONS
Question 3
“Consumer Price Index - CPI, Producer Price Index” has been filed under
“Application of Economic Reasoning to Current Events and Policy Analysis”.
Which topic is the better fit?
A. Application of Economic Reasoning to Current Events and Policy Analysis
B. measurement indices
C. Fundamental Economic Terminology and Concepts
D. Gross Domestic Product (GDP)
Correct Answer: B
Full Explanation: measurement indices: Consumer Price Index - CPI, Producer Price Index. A:
That focus concerns “Distinguishing between positive economics (factual statements) and
normative economics (value judgments)”, not the activity being assigned. C: That focus concerns
“Market equilibrium, shortages, surpluses, and price controls (price ceilings and price floors)”, not
the activity being assigned. D: That focus concerns “measurement approaches (expenditure and
income), nominal vs. real GDP, and GDP deflator”, not the activity being assigned.
Question 4
The technical requirement is “Savings and investment vehicles (stocks, bonds,
mutual funds, real estate, retirement accounts)”. Which heading identifies the
relevant area?
A. Personal and Family Financial Planning
B. Theory of the Firm and Market Structures
C. perfect competition, monopolistic competition, oligopoly, and monopoly
D. measurement indices
Correct Answer: A
Full Explanation: Personal and Family Financial Planning: Savings and investment vehicles
(stocks, bonds, mutual funds, real estate, retirement accounts). B: That focus concerns “Profit
maximization rules (text{Marginal Revenue} = text{Marginal Cost})”, not the activity being
assigned. C: That focus concerns “characteristics, pricing, output decisions, and efficiency”, not
the activity being assigned. D: That focus concerns “Consumer Price Index - CPI, Producer Price
Index”, not the activity being assigned.
3
, QUESTIONS
Question 5
“traditional, command, market, mixed economies” is complete under
“Comparison of economic systems”. Which next task addresses the separate
requirement for “Tools of monetary policy”?
A. sticky prices/wages, short-run fluctuations, role of aggregate demand
B. traditional, command, market, mixed economies
C. open market operations, reserve requirements, discount rate, interest on reserve balances
D. Supply-side fiscal policies
Correct Answer: C
Full Explanation: Tools of monetary policy: open market operations, reserve requirements,
discount rate, interest on reserve balances. Comparison of economic systems: traditional,
command, market, mixed economies. A: This describes “Keynesian economics”, rather than the
requested focus. B: This describes “Comparison of economic systems”, rather than the requested
focus. D: This describes “Government Fiscal Policy and Public Finance”, rather than the requested
focus.
Question 6
Identify the common focus of these two tasks: “Monetarism and supply-side
economics (tax rates, deregulation, money supply growth)”; “Classical
economics (price/wage flexibility, long-run focus, Say's Law)”.
A. Monetary Policy and the Banking System
B. Microeconomic Principles
C. Basic Economic Theories and Schools of Thought
D. International Economics and Trade
Correct Answer: C
Full Explanation: Basic Economic Theories and Schools of Thought: Monetarism and supply-side
economics (tax rates, deregulation, money supply growth). Basic Economic Theories and Schools
of Thought: Classical economics (price/wage flexibility, long-run focus, Say's Law). A: That focus
concerns “Tools of monetary policy (open market operations, reserve requirements, discount rate,
interest on reserve balances)”, not the activity being assigned. B: That focus concerns “Supply,
Demand, and Market Equilibrium”, not the activity being assigned. D: That focus concerns
“Balance of payments accounts (current account, capital/financial account)”, not the activity being
assigned.
4
,QUESTIONS
Question 1
Two responsibilities must remain distinct: “International Economics and Trade”
and “Personal and Family Financial Planning”. Which first/second pairing
preserves their roles?
A. First: Setting short-term and long-term financial goals and creating personal budgets;
second: Setting short-term and long-term financial goals and creating personal budgets
B. First: Balance of payments accounts (current account, capital/financial account); second:
Setting short-term and long-term financial goals and creating personal budgets
C. First: Balance of payments accounts (current account, capital/financial account); second:
Balance of payments accounts (current account, capital/financial account)
D. First: Setting short-term and long-term financial goals and creating personal budgets;
second: Balance of payments accounts (current account, capital/financial account)
Correct Answer: B
Full Explanation: International Economics and Trade: Balance of payments accounts (current
account, capital/financial account). Personal and Family Financial Planning: Setting short-term and
long-term financial goals and creating personal budgets. A: Repeating the second assignment does
not address the first requirement. C: Repeating the first assignment leaves the second
requirement without its own matching focus. D: The two roles are reversed: the first assignment
belongs with the second focus, and vice versa.
Question 2
Choose the pair that jointly addresses “Application of Economic Reasoning to
Current Events and Policy Analysis” instead of combining it with “Comparison
of economic systems”. The pair must contain two distinct concerns. One
concern to retain is “Applying economic tools to evaluate public policy
proposals and real-world economic issues”.
A. Applying economic tools to evaluate public policy proposals and real-world economic issues;
Distinguishing between positive economics (factual statements) and normative economics
(value judgments)
B. Applying economic tools to evaluate public policy proposals and real-world economic issues;
traditional, command, market, mixed economies
C. traditional, command, market, mixed economies; traditional, command, market, mixed
economies
D. traditional, command, market, mixed economies; Distinguishing between positive economics
(factual statements) and normative economics (value judgments)
Correct Answer: A
Full Explanation: Application of Economic Reasoning to Current Events and Policy Analysis:
Applying economic tools to evaluate public policy proposals and real-world economic issues.
Application of Economic Reasoning to Current Events and Policy Analysis: Distinguishing between
positive economics (factual statements) and normative economics (value judgments). Comparison
of economic systems: traditional, command, market, mixed economies. B: This describes
“Comparison of economic systems”, rather than the requested focus. C: This repeats a different
focus rather than covering two distinct concerns in the requested area. D: This describes
“Comparison of economic systems”, rather than the requested focus.
2
,QUESTIONS
Question 3
“Consumer Price Index - CPI, Producer Price Index” has been filed under
“Application of Economic Reasoning to Current Events and Policy Analysis”.
Which topic is the better fit?
A. Application of Economic Reasoning to Current Events and Policy Analysis
B. measurement indices
C. Fundamental Economic Terminology and Concepts
D. Gross Domestic Product (GDP)
Correct Answer: B
Full Explanation: measurement indices: Consumer Price Index - CPI, Producer Price Index. A:
That focus concerns “Distinguishing between positive economics (factual statements) and
normative economics (value judgments)”, not the activity being assigned. C: That focus concerns
“Market equilibrium, shortages, surpluses, and price controls (price ceilings and price floors)”, not
the activity being assigned. D: That focus concerns “measurement approaches (expenditure and
income), nominal vs. real GDP, and GDP deflator”, not the activity being assigned.
Question 4
The technical requirement is “Savings and investment vehicles (stocks, bonds,
mutual funds, real estate, retirement accounts)”. Which heading identifies the
relevant area?
A. Personal and Family Financial Planning
B. Theory of the Firm and Market Structures
C. perfect competition, monopolistic competition, oligopoly, and monopoly
D. measurement indices
Correct Answer: A
Full Explanation: Personal and Family Financial Planning: Savings and investment vehicles
(stocks, bonds, mutual funds, real estate, retirement accounts). B: That focus concerns “Profit
maximization rules (text{Marginal Revenue} = text{Marginal Cost})”, not the activity being
assigned. C: That focus concerns “characteristics, pricing, output decisions, and efficiency”, not
the activity being assigned. D: That focus concerns “Consumer Price Index - CPI, Producer Price
Index”, not the activity being assigned.
3
, QUESTIONS
Question 5
“traditional, command, market, mixed economies” is complete under
“Comparison of economic systems”. Which next task addresses the separate
requirement for “Tools of monetary policy”?
A. sticky prices/wages, short-run fluctuations, role of aggregate demand
B. traditional, command, market, mixed economies
C. open market operations, reserve requirements, discount rate, interest on reserve balances
D. Supply-side fiscal policies
Correct Answer: C
Full Explanation: Tools of monetary policy: open market operations, reserve requirements,
discount rate, interest on reserve balances. Comparison of economic systems: traditional,
command, market, mixed economies. A: This describes “Keynesian economics”, rather than the
requested focus. B: This describes “Comparison of economic systems”, rather than the requested
focus. D: This describes “Government Fiscal Policy and Public Finance”, rather than the requested
focus.
Question 6
Identify the common focus of these two tasks: “Monetarism and supply-side
economics (tax rates, deregulation, money supply growth)”; “Classical
economics (price/wage flexibility, long-run focus, Say's Law)”.
A. Monetary Policy and the Banking System
B. Microeconomic Principles
C. Basic Economic Theories and Schools of Thought
D. International Economics and Trade
Correct Answer: C
Full Explanation: Basic Economic Theories and Schools of Thought: Monetarism and supply-side
economics (tax rates, deregulation, money supply growth). Basic Economic Theories and Schools
of Thought: Classical economics (price/wage flexibility, long-run focus, Say's Law). A: That focus
concerns “Tools of monetary policy (open market operations, reserve requirements, discount rate,
interest on reserve balances)”, not the activity being assigned. B: That focus concerns “Supply,
Demand, and Market Equilibrium”, not the activity being assigned. D: That focus concerns
“Balance of payments accounts (current account, capital/financial account)”, not the activity being
assigned.
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