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Abeka Economics — Test 6
/Final Exam With Validated
Questions and Approved
Answers | Graded A+
*MULTIPLE CHOICE*: Write the letter of the correct choice in the blank. - Correct
Answer-...
Besides its utility, what else determines the value of a good by a consumer? - Correct
Answer-scarcity
What is a basic component of capitalism besides limited government, freedom of
enterprise, and competition? - Correct Answer-property rights
When supply of a good increases, what tends to decrease? - Correct Answer-
equilibrium price
Which economic system bases production of goods on customs and habits? - Correct
Answer-traditional
Which economic system is regulated by the public sector? - Correct Answer-command
Which economic system is guided by the choices made by the private sector? - Correct
Answer-free enterprise
What was one of the first antitrust laws enacted in the United States? - Correct Answer-
Sherman Act
What is the sum cost of all the factors of production used in making goods? - Correct
Answer-total cost
Besides division of labor and automatic conveyance, what composes the "American
system" of mass production? - Correct Answer-standardized parts
A checking account is what type of account? - Correct Answer-transaction account
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What type of account guarantees a certain interest rate and has a specified maturity
date? - Correct Answer-CD
What function of money allows people to compare the worth of one good with that of
another good? - Correct Answer-measure of value
What is the value of all finished goods and services produced within a country during a
year's time? - Correct Answer-GDP
What type of market model is dominated by only a few firms? - Correct Answer-
oligopoly
What type of market model provides differentiated products? - Correct Answer-
monopolistic competition
What type of market model results in firms that are price takers? - Correct Answer-
perfect competition
What type of market model results when there is only one supplier of a good for which
there is no substitute? - Correct Answer-monopoly
What is one of the safest ways to invest in a corporation? - Correct Answer-bonds
What agreement among the United States, Canada, and Mexico encouraged free trade? -
Correct Answer-NAFTA
What organization holds a policy of "most-favoured nation"? - Correct Answer-WTO
What was originally established to monitor currency exchange? - Correct Answer-IMF
What type of monopoly is a copyright on a novel? - Correct Answer-legal
*SHORT ANSWER I*: Write the correct answer in the blank. - Correct Answer-...
What type of good is an oven used to bake bread in bakery? - Correct Answer-capital
What is the relationship between a good's price and the amount that people are willing
to buy? - Correct Answer-demand
What usually results when a government fixes a good's price above its equilibrium
price? - Correct Answer-surplus
What is the total amount invested in the production of a good? - Correct Answer-input
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Abeka Economics — Test 6
/Final Exam With Validated
Questions and Approved
Answers | Graded A+
*MULTIPLE CHOICE*: Write the letter of the correct choice in the blank. - Correct
Answer-...
Besides its utility, what else determines the value of a good by a consumer? - Correct
Answer-scarcity
What is a basic component of capitalism besides limited government, freedom of
enterprise, and competition? - Correct Answer-property rights
When supply of a good increases, what tends to decrease? - Correct Answer-
equilibrium price
Which economic system bases production of goods on customs and habits? - Correct
Answer-traditional
Which economic system is regulated by the public sector? - Correct Answer-command
Which economic system is guided by the choices made by the private sector? - Correct
Answer-free enterprise
What was one of the first antitrust laws enacted in the United States? - Correct Answer-
Sherman Act
What is the sum cost of all the factors of production used in making goods? - Correct
Answer-total cost
Besides division of labor and automatic conveyance, what composes the "American
system" of mass production? - Correct Answer-standardized parts
A checking account is what type of account? - Correct Answer-transaction account
1|Page
, Page |2
What type of account guarantees a certain interest rate and has a specified maturity
date? - Correct Answer-CD
What function of money allows people to compare the worth of one good with that of
another good? - Correct Answer-measure of value
What is the value of all finished goods and services produced within a country during a
year's time? - Correct Answer-GDP
What type of market model is dominated by only a few firms? - Correct Answer-
oligopoly
What type of market model provides differentiated products? - Correct Answer-
monopolistic competition
What type of market model results in firms that are price takers? - Correct Answer-
perfect competition
What type of market model results when there is only one supplier of a good for which
there is no substitute? - Correct Answer-monopoly
What is one of the safest ways to invest in a corporation? - Correct Answer-bonds
What agreement among the United States, Canada, and Mexico encouraged free trade? -
Correct Answer-NAFTA
What organization holds a policy of "most-favoured nation"? - Correct Answer-WTO
What was originally established to monitor currency exchange? - Correct Answer-IMF
What type of monopoly is a copyright on a novel? - Correct Answer-legal
*SHORT ANSWER I*: Write the correct answer in the blank. - Correct Answer-...
What type of good is an oven used to bake bread in bakery? - Correct Answer-capital
What is the relationship between a good's price and the amount that people are willing
to buy? - Correct Answer-demand
What usually results when a government fixes a good's price above its equilibrium
price? - Correct Answer-surplus
What is the total amount invested in the production of a good? - Correct Answer-input
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