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Abeka Economics Test (Final Exam)
Questions and Answers Update | 100%
Correct.
Besides its utility, what else determines the value of a good by a consumer? -
ANSWER>>scarcity
What is a basic component of capitalism besides limited government, freedom of enterprise,
and competition? - ANSWER>>property rights
When supply of a good increases, what tends to decrease? - ANSWER>>equilibrium price
Which economic system bases production of goods on customs and habits? -
ANSWER>>traditional
Which economic system is regulated by the public sector? - ANSWER>>command
Which economic system is guided by the choices made by the private sector? - ANSWER>>free
enterprise
What was one of the first antitrust laws enacted in the Untied States? - ANSWER>>Sherman Act
What is the sum cost of all the factors of production used in making goods? - ANSWER>>total
cost
Besides division of labor and automatic conveyance, what composes the "American system" of
mass production? - ANSWER>>standardized parts
A checking account is what type of account? - ANSWER>>transaction account
What type of account guarantees a certain interest rate and has a specified maturity date? -
ANSWER>>CD
, What function of money allows people to compare the worth of one good with that of another
good? - ANSWER>>measure of value
What is the value of all finished goods and services produced within a country during a year's
time? - ANSWER>>GDP
What type of market model is dominate by only a few firms? - ANSWER>>oligopoly
What type of market model provides differentiated products? - ANSWER>>monopolistic
competition
What type of market model results in firms that are price takers? - ANSWER>>perfect
competition
What type of market model results when there is only one supplier of a good for which there is
no substitute? - ANSWER>>monopoly
What is one of the safest ways to invest in a corporation? - ANSWER>>bonds
What agreement among the United States, Canada, and Mexico encouraged free trade? -
ANSWER>>NAFTA
What organization holds a policy of "most favored nation"? - ANSWER>>WTO
What was originally established to monitor currency exchange? - ANSWER>>IMF
What type of monopoly is a copyright on a novel? - ANSWER>>legal
SHORT ANSWER I:
What type of good is an oven used to bake bread in bakery? - ANSWER>>capital*
What is the relationship between a good's price and the amount that people are willing to buy?
- ANSWER>>demand*
What usually results when a government fixes a good's price above its equilibrium price? -
ANSWER>>surplus*
What is the total amount invested in the production of a good? - ANSWER>>input*
Abeka Economics Test (Final Exam)
Questions and Answers Update | 100%
Correct.
Besides its utility, what else determines the value of a good by a consumer? -
ANSWER>>scarcity
What is a basic component of capitalism besides limited government, freedom of enterprise,
and competition? - ANSWER>>property rights
When supply of a good increases, what tends to decrease? - ANSWER>>equilibrium price
Which economic system bases production of goods on customs and habits? -
ANSWER>>traditional
Which economic system is regulated by the public sector? - ANSWER>>command
Which economic system is guided by the choices made by the private sector? - ANSWER>>free
enterprise
What was one of the first antitrust laws enacted in the Untied States? - ANSWER>>Sherman Act
What is the sum cost of all the factors of production used in making goods? - ANSWER>>total
cost
Besides division of labor and automatic conveyance, what composes the "American system" of
mass production? - ANSWER>>standardized parts
A checking account is what type of account? - ANSWER>>transaction account
What type of account guarantees a certain interest rate and has a specified maturity date? -
ANSWER>>CD
, What function of money allows people to compare the worth of one good with that of another
good? - ANSWER>>measure of value
What is the value of all finished goods and services produced within a country during a year's
time? - ANSWER>>GDP
What type of market model is dominate by only a few firms? - ANSWER>>oligopoly
What type of market model provides differentiated products? - ANSWER>>monopolistic
competition
What type of market model results in firms that are price takers? - ANSWER>>perfect
competition
What type of market model results when there is only one supplier of a good for which there is
no substitute? - ANSWER>>monopoly
What is one of the safest ways to invest in a corporation? - ANSWER>>bonds
What agreement among the United States, Canada, and Mexico encouraged free trade? -
ANSWER>>NAFTA
What organization holds a policy of "most favored nation"? - ANSWER>>WTO
What was originally established to monitor currency exchange? - ANSWER>>IMF
What type of monopoly is a copyright on a novel? - ANSWER>>legal
SHORT ANSWER I:
What type of good is an oven used to bake bread in bakery? - ANSWER>>capital*
What is the relationship between a good's price and the amount that people are willing to buy?
- ANSWER>>demand*
What usually results when a government fixes a good's price above its equilibrium price? -
ANSWER>>surplus*
What is the total amount invested in the production of a good? - ANSWER>>input*
