Abeka Economics Final Exam Questions With 100% Solved Solutions!!

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