PLATO / EDMENTUM END 2024
OF SEMESTER TEST :
ECONOMICS
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Julie's taxable income is $50,000. The table gives the federal tax brackets for
different levels of taxable income. Julie pays a progressive tax. How much will she
pay in income tax this year? - ANSWERS-$8,293.75
QUESTION 2
Which statements are false? - ANSWERS-Money is indivisible.
Credit cards are used primarily to withdraw money from a checking account.
QUESTION 3
After the 2008 recession, the amount of reserves in the US banking system
increased. Because of Federal Reserve actions, required reserves increased from
$44 billion to $60 billion. However, banks started holding more reserves than
required. By January 2009, banks were holding $900 billion in excess reserves.
The Federal Reserve started paying interest on the excess reserves that the banks
held. What possible impact will these unused reserves have on the economy? -
ANSWERS-The economy will face inflation.
END OF
PAGE 1
, PLATO / EDMENTUM END 2024
OF SEMESTER TEST :
ECONOMICS
QUESTION 4
Ron and Nick chose to start their own businesses. Ron wanted to start an ice cream
shop, and Nick wanted to launch a television manufacturing company. Ron and
Nick had equal amounts of funds on hand and no government regulations
restricting them. Months later, however, Ron has already set up his business, while
Nick is still struggling to raise additional funds to build a factory. What was the
main factor that affected Nick's business? - ANSWERS-high start-up costs
QUESTION 5
These graphs depict the price and output levels of apples under perfect competition
and monopoly market structures. What is the extra amount that Mary would pay
for apples under a monopoly instead of a perfect competition? - ANSWERS-$3
QUESTION 6
In a given year, a country's exports are worth $12 billion and its imports are worth
$4 billion. How much is the trade deficit or surplus for this country? - ANSWERS-
$8 billion surplus
END OF
PAGE 2
OF SEMESTER TEST :
ECONOMICS
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Julie's taxable income is $50,000. The table gives the federal tax brackets for
different levels of taxable income. Julie pays a progressive tax. How much will she
pay in income tax this year? - ANSWERS-$8,293.75
QUESTION 2
Which statements are false? - ANSWERS-Money is indivisible.
Credit cards are used primarily to withdraw money from a checking account.
QUESTION 3
After the 2008 recession, the amount of reserves in the US banking system
increased. Because of Federal Reserve actions, required reserves increased from
$44 billion to $60 billion. However, banks started holding more reserves than
required. By January 2009, banks were holding $900 billion in excess reserves.
The Federal Reserve started paying interest on the excess reserves that the banks
held. What possible impact will these unused reserves have on the economy? -
ANSWERS-The economy will face inflation.
END OF
PAGE 1
, PLATO / EDMENTUM END 2024
OF SEMESTER TEST :
ECONOMICS
QUESTION 4
Ron and Nick chose to start their own businesses. Ron wanted to start an ice cream
shop, and Nick wanted to launch a television manufacturing company. Ron and
Nick had equal amounts of funds on hand and no government regulations
restricting them. Months later, however, Ron has already set up his business, while
Nick is still struggling to raise additional funds to build a factory. What was the
main factor that affected Nick's business? - ANSWERS-high start-up costs
QUESTION 5
These graphs depict the price and output levels of apples under perfect competition
and monopoly market structures. What is the extra amount that Mary would pay
for apples under a monopoly instead of a perfect competition? - ANSWERS-$3
QUESTION 6
In a given year, a country's exports are worth $12 billion and its imports are worth
$4 billion. How much is the trade deficit or surplus for this country? - ANSWERS-
$8 billion surplus
END OF
PAGE 2
