©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM
Abeka Economics Final Exam Questions
With Correct Answers
Scarcity - answer✔Besides its utility, what else determines the value of a good by a consumer?
property rights - answer✔What is basic component of capitalism besides limited government,
freedom of enterprise, and competition?
equilibrium - answer✔When supply of good increases, what tends to decrease?
traditional - answer✔Which economic system bases production of goods on customs and habits?
command - answer✔Which economic system is regulated by the public sector?
free enterprise - answer✔Which economic system is guided by the choices made by the private
sector?
Sherman Act - answer✔What was one of the first antitrust laws enacted in the United States?
total cost - answer✔What is the sum cost of all the factors of production used in making goods?
standardized parts - answer✔Besides division of labor and automatic conveyance, what
composes the "American system" of mass production?
, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM
transaction account - answer✔A checking account is what type of account?
CD - answer✔What type of account guarantees a certain interest rate and has a specified
maturity date?
measure of value - answer✔What function of money allows people to compare the worth of one
good with that of another good?
GDP - answer✔What is the value of all finished goods and services produced within a country
during a year's time?
oligopoly - answer✔What type of market model is dominated by only a few firms?
monopolistic competition - answer✔What type of market model provides differentiated
products?
perfect competition - answer✔What type of market model results in firms that are price takers?
monopoly - answer✔What type of market model results when there is only one supplier of a
good for which there is no substitute?
bonds - answer✔What is one of the safest ways to invest in a corporation?
NAFTA - answer✔What agreement among the United States, Canada, and Mexico encouraged
free trade encouraged?
WTO - answer✔What organization holds a policy of "most-favoured nation"?
10/7/2024 11:03AM
Abeka Economics Final Exam Questions
With Correct Answers
Scarcity - answer✔Besides its utility, what else determines the value of a good by a consumer?
property rights - answer✔What is basic component of capitalism besides limited government,
freedom of enterprise, and competition?
equilibrium - answer✔When supply of good increases, what tends to decrease?
traditional - answer✔Which economic system bases production of goods on customs and habits?
command - answer✔Which economic system is regulated by the public sector?
free enterprise - answer✔Which economic system is guided by the choices made by the private
sector?
Sherman Act - answer✔What was one of the first antitrust laws enacted in the United States?
total cost - answer✔What is the sum cost of all the factors of production used in making goods?
standardized parts - answer✔Besides division of labor and automatic conveyance, what
composes the "American system" of mass production?
, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM
transaction account - answer✔A checking account is what type of account?
CD - answer✔What type of account guarantees a certain interest rate and has a specified
maturity date?
measure of value - answer✔What function of money allows people to compare the worth of one
good with that of another good?
GDP - answer✔What is the value of all finished goods and services produced within a country
during a year's time?
oligopoly - answer✔What type of market model is dominated by only a few firms?
monopolistic competition - answer✔What type of market model provides differentiated
products?
perfect competition - answer✔What type of market model results in firms that are price takers?
monopoly - answer✔What type of market model results when there is only one supplier of a
good for which there is no substitute?
bonds - answer✔What is one of the safest ways to invest in a corporation?
NAFTA - answer✔What agreement among the United States, Canada, and Mexico encouraged
free trade encouraged?
WTO - answer✔What organization holds a policy of "most-favoured nation"?
