ECONOMICS EXAM REVISION QUESTIONS AND GRADED
ANSWERS, 100% GUARANTEE
It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue
production of shirts to focus on jeans. For this company, the $15 is the _______, and
discontinuation of shirt production is considered their __________.
opportunity cost; production cost
production cost; resource cost
production cost; opportunity cost
resource cost; production cost - production cost, opportunity cost
Which occurs during disequilibrium? Check all that apply.
Supply and demand meet.
Supply is less than demand.
Supply and demand set prices.
Supply is greater than demand.
Supply and demand set production. - Supply is less than demand, Supply is greater than
demand.
Which is the best definition of hyperinflation?
a gradual decrease in the price of goods and services
a gradual increase in the price of goods and services
an exponential decrease in the price of goods and services
an exponential increase in the price of goods and services - a gradual increase in the price
of goods and services
How do trade agreements help the countries involved?
by restricting imports
by accelerating production
, by expanding tax revenues
by decreasing trade barriers - by decreasing trade barriers
Look at the following chart.
Producer A's opportunity cost would be
analyzing the climate to see which fruit would grow better.
studying the profitability of growing apples versus oranges.
researching what competitors are doing.
choosing to grow both fruit varieties or only apples. - choosing to grow both fruit varieties
or only apples.
Which are affected by the factors of production? Check all that apply.
the demand of the item
the availability of the item
the cost of the item
the quality of the item
the popularity of the item - the demand of the item
the availability of the item
the quality of the item
When it spends money on education, a government is trying to
find a way to meet a social need.
encourage immediate economic growth.
meet a social need and improve the economy.
find a way to spend budget surpluses. - meet a social need and improve the economy.
If expansionary taxation policies are left unchecked, which is the most likely result?
reduced profits
ANSWERS, 100% GUARANTEE
It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue
production of shirts to focus on jeans. For this company, the $15 is the _______, and
discontinuation of shirt production is considered their __________.
opportunity cost; production cost
production cost; resource cost
production cost; opportunity cost
resource cost; production cost - production cost, opportunity cost
Which occurs during disequilibrium? Check all that apply.
Supply and demand meet.
Supply is less than demand.
Supply and demand set prices.
Supply is greater than demand.
Supply and demand set production. - Supply is less than demand, Supply is greater than
demand.
Which is the best definition of hyperinflation?
a gradual decrease in the price of goods and services
a gradual increase in the price of goods and services
an exponential decrease in the price of goods and services
an exponential increase in the price of goods and services - a gradual increase in the price
of goods and services
How do trade agreements help the countries involved?
by restricting imports
by accelerating production
, by expanding tax revenues
by decreasing trade barriers - by decreasing trade barriers
Look at the following chart.
Producer A's opportunity cost would be
analyzing the climate to see which fruit would grow better.
studying the profitability of growing apples versus oranges.
researching what competitors are doing.
choosing to grow both fruit varieties or only apples. - choosing to grow both fruit varieties
or only apples.
Which are affected by the factors of production? Check all that apply.
the demand of the item
the availability of the item
the cost of the item
the quality of the item
the popularity of the item - the demand of the item
the availability of the item
the quality of the item
When it spends money on education, a government is trying to
find a way to meet a social need.
encourage immediate economic growth.
meet a social need and improve the economy.
find a way to spend budget surpluses. - meet a social need and improve the economy.
If expansionary taxation policies are left unchecked, which is the most likely result?
reduced profits
