EPF FINAL EXAM 2025 QUESTIONS AND ANSWERS
A PPF with a straight line represents - CORRECT ANSWER✅✅✅constant opportunity costs
In communist states, the government is - CORRECT ANSWER✅✅✅totalitarian
Which is true of ceilings? - CORRECT ANSWER✅✅✅they encourage black markets to develop
What word in economics means "extra"? - CORRECT ANSWER✅✅✅marginal
According to the law of demand, if the price of an item decreases, - CORRECT ANSWER✅✅✅the
quantity demanded will increase
Which of the following is intellectual property? - CORRECT ANSWER✅✅✅a movie script
If prices and quantity demanded are shown on a table, it's called a - CORRECT
ANSWER✅✅✅demand schedule
The primary reason why command systems fail is - CORRECT ANSWER✅✅✅they lack reasonable
incentives
Which of the following is typically a secured loan? - CORRECT ANSWER✅✅✅an auto loan
Mr. Centofanti finally got his pay raise. He now stops buying clothes at Goodwill. Based on this
information, we know - CORRECT ANSWER✅✅✅Goodwill clothes are an inferior good
Your bank deposits are insured up to ______________________ per bank by FDIC. - CORRECT
ANSWER✅✅✅250,000
Which of the following is a non-monetary incentive? - CORRECT ANSWER✅✅✅a "jeans day" at
burns high school for teachers with perfect attendence
, What is the most extreme form of specialization? - CORRECT ANSWER✅✅✅an assembly line
What is the key element to a successful barter transaction? - CORRECT ANSWER✅✅✅double
coincidence of wants
Which of the following is non-market work? - CORRECT ANSWER✅✅✅a mom babysits her own child
What is key element of a market economy? - CORRECT ANSWER✅✅✅private ownership of property
Which of the following is "collectivized" in the US? - CORRECT ANSWER✅✅✅roads
Which is not a way to write a check? - CORRECT ANSWER✅✅✅use of an ATM card
If flu shots create a positive externality, the government should - CORRECT ANSWER✅✅✅subsidize
flu shots
Could an employer possibly use your credit score as a factor in hiring you? - CORRECT
ANSWER✅✅✅yes
The typical interest free grace period on any credit card is - CORRECT ANSWER✅✅✅30 days
Economists call payment for land - CORRECT ANSWER✅✅✅rent
Increased taxes on cigarettes is a good example of - CORRECT ANSWER✅✅✅negative incentive
At any equilibrium point in a free market, - CORRECT ANSWER✅✅✅there is an exchange quantity
that clears the market
A PPF with a straight line represents - CORRECT ANSWER✅✅✅constant opportunity costs
In communist states, the government is - CORRECT ANSWER✅✅✅totalitarian
Which is true of ceilings? - CORRECT ANSWER✅✅✅they encourage black markets to develop
What word in economics means "extra"? - CORRECT ANSWER✅✅✅marginal
According to the law of demand, if the price of an item decreases, - CORRECT ANSWER✅✅✅the
quantity demanded will increase
Which of the following is intellectual property? - CORRECT ANSWER✅✅✅a movie script
If prices and quantity demanded are shown on a table, it's called a - CORRECT
ANSWER✅✅✅demand schedule
The primary reason why command systems fail is - CORRECT ANSWER✅✅✅they lack reasonable
incentives
Which of the following is typically a secured loan? - CORRECT ANSWER✅✅✅an auto loan
Mr. Centofanti finally got his pay raise. He now stops buying clothes at Goodwill. Based on this
information, we know - CORRECT ANSWER✅✅✅Goodwill clothes are an inferior good
Your bank deposits are insured up to ______________________ per bank by FDIC. - CORRECT
ANSWER✅✅✅250,000
Which of the following is a non-monetary incentive? - CORRECT ANSWER✅✅✅a "jeans day" at
burns high school for teachers with perfect attendence
, What is the most extreme form of specialization? - CORRECT ANSWER✅✅✅an assembly line
What is the key element to a successful barter transaction? - CORRECT ANSWER✅✅✅double
coincidence of wants
Which of the following is non-market work? - CORRECT ANSWER✅✅✅a mom babysits her own child
What is key element of a market economy? - CORRECT ANSWER✅✅✅private ownership of property
Which of the following is "collectivized" in the US? - CORRECT ANSWER✅✅✅roads
Which is not a way to write a check? - CORRECT ANSWER✅✅✅use of an ATM card
If flu shots create a positive externality, the government should - CORRECT ANSWER✅✅✅subsidize
flu shots
Could an employer possibly use your credit score as a factor in hiring you? - CORRECT
ANSWER✅✅✅yes
The typical interest free grace period on any credit card is - CORRECT ANSWER✅✅✅30 days
Economists call payment for land - CORRECT ANSWER✅✅✅rent
Increased taxes on cigarettes is a good example of - CORRECT ANSWER✅✅✅negative incentive
At any equilibrium point in a free market, - CORRECT ANSWER✅✅✅there is an exchange quantity
that clears the market
