Econ Exam Correctly Answered.
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
What is an example of scarcity - CORRECT ANSWER limited resources
The Fed may respond to a recession by - CORRECT ANSWER decreasing intrest rates
People who oppose labor unions believe that unions - CORRECT ANSWER keep more qualified workers from being hired
Which are indicators that economists use to measure how an economy grows? Select all that apply. - CORRECT ANSWER measuring how much the conomy produces, tudying the economy of another country, and tracking the unemplyment rate
A cooperative enables members to pool their products for a better - CORRECT ANSWER sale price
Who was Adam Smith? - CORRECT ANSWER He was a philosopher who promoted the idea of free enterprise.
Aggregate supply is best described as the - CORRECT ANSWER total output of all products and services.
When it spends money on education, a government is trying to - CORRECT ANSWER meet a social need and improve the economy.
The graph shows the price of a good compared to the quantity demanded.
This graph demonstrates how - CORRECT ANSWER the quantity demanded changes greatly with the price. What is one example of a closed economy? - CORRECT ANSWER a restricted system that blocks trade with international partners
Which best describes what happens to a corporation after its owners retire? - CORRECT ANSWER It transfers to new owners.
Jacob is considering buying a new car. Which nonrenewable resource should influence the decision? - CORRECT ANSWER petroleum
Embargoes, quotas, and standards are tools that countries use - CORRECT ANSWER to restrict imports.
Economists use changes in GDP to measure - CORRECT ANSWER any economic growth or shrinkage.
If expansionary taxation policies are left unchecked, which is the most likely result? - CORRECT ANSWER high inflation
The factors of production include the number of - CORRECT ANSWER employees needed to manufacture
a good.
What is one main objective in the study of economics? - CORRECT ANSWER recognizing the relationship between producers and consumers
The graph shows the marginal cost of producing soccer cleats for Sabrina's Soccer.
At which level of production does the company make the most profit? - CORRECT ANSWER the first pair of cleats
Economic policy must strike a balance between ideals and - CORRECT ANSWER needs
Which best describes an opportunity cost? - CORRECT ANSWER giving up an opportunity to do something else when making an economic decision
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
What is an example of scarcity - CORRECT ANSWER limited resources
The Fed may respond to a recession by - CORRECT ANSWER decreasing intrest rates
People who oppose labor unions believe that unions - CORRECT ANSWER keep more qualified workers from being hired
Which are indicators that economists use to measure how an economy grows? Select all that apply. - CORRECT ANSWER measuring how much the conomy produces, tudying the economy of another country, and tracking the unemplyment rate
A cooperative enables members to pool their products for a better - CORRECT ANSWER sale price
Who was Adam Smith? - CORRECT ANSWER He was a philosopher who promoted the idea of free enterprise.
Aggregate supply is best described as the - CORRECT ANSWER total output of all products and services.
When it spends money on education, a government is trying to - CORRECT ANSWER meet a social need and improve the economy.
The graph shows the price of a good compared to the quantity demanded.
This graph demonstrates how - CORRECT ANSWER the quantity demanded changes greatly with the price. What is one example of a closed economy? - CORRECT ANSWER a restricted system that blocks trade with international partners
Which best describes what happens to a corporation after its owners retire? - CORRECT ANSWER It transfers to new owners.
Jacob is considering buying a new car. Which nonrenewable resource should influence the decision? - CORRECT ANSWER petroleum
Embargoes, quotas, and standards are tools that countries use - CORRECT ANSWER to restrict imports.
Economists use changes in GDP to measure - CORRECT ANSWER any economic growth or shrinkage.
If expansionary taxation policies are left unchecked, which is the most likely result? - CORRECT ANSWER high inflation
The factors of production include the number of - CORRECT ANSWER employees needed to manufacture
a good.
What is one main objective in the study of economics? - CORRECT ANSWER recognizing the relationship between producers and consumers
The graph shows the marginal cost of producing soccer cleats for Sabrina's Soccer.
At which level of production does the company make the most profit? - CORRECT ANSWER the first pair of cleats
Economic policy must strike a balance between ideals and - CORRECT ANSWER needs
Which best describes an opportunity cost? - CORRECT ANSWER giving up an opportunity to do something else when making an economic decision
