Principles of Economics - D089
D089 PRE-ASSESSMENT: PRINCIPLES OF ECONOMICS (INO1) (PINO)
,PRE-ASSESSMENT: PRINCIPLES OF ECONOMICS (INO1) (PINO)
Attempt #1
Status: Passed
Correct
1.
A local government is making public policy decisions about spending funds. The residents have differing opinions on whether the funds should be
used for road repair, school expansion, health care increases, or construction of a senior center. The local government must decide the priority.
Which economic question is this decision an example of?
YOUR CORRECT
ANSWER ANSWER
What to produce
Why to produce it
How to produce it
When to produce it
Correct
2.
A newspaper is trying to help citizens understand economic principles.
Which misconception should the article address?
YOUR CORRECT
ANSWER ANSWER
Consistent rising prices often results in inflation of goods and services.
, YOUR CORRECT
ANSWER ANSWER
Printing too much money causes the price of goods to increase.
Increasing the money supply raises the standard of living for consumers in the long run.
Inflation decreases the value of money and makes goods more expensive.
Correct
3.
Which scenario covers a topic included in microeconomics?
YOUR CORRECT
ANSWER ANSWER
As a result of a hard freeze, the price of cherries increases.
An economist compares the gross domestic product between the United States and China.
The government changes the tax policy to boost economic growth in the United States.
The Federal Reserve responds to an increase in inflation by changing the interest rate.
Correct
4.
Which shows the flow of payments between households and firms?
, YOUR CORRECT
ANSWER ANSWER
Externalities in production
Value-added production
The circular flow model
The production possibilities model
Correct
5.
What accurately characterizes capital?
YOUR CORRECT
ANSWER ANSWER
It is in the form of cash.
It is reliant on a natural resource.
It must be in the form of physical objects.
It can be in the form of intellectual discoveries.
Correct
6.
Why is the circular flow model used?
YOUR CORRECT
ANSWER ANSWER
To describe how factors of production affect growth and decline
D089 PRE-ASSESSMENT: PRINCIPLES OF ECONOMICS (INO1) (PINO)
,PRE-ASSESSMENT: PRINCIPLES OF ECONOMICS (INO1) (PINO)
Attempt #1
Status: Passed
Correct
1.
A local government is making public policy decisions about spending funds. The residents have differing opinions on whether the funds should be
used for road repair, school expansion, health care increases, or construction of a senior center. The local government must decide the priority.
Which economic question is this decision an example of?
YOUR CORRECT
ANSWER ANSWER
What to produce
Why to produce it
How to produce it
When to produce it
Correct
2.
A newspaper is trying to help citizens understand economic principles.
Which misconception should the article address?
YOUR CORRECT
ANSWER ANSWER
Consistent rising prices often results in inflation of goods and services.
, YOUR CORRECT
ANSWER ANSWER
Printing too much money causes the price of goods to increase.
Increasing the money supply raises the standard of living for consumers in the long run.
Inflation decreases the value of money and makes goods more expensive.
Correct
3.
Which scenario covers a topic included in microeconomics?
YOUR CORRECT
ANSWER ANSWER
As a result of a hard freeze, the price of cherries increases.
An economist compares the gross domestic product between the United States and China.
The government changes the tax policy to boost economic growth in the United States.
The Federal Reserve responds to an increase in inflation by changing the interest rate.
Correct
4.
Which shows the flow of payments between households and firms?
, YOUR CORRECT
ANSWER ANSWER
Externalities in production
Value-added production
The circular flow model
The production possibilities model
Correct
5.
What accurately characterizes capital?
YOUR CORRECT
ANSWER ANSWER
It is in the form of cash.
It is reliant on a natural resource.
It must be in the form of physical objects.
It can be in the form of intellectual discoveries.
Correct
6.
Why is the circular flow model used?
YOUR CORRECT
ANSWER ANSWER
To describe how factors of production affect growth and decline
