1 | P a g e | © copyright 2024/2025 | Grade A+
PLATO Economics End of Semester Test
Questions & 100% Correct Answers
absolute advantage
✓ ~~> the advantage gained when a country's per-unit production
cost is lower than that of other countries
acceptability
✓ ~~> the property of a good or service being universally acceptable
in an economy
allocation of resources
✓ ~~> the distribution of available resources according to the
demands and needs of society
appreciation
✓ ~~> an increase in a currency's value
Asia-Pacific Economic Cooperation (APEC)
✓ ~~> an economic forum with 21 members that promotes free trade
assembly line
Master01 | September, 2024/2025 | Latest update
, 2 | P a g e | © copyright 2024/2025 | Grade A+
✓ ~~> a manufacturing process in which product parts pass through a
series of machines (or workers) that assemble them into a final product
barrier to entry
✓ ~~> an obstacle that prevents competition from entering the market
Board of Governors
✓ ~~> a seven-member board that oversees the Federal Reserve
System
budget deficit
✓ ~~> a situation in which the government's expenditures exceed its
revenue
budget surplus
✓ ~~> a situation in which the government's revenue exceeds its
expenditures
capital
Master01 | September, 2024/2025 | Latest update
, 3 | P a g e | © copyright 2024/2025 | Grade A+
✓ ~~> the buildings, equipment, and human skills used to produce
goods and services
cartel
✓ ~~> a formal organization of companies that collectively
coordinates production and price
central bank
✓ ~~> the bank that implements a government's monetary policy and
regulates commercial banks
circular flow model
✓ ~~> a model that explains the flow of goods, services, and money in
an economy
collective bargaining
✓ ~~> negotiations between an employer and representatives of the
employees
collusion
Master01 | September, 2024/2025 | Latest update
, 4 | P a g e | © copyright 2024/2025 | Grade A+
✓ ~~> a secret agreement to set production and price limits
command economy
✓ ~~> a situation in which allocation and distribution of resources are
controlled solely by the government
commodity money
✓ ~~> an object that has value in itself and can also be used as money
communism
✓ ~~> an economic and social system in which private ownership is
completely eliminated and society collectively owns the rights to all
resources
comparative advantage
✓ ~~> the advantage gained when a country produces goods and
services at lower opportunity cost than other countries in the market
competition
Master01 | September, 2024/2025 | Latest update
PLATO Economics End of Semester Test
Questions & 100% Correct Answers
absolute advantage
✓ ~~> the advantage gained when a country's per-unit production
cost is lower than that of other countries
acceptability
✓ ~~> the property of a good or service being universally acceptable
in an economy
allocation of resources
✓ ~~> the distribution of available resources according to the
demands and needs of society
appreciation
✓ ~~> an increase in a currency's value
Asia-Pacific Economic Cooperation (APEC)
✓ ~~> an economic forum with 21 members that promotes free trade
assembly line
Master01 | September, 2024/2025 | Latest update
, 2 | P a g e | © copyright 2024/2025 | Grade A+
✓ ~~> a manufacturing process in which product parts pass through a
series of machines (or workers) that assemble them into a final product
barrier to entry
✓ ~~> an obstacle that prevents competition from entering the market
Board of Governors
✓ ~~> a seven-member board that oversees the Federal Reserve
System
budget deficit
✓ ~~> a situation in which the government's expenditures exceed its
revenue
budget surplus
✓ ~~> a situation in which the government's revenue exceeds its
expenditures
capital
Master01 | September, 2024/2025 | Latest update
, 3 | P a g e | © copyright 2024/2025 | Grade A+
✓ ~~> the buildings, equipment, and human skills used to produce
goods and services
cartel
✓ ~~> a formal organization of companies that collectively
coordinates production and price
central bank
✓ ~~> the bank that implements a government's monetary policy and
regulates commercial banks
circular flow model
✓ ~~> a model that explains the flow of goods, services, and money in
an economy
collective bargaining
✓ ~~> negotiations between an employer and representatives of the
employees
collusion
Master01 | September, 2024/2025 | Latest update
, 4 | P a g e | © copyright 2024/2025 | Grade A+
✓ ~~> a secret agreement to set production and price limits
command economy
✓ ~~> a situation in which allocation and distribution of resources are
controlled solely by the government
commodity money
✓ ~~> an object that has value in itself and can also be used as money
communism
✓ ~~> an economic and social system in which private ownership is
completely eliminated and society collectively owns the rights to all
resources
comparative advantage
✓ ~~> the advantage gained when a country produces goods and
services at lower opportunity cost than other countries in the market
competition
Master01 | September, 2024/2025 | Latest update
