ECONOMICS EXAM ACTUAL UPDATED QUESTIONS AND CORRECT
ANSWERS
What is one cause of scarcity? limited resources
The primary purpose of a conclusion in an informative refer back to the thesis.
essay is to
Total output is a synonym for Gross Domestic Product
, Which economic indicators are used to measure the purchasing power parity
global economy? Check all that apply. trade volumes
gross domestic product
Which organization created a shared economy? European Union
Corporate taxes are a type of income tax
Why do most nations use fiat money today? Governments are able to exert control over the value of fiat money.
Demand-pull inflation occurs when consumers show an interest in purchasing more goods.
Economists use GDP to measure any economic growth or shrinkage.
What is true of the M1 category of money? It can be easily liquidated.
Which is an example of comparative advantage? A country decides to grow wheat and when another country raises cattle.
What is one example of a closed economy? a restricted system that blocks trade with international partners
It costs Cool Clothes Company $15 to produce one pair production cost; opportunity cost
of jeans, but they needed to discontinue production of
shirts to focus on jeans. The $15 and discontinuation of
shirt production are represented by which of the
following sets of terms?
Embargoes, quotas, and standards are tools that to punish other countries.
countries use
Gross domestic product (GDP) is the value of goods and total output
services produced in a country annually. It can best be
described as measuring an economy's
Jacob is considering buying a new car. Which petroleum
nonrenewable resource should influence the decision?
Read the format of an outline for an informative essay. Introduction
1. _____________________
A. Thesis statement
2. Subtopic body sentence
A. Evidence
B. Evidence
3. Subtopic body sentence
A. Evidence
B. Evidence
Which item would best fill in the blank space?
ANSWERS
What is one cause of scarcity? limited resources
The primary purpose of a conclusion in an informative refer back to the thesis.
essay is to
Total output is a synonym for Gross Domestic Product
, Which economic indicators are used to measure the purchasing power parity
global economy? Check all that apply. trade volumes
gross domestic product
Which organization created a shared economy? European Union
Corporate taxes are a type of income tax
Why do most nations use fiat money today? Governments are able to exert control over the value of fiat money.
Demand-pull inflation occurs when consumers show an interest in purchasing more goods.
Economists use GDP to measure any economic growth or shrinkage.
What is true of the M1 category of money? It can be easily liquidated.
Which is an example of comparative advantage? A country decides to grow wheat and when another country raises cattle.
What is one example of a closed economy? a restricted system that blocks trade with international partners
It costs Cool Clothes Company $15 to produce one pair production cost; opportunity cost
of jeans, but they needed to discontinue production of
shirts to focus on jeans. The $15 and discontinuation of
shirt production are represented by which of the
following sets of terms?
Embargoes, quotas, and standards are tools that to punish other countries.
countries use
Gross domestic product (GDP) is the value of goods and total output
services produced in a country annually. It can best be
described as measuring an economy's
Jacob is considering buying a new car. Which petroleum
nonrenewable resource should influence the decision?
Read the format of an outline for an informative essay. Introduction
1. _____________________
A. Thesis statement
2. Subtopic body sentence
A. Evidence
B. Evidence
3. Subtopic body sentence
A. Evidence
B. Evidence
Which item would best fill in the blank space?
